Potato Market size to grow by USD 28.21 billion from 2024 to 2028, APAC to occupy 57% market share, Technavio

NEW YORK, March 20, 2024 /PRNewswire/ -- The Potato Market is set to grow by USD 28.21 billion from 2023 to 2028 progressing at a CAGR of 3.39% during the forecast period. The report offers an up-to-date analysis regarding the current global market scenario, the latest trends and drivers, and the overall market environment. APAC is projected to contribute 57% to global market growth during the forecast period. Technavio analysts offer comprehensive insights into regional trends and drivers. Key countries like China, India, and Bangladesh significantly influence APAC dynamics due to high consumption patterns, especially in cuisines across Asia. Multinational and local players, such as Dewark Agro Forest Pvt. Ltd and McCain Foods Ltd., capitalize on rising demand for processed products, driving regional market growth.

Here is an Exclusive report talking about Market scenarios with a historical period (2018-2022) and forecast period (2024-2028). 

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The report on the potato market provides a holistic update, market size and forecast, trends, growth drivers, and challenges, as well as vendor analysis. 

Market Dynamics

Rising nutritional awareness among people is the primary trend shaping market growth:

There has been a rise in people's interest in health-conscious eating, which has led to an increase in the popularity of nutrient-rich potato types, especially sweet potatoes. These types of potatoes are sought after because they contain high amounts of fiber, vitamins and antioxidants. This shift in consumer preference has had a significant impact on market trends and analysis in the global potato market. To meet the demand for healthier options, companies are adapting their products by introducing options such as baked potato chips and air-fried potatoes. 

• Increasing the price volatility of potatoes is a challenge that affects market growth analysis. The global potato market is heavily influenced by weather conditions. Potatoes are highly sensitive to changes in temperature, rainfall, and other climatic factors. Extreme weather events, such as droughts and floods, can significantly affect potato yields, which in turn impact supply and prices. For instance, Europe has recently experienced extreme weather events, leading to a decline in potato production and a subsequent rise in prices.

Market Segmentation

The potato market analysis includes End-user, Distribution Channel and geography landscape. This study identifies the rising Nutritional awareness among people, increasing global trade of potatoes and population growth of many countries as one of the prime reasons driving the potato market growth during the next few years.

• The market share growth by the individual segment will be significant during the forecast period. The potato market is primarily driven by individual consumers and their preferences. To better understand and cater to the diverse needs of consumers, it is necessary to segment the global market by end-users, with a focus on individual consumers. The consumption patterns and cuisines vary across different market segments, making it crucial to analyze and respond to the needs of each segment.

This report presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources through an analysis of key parameters

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Companies Mentioned

• 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.
• J.R. Simplot Co.
• Keystone Potato Products
• Kroger Co.
• McCain Foods Ltd.
• Pacific Valley Foods
• PepsiCo Inc.
• The Kraft Heinz Co.
• Trader Joes
• Walmart Inc.
• WH Group Ltd.

Company Offering 

• Cavendish Farms Corp. - The company offers potato products such as Crispy Classic Straight Cut, Crispy Spicy Cracked Pepper Straight Cut, Crispy Sweet Potato Straight Cut.
• Augason Farms - The company offers potato products such as Dehydrated Potato Shreds, Dehydrated Potato Gems, Creamy Potato Soup Mix, Dehydrated Potato Slices Pail.
• Basic American Foods - The company offers potato products such as Basic American Foods Potato Pearls, Original Butter Mashed Potatoes.

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Analyst Review:

The Potato Market continues to exhibit a positive trend, driven by factors such as economic growth, increasing demand from the food industry, and the rising popularity of processed food products. With a Compound Annual Growth Rate (CAGR) reflecting steady growth, the market size is expanding globally, particularly in developing countries where potatoes play a crucial role in ensuring food security for billions of people, especially in Asia and Central Asia.

Potatoes, originating from the Andes of South America, offer significant advantages such as easy storage, high yield, and low planting requirements, making them a staple crop with wide planting areas and high nutritional value. Additionally, the potato's versatility makes it a key ingredient in various cuisines and food products, including potato chips, soups, and starch.

The potato market faces challenges such as pests, diseases, and climatic conditions, which impact production. However, ongoing efforts in research and development aim to mitigate these challenges and enhance potato cultivation practices. Major exporters and potato-producing countries are leveraging advancements in technology and organic farming practices to meet the increased demand and maintain a positive trend in global potato production and trade.

Market Overview:

The Potato Market is characterized by its significant contribution to global food security and economic growth, particularly in developing countries. With a wide planting area and low planting requirements, potatoes yield high nutritional value, making them a staple in diets worldwide. The market observes a positive trend driven by increased demand and innovation in processing techniques. Major exporters of fresh potatoes are enhancing international trade, facilitated by long shelf life and easy storage. Per capita consumption rates reflect the popularity of potatoes in various cuisines, fueling the processed food industry. As regions like South America and Africa emerge as key producers, the market continues to expand, driven by the versatility and resilience of this vital vegetable.

Related Reports:

The Global Potato Protein Market size is projected to increase by USD 37.74 million from 2022 to 2027. The market is estimated to grow at a CAGR of 6.43% between 2022 and 2027. 

The Frozen Potato Fries Market size is projected to increase by USD 7.37 billion and the market size is estimated to grow at a CAGR of 5.84% between 2022 and 2027.

Table of contents 

1. Executive Summary
2. Market Landscape
3. Market Sizing
4. Historic Market Size
5. Five Forces Analysis
6. Market Segmentation by End-user
7. Market Segmentation by Distribution Channel
8. Customer Landscape
9. Geographic Landscape
10. Drivers, Challenges, and Trends
11. Vendor Landscape
12. Vendor Analysis
13. Appendix

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SOURCE Technavio