Potato Processing Market– Insights
Potato is a starchy root vegetable, which is mainly obtained from the plant Solanum tuberosum. Potato tuber is widely processed to get a variety of food products such as chips, fries, flakes, and other convenience food. Potato is also processed for its application as filler, binder, and adhesive by various end-use industries such as paper, textile, and pharmaceuticals. Furthermore, processed potato is used in animal feed and biofuels as well.
Frozen potato segment, based on product type, is estimated to dominate the potato processing market in 2017. Frozen potato is widely used by various quick serve restaurants such as Subway, McDonald’s, and Burger King. Urbanization, modernization, growing population, and increased per capita spending also contribute to the growth of frozen potato segment. Fresh potato is the fastest growing segment by product type of the potato processing market. Fresh potatoes are further processed to get dehydrated potatoes. Dehydrated potatoes also has a significant market share in global potato processing market. Cull potato is used as animal feed for beef and dairy cattle as it is an excellent source of digestible proteins, carbohydrates, and amino acids. Production of bioethanol from potato peels is another growing application of potatoes. Potato starch can be used as an adhesive. Glue, animal feed, and biofuel are important applications of potatoes, which contribute to a significant market share.
The global potato processing market is estimated to be valued at US$ 2,327.3 million in 2017 and is expected to expand at a CAGR of 5.5% in terms of revenue during 2017– 2025.
Figure 1. Potato Processing Market Share by Application (Revenue) 2017
Processed food has emerged as the fastest growing application of potato processing market
Processed food segment is projected to be the fastest growing segment based on application in potato processing market between 2017 and 2025. The demand for processed food is rapidly increasing due to its advantages such as ease of handling, easy or no cooking, easy preservation, and ease of storage. Processed foods are highly preferred by the consumers as they provide convenient and affordable meal options. Increase in female literacy rate and thereby increase in population of working women is another important factor that drives the market of potato containing processed food.
Some of the major players in the global potato processing market include Agrana Beteiligungs-AG, Agristo NV, Aviko B.V., Farm Frites International, Idahoan Foods, Intersnack Group GmbH & Co. Kg, J.R. Simplot Company, Lamb Weston Holdings, Leng-D'or, Limagrain Céréales Ingrédients, McCain Foods Limited, and The Kraft Heinz Company. Market players adopt inorganic strategies such as mergers & acquisitions to gain a competitive edge in the market. For instance, in August 2017, Lyckeby, a Sweden-based manufacturer of potato-based fiber and starch merged with Ingredion and Amazon acquired Whole Foods Market in the same period of time.
Europe is the largest potato processing market owing to high consumer preference for processed potato products. Furthermore, many key players are investing in the potato processing industry in the region.
Asia Pacific is the fastest growing market in terms of revenue. Urbanization, modernization, influence of western culture, changing life style, population growth, increase in customer buying power, availability of raw materials, and cost competitiveness are the major growth drivers for the potato processing market in Asia Pacific.
North America is the second largest market for potato processing and is projected to witness exponential growth over the forecast period.
The potato processing market in Latin America, Middle East, and Africa will experience a significant growth over the forecast period.
This report segments the potato processing market on the basis of product type and application. On the basis of product type, the market is segmented into: frozen potato, dehydrated potato, and fresh potato. On the basis of application, the potato processing market is segmented into: processed food, glue, animal feed, biofuels, and others. Processed food is the largest and fastest growing application. Based on product type, frozen potato holds the largest market share while fresh potatoes is a fast growing market.
Key features of the study:
“*” marked represents similar segmentation in other categories in the respective section.
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