Potato Market Analysis APAC, Europe, North America, Middle East and Africa, South America - US, China, India, France, Germany - Size and Forecast 2024-2028

Potato Market Forecast 2024-2028

The potato market size is projected to increase by USD 22.98 billion at a CAGR of 3.39% between 2023 and 2028. 

In the APAC region, key nations like China, India, and Bangladesh drive global growth rates. The varied agro-climate in APAC ensures year-round cultivation, benefiting both domestic markets and exports. The versatile vegetable, a staple in Asian countries, caters to diverse consumer preferences. The rising popularity of convenience and processed vegetable products aligns with global consumption trends. Noteworthy players like Dewark Agro Forest Pvt. Ltd and McCain Foods Ltd. capitalize on these market dynamics, contributing to the region's prominence. Analysts foresee sustained growth, emphasizing the global impact of evolving vegetable consumption trends in APAC markets. Additionally, Augason Farms company offers potatoes such as fresh potatoes used widely in different restaurants, food processing plants, and other facilities.

Market Overview

The market shows an Accelerated CAGR during the forecast period.

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Key Market Growth Analysis Driver 

Changing consumer preferences toward healthier foods is the key factor driving the market. Consumer preferences have changed over the years and have had a significant impact on the production, distribution, and marketing of fresh potatoes. The changing consumer preferences are largely influenced by health concerns, convenience, and cultural trends. Moreover, one of the biggest market trends is the need for healthier foods with vitamin B6, fiber, and magnesium. People are becoming more aware of their health and nutrition, and they are looking for alternatives to traditional starchy carbohydrates like rice and wheat.

In addition, potatoes are a very versatile and nutritious vegetable. Compared to some other starch staples, they have gained popularity as a healthier option. This has led to the creation of new potato-based products like french fries, potato crisps, potato wedges, and new processing methods to meet the needs of health-conscious consumers via fast food restaurants. Thus, such factors will propel the growth of the market during the forecast period.

 Market Growth and Trends 

Rising nutritional awareness among people is the primary trend shaping the market. People have a heightened focus on health-conscious eating, and nutrient-rich varieties, notably sweet potatoes, have surged in popularity, driven by their high fiber, vitamin, and antioxidant content. This shift in consumer preferences has influenced market trends and analysis in the global market. Companies are adapting to meet the demand for healthier choices, introducing options like baked chips and air-fried potatoes.

Furthermore, governments and health agencies globally are actively shaping nutrition awareness through public health messages and policies, further emphasizing the nutritional value of this product in a balanced diet. This interplay of consumer choices, industry innovation, and regulatory influence underscores the significance of market trends and analysis in navigating the evolving landscape of health-conscious food preferences. Thus, such factors will drive the growth of the global market during the forecast period.

Significant Market Challenge 

Increasing price volatility is a challenge that affects market growth analysis. Weather plays a significant role in the volatility of prices in the global market. These crops are very sensitive to changes in temperatures, rainfall, and other climatic conditions. For example, droughts, floods, and other extreme weather events can cause a drop in yields, which, in turn, affects supply and prices. For example, in recent years, regions such as Europe experienced extreme weather events, which caused a drop in production and caused prices to spike.

Moreover, such crops are also perishable, making supply chain dynamics even more complex. This vegetable needs to be stored in specific conditions, and inefficiencies or supply chain disruptions can result in wastage and price volatility. Furthermore, disruptions in one region can cause ripple effects across the globe. For example, trade disruptions, political instability, or transportation issues in major regions can lead to market reactions that increase price volatility. Thus, such factors will hinder the growth of the market during the forecast period.

Market Segmentation by Distribution Channel

The Business to Consumer (B2C) market segment by distribution channel has a significant impact on the global market, and it shows how these are delivered to end consumers. Retail is one of the most important B2C distribution channels in the global market. This can be found in supermarkets, food shops, and local grocery stores, making them readily available to consumers. In the retail segment, the B2C market is based on things such as packaging, brand, and product position. In addition, companies such as Amazon, as well as local grocery delivery, have taken advantage of this trend by allowing customers to order this vegetable online from the convenience of their homes. Thus, such factors will drive the B2C segment and fuel the growth of the global market during the forecast period.

Market Segmentation by End-user

The market share by the individual segment will be significant during the forecast period. Individual consumers are at the core of the global market. Their needs and wants to shape the dynamics of the industry. The segmentation of the global market by end-user, with a focus on the individual consumer, is essential for understanding and responding to a wide range of consumer needs in the global market. One of the most significant differences between each market segment by end-user is the variety of cuisines and consumption patterns. 

The individual segment was valued at USD 52.66 billion in 2018.

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Moreover, the global market has also seen an increase in health-conscious consumers. This has led to a rise in the demand for healthier products. Besides, convenience is also a key factor in individual segmentation within the global market. Ready-to-cook and pre-packed products meet the needs of busy consumers who need quick and easy meal solutions. For example, companies such as McCain Foods offer frozen products that allow consumers to make quick and simple meals without sacrificing flavor. These factors will drive the growth of the individual segment and propel the growth of the global market during the forecast period.

