Processed Potato Products Market set to reach a valuation of US$ 131.8 Bn by 2032 - Persistence Market Research
NEW YORK, May 24, 2022 /PRNewswire/ -- The global processed potato products market is predicted to increase at a volume CAGR of 4.9% over the forecast period (2022-2032), as per analysis by Persistence Market Research.
Packaging is key to persuading customers to buy a product. Attractive and enticing appearance of a product drives consumer demand. Leading market players are concentrating on making their new product lines look more attractive as per innovative trends through Instagram, Facebook, and other social media platforms. As product package design acts as silent advertising, companies are modifying the packaging of existing potato products.
Frito-Lay's Lays, for example, has changed the appearance and color of the packaging on all of its existing processed potato chip products. It has modified the positioning and size of the branding on the package, as well as the chip photography to a top-down angle image.
Consumption of processed potato products is high, including mashed potatoes, loaded sweet potatoes, and smoked & fried potatoes. Ready-to-eat, frozen meals, and ready-to-cook meals are becoming more popular as customers seek to reduce the amount of time they spend on cooking. Children enjoy processed potato products such as potato cutlets, mashed potatoes, French fries, and tater tots. These products can also be included in school lunches, making them a practical choice for parents, particularly working mothers.
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Key Takeaways from Market Study
- The processed potato products market is anticipated to expand at CAGRs of 8.4% and 3.2% in East Asia & Pacific and Europe, respectively, through 2032.
- The Middle East and Africa processed potato products market is currently pegged at 3,442 metric tons.
- Retail sales of processed potato goods are increasing as the retail sector grows at a healthy rate worldwide. Food service sales in North America and Europe increased 39.7 % and 20.3%, respectively, in 2022.
- Instant mashed potatoes, organic potatoes, and baked potato chips are just a few of the processed potato goods expected to gain traction over the coming years. Consumer product choices are being influenced by current trends such the shift to organic and non-GMO food items.
- COVID-19 disrupted the supply and value chain of processed potato products. However, the market is expected to witness significant growth with economies opening up in the post-pandemic situation.
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"Manufacturers can benefit from the introduction of processed potato products that provide health benefits as well as taste. However, growing popularity of low-carb diets, such as the keto diet, may represent a significant threat to product sales," says a Persistence Market Research analyst.
Competitive Landscape
Key manufacturers of processed potato products are majorly emphasizing new product development programs to enhance the quality of their products and increase their distribution and production facilities. These key manufacturers also participate in various exhibitions and events around the world to increase awareness about their products.
- In December 2020, McCain Foods invested around US$ 200 million to establish a new potato manufacturing facility in the Yangling agriculture hi-tech development zone in China's Shaanxi province. This plant in China will boost the company's capacity and improve its sales in the East Asia region.
- In January 2020, PepsiCo's Walker's Crisps and Frito-Lay purchased a majority share in Senselet Food Processing, an Ethiopian manufacturer of potato crisps.
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Explore More Valuable Insights
Persistence Market Research, in its new report, offers an impartial analysis of the global processed potato product market, presenting historical data (2017-2021) and estimation statistics for the forecast period of 2022-2032.
The study offers compelling insights based on type (chips & shoestrings, dehydrated, frozen, canned potatoes, others), application (ready-to-cook products, prepared meals, snacks), and distribution channel (retail, food services), across six major regions of the world.
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