The Processed Potatoes Market is Estimated to Increase by USD 41.71bn by 2027
According to a recent market study by Technavio, between 2022 and 2027, the processed potato market is predicted to expand at a CAGR of 5.2%.
During the forecast period, North America alone is anticipated to contribute 29% to the development of the global market.
“The size of the market is forecast to increase by USD41.71bn. The growth of the market depends on serval factors, including a growing focus on expanding production capabilities for potato processing, growth of organized retailing, and increasing prominence of private-label brands,” the document reveals.
The analysis shows also that the offline potato market segmentation by distribution channel was valued at USD115.30bn in 2017 and continued to grow until 2021.
“Offline outlets like supermarkets offer consumers a wide range of products to choose from and provide them with the convenience of finding everything under a single roof. In addition, discounted prices and a pleasant shopping experience encourage consumers to buy these products from supermarkets and hypermarkets. Additionally, rapid urbanization and consequent changes in lifestyles, with consumers looking for more on-the-go products and short queueing times at shop counters, have resulted in a growing preference for retail formats, such as convenience stores. Thus, the overall sales of health and nutrition products from convenience stores are increasing at a high rate,” the experts wrote in their report.
Additionally, independent retailers are independent company owners who developed their retail locations by analyzing the demands of the industry, including those related to staffing, marketing, merchandising, and sales.
“With the increasing number of independent retailers worldwide, the sales of these products through this channel are also expected to increase. Therefore, all of these factors will contribute to segment growth during the forecast period,” the report concludes.
The above-mentioned report extensively covers market segmentation by distribution channel (offline and online), product (potato chips, potato flakes, potato starch, frozen french fries, and others), end-user (foodservice sector, retail sector, and industrial sector), and geography (North America, Europe, APAC, South America, and Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
