Potato Processing market Introduction:
The potato processing industry is a booming which is undergoing a progression period due to the growing global demands for vegetarian food products, a growth of HoReCa sector, hotel dining, a growth of processed food industry, and consumer demand for higher quality and sustainability. The processed food industries market is valued at more than the US $2.2 trillion dollars globally and consist of more 420,000 businesses.
Fresh potatoes are boiled, fried or baked and used in a flabbergasting range of recipes like potato pancakes, potato dumplings, mashed potatoes, twice-baked potatoes, potato soup, and many more recipes. But global consumption of potato as food is shifting from fresh potatoes to processed food products. Food processing is done to enhance the taste, flavor and shelf life of the potato. One of the leading items in processed potato segment is frozen potatoes, which includes French fries served in most of the quick service restaurants (QSRs) worldwide. Another processed product, the potato crisp is considered as a leader of snack foods in the developed countries. Potato flour is utilized in the food industry to bind meat mixes and thicken gravies and soups. In some countries, starch of potatoes is converted into fermentable sugars which are utilized in alcoholic beverages, for instance, vodka and akvavit.
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Potato Processing market Segmentation:
Potato processing market can be segmented on the basis of types, application and distribution channel.
Potato processing market by type is segmented into Frozen, dehydrated, chips and snack pellets, and others which include flour, canned potato, potato granules and starch. Consumption of frozen potato products like French fries is increasing due to the increasing number of fast food chains and restaurants. Most important advantage of frozen potatoes is its prolonged shelf life and comparatively less time required for cooking. Rapidly increasing number of Quick Service Restaurants in the developing countries is expected to increase the demand for frozen products in the forecast period. Chips and snack pellets are the second largest segment due to increasing popularity of chips and ease of access.
By application, potato processing market is segmented into snacks, ready to cook meals and others. Rapidly changing lifestyle, nuclear families and busy schedules of the millennial is increasing the demand of ready to cook meals that save time and efforts. Processed potato in the form of snacks has got a great demand owing to a variety of flavors and its availability in fried, baked and air fried forms.
Global Potato Processing market is segmented on the basis of sales channel, which includes direct and indirect sales channel. The indirect sales channel is further sub segmented into food services, modern trade, specialty stores, convenient stores, departmental stores and other retail formats. Food services are expected to dominate the segment due to growing number of quick service restaurants and international hotels. Growing number of food delivery services and increase in working population in the urban region is anticipated to bolster the demand for processed potato in the food service segment. Modern trade and other retail formats provides with easy access to the frozen products that help for the growth of the potato processing market
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Potato Processing market Regional Outlook:
Global potato processing market by region is segmented into North America, Latin America, Eastern Europe, Western Europe, Asia Pacific, Japan and the Middle East and Africa. Europe and North America are anticipated to dominate the potato processing market due to the presence of major potato processing companies in this region. Major players in the potato processing market focus on tapping the opportunities in in the Asia Pacific region for the reasons like government policy, foreign direct investment and through mergers & acquisitions. Increase in the production of potatoes in the Asia Pacific region is anticipated to drive the potato processing market in the forecast period. Growing urbanization in the developing economies like India and China is expected to boost the growth of the potato processing market.
Potato processing market Drivers and Restraints
Increasing number of consumers aligning towards ready to cook and ready to eat food products such as French fries and other potato based snacks items in all classes of people is boosting the market for potato flakes and powder. Rapidly changing trends, increasing millennial population and people looking for more suitable snacking and choice of food with less indulgence are expected to drive the potato processing market growth. The global market for potato processing is anticipated to vary due to its high dependency on a steady supply of potato varieties at a reasonable value for continuous processes. Concerns related to health associated with the consumption of processed potatoes such as diabetes and obesity, along with high costs incurred for storage and transportation can pose as a restraint for the market growth.
Potato Processing market Key Players:
Some of the key players of Potato Processing market are-
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