Key Regions for the Market

APAC is estimated to contribute 57% to the growth of the global market during the forecast period

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Technavio's analysts have provided extensive insight into the market forecasting, detailing the regional trends and drivers influencing the market's trajectory throughout the forecast period. Some of the most important producing countries in the APAC region are China, India, and Bangladesh. The APAC market dynamics are further influenced by the consumption patterns in the region. This crop is one of the most widely consumed foods in many Asian countries, such as India, Pakistan, Bangladesh, Nepal, Thailand etc. Their versatility allows them to be used in a wide range of cuisines.

Furthermore, various market players, such as Dewark Agro Forest Pvt. Ltd and McCain Foods Ltd. demonstrate the importance of APAC in the global market. For instance, many multinational companies have made significant inroads into the area by taking advantage of the rising demand for processed products. In response to shifting customer preferences, local businesses are also profiting from the popularity of the crop by launching cutting-edge goods. Thus, such factors will propel the growth of the regional market during the forecast period.

Company Overview

Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market forecasting growth and analysis.

• Key Offering- J.R. Simplot Co.: The company offers potato products such as Sweet Potato Thin Cut Fries, Sweet Potato Crinkle Cut Fries, Sweet Potato Crinkle Cut Fries, and Straight Cut Fries.
• Key Offering- Keystone Potato Products:  The company offers potato products such as Fresh Cut Potatoes, Dehydrated Potato Flakes and Flour, and Whole Peeled Potato.

The market growth and forecasting report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including: 

AJC International Inc., Augason Farms, B and G Foods Inc., Basic American Foods, Cavendish Farms Corp., Conagra Brands Inc., Cooperatie Koninklijke Cosun UA, General Mills Inc., Idahoan Foods LLC, Inspire Brands Inc., Kroger Co., McCain Foods Ltd., Pacific Valley Foods, PepsiCo Inc., The Kraft Heinz Co., Trader Joes, Walmart Inc., and WH Group Ltd.

Market analysis and report of qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.

Market Segment Overview

The market research report forecasts market research and growth by revenue at global, regional & country levels and provides an analysis of the latest market growth and trends from 2018 to 2028. 

• End-user Outlook
  • Individual
  • Commercial
  • Industrial

• Distribution Channel Outlook
  • B2C
  • B2B

• Region Outlook
  • North America
    • The U.S.
    • Canada
  • Europe
    • The U.K.
    • Germany
    • France
    • Rest of Europe
  • APAC
    • China
    • India
  • South America
    • Chile
    • Brazil
    • Argentina
  • Middle East & Africa
    • Saudi Arabia
    • South Africa
    • Rest of the Middle East & Africa

Market Analyst Overview

The market is experiencing steady growth, influenced by various factors such as economic growth, changing dietary preferences, and advancements in food processing technology. Potatoes serve as a staple food in many developing countries due to their easy storage, high yield, and low planting requirements. Their wide planting area and high nutritional value make them an essential component of food security initiatives. In recent years, there has been a positive trend towards the consumption of potatoes and potato-based products globally. The food industry utilizes potatoes in various forms, including fresh potatoes, chilled potatoes, and processed potato products like instant soup, frozen meal, and French fries. These products cater to consumer demands for convenience and versatility in cooking and e-commerce platforms.

Additionally, potatoes play a significant role in the organic farming sector, with increasing demand for organic certification and genetically modified food options. The rise of plant-based diets and veganism has further propelled the popularity of potatoes as a versatile ingredient in cooking, including pasta, soups, and thickening agent. Despite challenges such as pests and diseases, the market continues to thrive due to its long shelf life, adaptability to different culinary preferences, and contribution to food security initiatives in developing countries. As the demand for nutritious and easy-to-prepare food options rises, the market remains a key player in the global food industry landscape.

Market Scope
Report Coverage	Details
Page number	82
Base year	2023
Historic period	2018-2022
Forecast period	2024-2028
Growth momentum & CAGR	Accelerate at a CAGR of 3.39%
Market Growth 2024-2028	USD 22.98 billion
Market structure	Fragmented
YoY growth 2023-2024(%)	3.27
Regional analysis	APAC, Europe, North America, Middle East and Africa, and South America
Performing market contribution	APAC at 57%
Key countries	US, China, India, France, and Germany
Competitive landscape	Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks
Key companies profiled	J.R. Simplot Co., Keystone Potato Products, AJC International Inc., Augason Farms, B and G Foods Inc., Basic American Foods, Cavendish Farms Corp., Conagra Brands Inc., Cooperatie Koninklijke Cosun UA, General Mills Inc., Idahoan Foods LLC, Inspire Brands Inc., Kroger Co., McCain Foods Ltd., Pacific Valley Foods, PepsiCo Inc., The Kraft Heinz Co., Trader Joes, Walmart Inc., and WH Group Ltd.
Market dynamics	Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and market condition analysis for the forecast period.
Customization purview	If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

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What are the Key Data Covered in this Market Research Report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the growth of the market between 2024 and 2028
• Precise estimation of the market size and its contribution to the market in focus on the parent market
• Accurate predictions about upcoming trends and changes in consumer behavior
• Growth of the market across APAC, Europe, North America, Middle East and Africa, and South America
• A thorough analysis of the market’s competitive landscape and detailed information about companies
• Comprehensive analysis of factors that will challenge the growth of market companies

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