World - Frozen Potatoes - Market Analysis, Forecast, Size, Trends and Insights
Global Frozen Potato Market: Rapid Development Of Quick-Service Fast Food In Asia Promotes Market Growth
IndexBox has just published a new report "World - Frozen Potatoes - Market Analysis, Forecast, Size, Trends and Insights". Here is a summary of the report's key findings.
Global frozen potato consumption stood at $106B in 2017, an increase of 6.0% against the previous year. This figure reflects the total revenue of producers and importers (excluding logistics costs, retail marketing costs, and retailers’ margins, which will be included in the final consumer price). Over the period from 2007 to 2017, a relatively stable trend pattern was noted with significant fluctuations only in certain years. Over the period from 2016-2017, the market experienced healthy growth after a period of notable decline - by 13.5% - in the previous year. In physical terms, global frozen potato consumption grew consistently over the last four years, reaching its highest level of 117M tonnes in 2017 (IndexBox estimate). Over the last ten years, the frozen potato market saw mild fluctuations.
Frozen potatoes, and especially French fries, constitute a product largely consumed in foodservice sector, with quick service restaurant chains (QSRs) and casual dining restaurant chains being the largest consumers of the product. Therefore, the expansion of fast-food chains, combined with a rising population and urbanization shall remain the key factors buoying market growth.
India And China Remain The Largest Frozen Potato Markets In The World
According to IndexBox, China (37%), followed by India (31%), the U.S. (13%), Pakistan (5%), all somewhat lagging behind, appeared as the largest frozen potato markets in the world in 2017 (based on physical terms). In addition, most of these countries were also the leading producers of frozen potatoes in the world.
Amongst these countries, India (+1.4%) recorded the highest annual rates of growth in terms of frozen potato consumption over the period under review, while the other consumers experienced modest paces of growth.
China (30.1 kg per person) and India (27.3 kg per person) constitute the largest frozen potato markets, however, in these countries per capita consumption remained relatively lower than in the U.S. (48.3 kg per person).
In The Medium Term, The Global Frozen Potato Market Is Set To Pursue Measured Growth
In Western countries, the USA in particular, frozen potatoes are a well-established product widely popular throughout the QSR chains and elsewhere. Since the market is already saturated, there are no prerequisites for any sharp market growth. Moreover, the growth of consumption in developed countries may be hampered by increased consumer concern about fat intake and healthy eating. Therefore, the population and income growth will remain the major impetus for market stability. Similar trends are also viable for European countries and Japan.
On the other hand, the market situation is quite different in the rapidly developing Asian countries, where consuming habits are changing dramatically. Per capita consumption of frozen potatoes in Asia remains tangibly lower than in the USA, Europe and Japan, where it is a well-known product. This indicates a weak saturation of the market and a simultaneous robust potential for growth. As a result of the rapid urbanization process and the increasing popularity of Western-style cuisine and fast food in Asia, global and local QSRs, which are the most important retail marketers of frozen potato products, are growing much more rapidly than they do in Western countries. Therefore, China and India will continue to drive of the growth of the global market, given their large and growing population and increasing consumer incomes.
Driven by increasing demand for frozen potatoes worldwide, the market is expected to continue an upward consumption trend over the next eight years. Market performance is forecast to retain its current trend pattern, expanding with an anticipated CAGR of +1.0% for the eight-year period from 2017 to 2025, which is projected to bring the market volume to 127M tonnes by the end of 2025.
Do you want to know more about global frozen potato market? Get the latest trends and insight from our report. It includes a wide range of statistics on:
- frozen potato market share
- frozen potato prices
- frozen potato industry
- frozen potato sales
- frozen potato import
- frozen potato export
- frozen potato market forecast
- frozen potato price forecast
- key frozen potato producers
All data provided in this article covers the following products:
HS 071010 - Frozen Potatoes
HS 200410 - Frozen Potatoes (Prepared Or Preserved)
Source: IndexBox AI Platform
This report provides an in-depth analysis of the global frozen potato market. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2025.
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A Quick Overview of Market Performance
Understanding the Current State of The Market and Its Prospects
Finding New Products to Diversify Your Business
Choosing the Best Countries to Establish Your Sustainable Supply Chain
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The Latest Trends and Insights into The Industry
The Largest Importers on The Market and How They Succeed
The Largest Exporters on The Market and How They Succeed
The Largest Producers on The Market and Their Profiles
The Largest Markets And Their Profiles
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