The size of the Europe Frozen Potatoes Market is expected to be worth USD 17.57 billion in 2024 and grow at a CAGR of 3.48% from 2024 to 2032 to achieve USD 23.10 billion by 2032.
Potatoes are the most common staple food, followed by wheat, rice, and corn, ranking fourth in global output. In both households and restaurants, they are consumed fresh or processed. Frozen potatoes are one of the most common varieties of processed potatoes. They are efficient and adaptable in preparation time, storage period, and mineral and vitamin content. Fresh potatoes are processed into frozen potatoes and other items utilizing a range of modern machines and shallow temperatures. Potato chips, French fries, forms, mashed potatoes, sweet potatoes, cooking, twice baked, covered/stuffed, and other frozen potato goods are available on the market in a variety of shapes. These goods are consumed at QSRs (Quick Service Restaurants) or by customers at their homes via retail outlets. The most significant benefit of frozen potatoes is that they cook faster and are simpler to prepare. Furthermore, developing new product varieties with various flavors has significantly increased the frozen potato product consumer base and accelerated market growth.
Frozen potato demand is quickly increasing around the world. The expansion of this market is fueled by an increase in the number of fast-food restaurants, higher demand for processed foods, urbanization, and an increase in frozen potato exports and imports, to name a few key drivers. In addition, the significant expansion in the female workforce is likely to stimulate demand for ready-to-eat meals such as potato chips and hash browns in the coming years, boosting the worldwide frozen potato industry. With more women in the workforce, demand for prepared foods rises, increasing consuming convenience foods such as frozen potato chips and dried potato products. The rise in fast-food restaurants is one of the primary factors projected to boost sales in the global market in the following years. In addition, increasing food spending, the food and beverage sector, the number of commercial restaurants, desire for multi-food items, and demand in the food processing business are all expected to fuel revenue growth in the future years. Some of the primary factors that contribute to the expansion of the frozen potato market include the substantial growth of fast-service restaurants and an increase in consumer disposable income.
Furthermore, advancements in refrigeration technology have aided the frozen potato market expansion. In addition, the move to easy-to-cook food products is intensifying, keeping the market growing, thanks to the busy lifestyles, rising income levels, and high spending power of consumers in the region. Majorly owing to lifestyle changes and consumer adoption of the Western diet culture, many people, including potato chips, nuggets, kibble, and shredded potato chips, are on the rise. This is a big trend that is currently sweeping the globe, affecting both industrialized and developing countries. Furthermore, the acceptance of western culture and the growing demand for fresh food in developing the Asia Pacific and Latin America, and the Caribbean (APAC and LAMEA) countries are cited as common reasons for the growth of prepared foods, which provide a diverse range of opportunities for frozen potato market expansion.
High storage and transportation costs and product recalls are primary challenges that can stifle growth in the target market. Furthermore, in both emerging and developed countries, a greater interest in health and consumption of other healthy foods, primarily fruits, and vegetables, may diminish the demand for frozen potato products. Furthermore, the worldwide frozen potato market's growth will be limited by the ongoing low-temperature requirements for keeping potato products frozen, as well as the high expenses connected with this.
The Covid-19 epidemic in 2020 had a significant influence on global frozen potato product consumption, such as fries, and, as a result, on FPP production in Belgium, France, Germany, and the Netherlands. On the other hand, Government Covid-19 assistance measures for potato growers had little effect on frozen potato prices. The temporary government Covid-19 support for potato growers in Belgium and the Netherlands only covered a small portion of the whole potato market. It reimbursed just an amount of the growers' potato production costs. Because these measures were disclosed later, there was no direct government support on the potato market and price formation. This also indicates that the national Covid-19 support had no impact on potato or frozen potato product pricing, as the support solely applied to potatoes not sold for processing.
The French fries sector contributed the most to the European frozen potatoes market, accounting for almost 40% of the overall market share. The rapid spread of QSRs such as Subway, Burger King, McDonald's, Wendy's, and Dunkin' Donuts has increased the consumption of Western-style cuisine in emerging nations. Because of the creation of new products and variations by leading producers to match consumer tastes, the French fries industry has a lot of room for expansion.
Due to rising demand and developing QSRs operations in various nations, the commercial sector is the primary end-user of frozen potatoes and has a significant market opportunity for investment. Hotels, fast food franchises, and quick service restaurants all employ frozen potatoes and associated items commercially (QSRs). Because of their swift preparation time and ease of use, these goods are well-acknowledged in the marketplace. Furthermore, many caterers are inclined to utilize frozen food due to the convenience these goods offer and climate challenges, which fuel the use of frozen food products and complement the frozen potato market expansion.
Over the projection period, Europe is expected to have the highest CAGR in the market. During the projection period, Europe is expected to hold a significant share of the frozen potato market. The rapid growth of the frozen potato market in Europe can largely be ascribed to increasing women's employment rates. For example, Russia is one of the top countries where women's employment has increased in recent years. In Europe, frozen potatoes are mainly utilized as convenience food. In addition, McCain Foods, Lamb Weston, and other manufacturers expand the market in Europe.
The companies covered in the report McCain Foods, Lamb-Weston, J.R. Simplot Company, Aviko, Bart's Potato Company, Agrarfrost GmbH & Co. KG, Agristo NV, Himalya International Ltd., TaiMei Potato Industry Limited
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