The Frozen Potato Market Set to Grow With a Stable CAGR of 4.2% by 2031
With a stable CAGR of 4.2% from 2021 to 2031, the frozen potato market, which was valued at USD60.30bn in 2021, is expected to grow to USD92.70bn by that year.
An extended rise in the Chinese market is being driven by the country's rising purchasing power, which is also supporting an increase in fast-food restaurants and coffee shops serving a wide variety of frozen potato treats in emerging countries. To increase their footprint in the Asia-Pacific and other developing regions, major firms in the fast food and hotel industries have made strategic investments.
Brazilian and Argentinean markets in particular are expanding quickly as a result of rising consumer expenditure on high-end foods. Global demand for these goods is being fueled by an explosion in fast food outlets, expanded food processing capabilities, rising disposable incomes, urbanization, and lowered import/export levies on frozen potatoes.
“In developed economies, growing health concerns have reshaped consumer preferences, shifting the focus towards healthier alternatives. With increasing cases of childhood obesity, the allure of fresh, non-vegetarian options has grown stronger, challenging the growth of frozen potato products. The evolving demand for healthier foods like low-cholesterol desserts, organic high-fiber breads, and fresh fruits and vegetables is anticipated to curtail the market for frozen foods, including potato products,” a recent Research and Markets report synthesis reveals.
The demand for food, especially from restaurants, is increasing due to an increase in worldwide per capita income, particularly in emerging economies. Forecasts indicate that the rise of per capita income will exceed that of developed nations over the next ten years, having a significant impact on the development of the frozen potato business.
Market expansion is anticipated to be significantly influenced by the increase in disposable incomes, particularly in developing economies. For those looking for easy dining away from home, quick-service restaurants (QSRs), which frequently sell frozen potato items, are an affordable choice.
