Processed potato products market has witnessed significant growth in the past few years and will reach US$ 67 Bn by 2019 end. Driven prominently by the thriving convenience food trend, the market will continue its growth at a stable 4% CAGR through forecast period of 2019-2029. Mashed potatoes, potato rolls, loaded sweet potatoes, smoked and fried potatoes are the processed potato products which are widely consumed by a majority of the consumer base.
Processed potato products such as cutlets, mashed potatoes, and tater tots are preferred by children. Ready-to-eat, ready-to-cook, and frozen meals are gaining popularity. These factors would predominantly drive market growth in the next decade.
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Key Takeaways – Processed Potato Products Market Study
- According to USDA statistics, usage of potatoes for processing applications in the country grew at the average rate of 1% during 2015-2017.
- Baked potato chips, instant mashed potatoes, and organic potato products are some of the processed potato products that are anticipated to gain traction during the forecast period 2019-2029.
- Current trends such as snackification and shift to organic and non-GMO diets influence consumers in their product preferences.
- Emerging countries are expected to offer lucrative opportunities for the processed potato products market as the processed food industry is growing at higher rates in developing regions including Latin America, South Asia, and Africa.
- Retail sales for processed potato products are gaining momentum.
- Despite holding a major share in the processed potato products market, the U.S. is projected to witness a moderate growth rate in the processed potato products market.
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Companies Focus on Building-up Capacity and Supply Chain
Manufacturers of processed potato products are developing market strategies in response to current trends in market. Prominent manufacturers are emphasizing technological advancements to manufacture and market innovative processed potato products in terms of taste and texture. Leading market players use strategies such as strengthening their supply chains and increasing the production capacity of their units.
Global manufacturers are keen on expanding their presence in the global market whereas regional and small manufacturers are focusing on product diversification and improving their brand awareness. McCain Foods announced investments worth of US$ 100 million to build a new production plant in Brazil (2019). The company plans to establish this plant in Araxa which will particularly boost the company’s capacity and sales in Latin American region.
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