The global potato processing market size is likely to register highgrowth backed by rising export of potatoes and increasing number of potatoprocessing plants. According to Colorado State University Potato Program, it isestimated that about 6 billion pounds of frozen potato products are manufacturedevery year. Fortune Business Insights, in its report, titled “PotatoProcessing Market Size, Share & Industry Analysis, By Product Type (FrozenPotato, Potato Chips & Wafers, Dehydrated Potato, Others), By Application(Ready-to-cook, Snacks, Others) Others and Regional Forecast, 2019-2026.” Predictsgrowth for the market during the forecast period.
Potato is widely used as a vegetable in the household acrossseveral regions. However, the use of potatoes are not only limited to cooking.Potatoes are also processed to further manufacture several food products, aswell as fed to animals. Additionally, potatoes are processed to obtain potatostarch that is extensively used in pharmaceutical, wood, and paper industry.For instance, potato starch being 100% biodegradable and an able substitute forpolystyrene is used to manufacture dishes, disposable plates, and severalknives.
What does the Market Report Include?
The market report includes qualitative and quantitativeassessment of the various market drivers and restraints, opportunities, andchallenges that the market will face during the projected horizon. Furthermore,the report provides comprehensive research into the regional developments ofthe market, affecting the market growth during the forecast period. Moreover,it contains an exhaustive study of the landscape comprising of key players,strategies used by them, and recent product launches for the market growthbetween 2019 and 2026.
Drivers and Restraints:
Increasing Consumption of Ready-to-Eat Snacks to Favor Growth
Rising trend of people consuming processed foods is drivingthe growth of the market during the forecast period. For instance, the globalconsumption of French fries is estimated to be a staggering 7 million tons eachyear. Moreover, potato chips has been a dominant processed food commodity inseveral developed as well as developing countries. Additionally, dehydratedpotato flakes are used as ingredients in mashed potato products across variousretails.
For instance, according to a report by International FoodInformation Council Foundation, 51% people among those who were surveyed saidthat they snack at least once every day. Moreover, increasing preference forprocessed foods is expected to drive the growth of the market during theprojected horizon.
Regional Analysis:
Among the regions, Europe is expected to be at the forefrontduring the forecast period. This is ascribable to factors such as presence ofmajor companies such as McCain Foods Limited, and others. Furthermore, largepotato processing establishments in Europe will bode well for the growth of themarket in the forthcoming years. North America, on the other hand, isanticipated to be the second-most leading region during the projected horizon.Factors such as high consumption of processed foods and high inclination forconvenience food in North America are the driving factors for the growth of themarket during the forecast period.
The market in Asia-Pacific will register high growth owing torising consumption of processed food products by countries such as India,Japan, and China. Moreover, huge production of potato in countries such asIndia, and China will contribute to the growth of the market in Asia-Pacificbetween 2019 and 2026.
Competitive Landscape:
McCain Foods Limited Launching New Products to Aid Growth
On May 2018, McCain Foods Limited, a leading processed foodscompany, announced its launch of new seasoning “Shake Shake” for its frozenfood range. The seasoning is available in three flavors such as Cheese &Onion, Salt & Vinegar, and Chicken. These flavors will add up to the tasteof its frozen products. Companies operating in the market are adoptingstrategies such as product innovations, and product launches to maintain theirpresence for the market. Moreover, the key players are striving to gain maximumfrom the potato processing market revenue by either merging or acquiring othercompanies in the fiercely competitive market during the forecast period.
Source: https://www.fortunebusinessinsights.com/potato-processing-market-102120
