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Processed potato product mkt to grow, driven by convenience food trend
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Friday, 22 November, 2019, 08 : 00 AM [IST]
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The processed potato products market has witnessed significant growth in the past few years, and will reach $67 billion by the end of 2019. Driven prominently by the thriving convenience food trend, the market will continue its growth at a stable compound annual growth rate (CAGR) of four per cent dring the forecast period of 2019-2029. These were the findings of a report on the processed potato products market by Persistence Market Research.
Mashed potatoes, potato rolls, loaded sweet potatoes, smoked and fried potatoes are the processed potato products which are widely consumed by a majority of the consumer base. Processed potato products such as cutlets, mashed potatoes, and tater tots are preferred by children. Ready-to-eat, ready-to-cook, and frozen meals are also gaining popularity. These factors would predominantly drive market growth in the next decade.
Key takeaways: Processed potato product market study
• According to USDA statistics, usage of potatoes for processing applications in the country grew at the average rate of one per cent between 2015 and 2017
• Baked potato chips, instant mashed potatoes, and organic potato products are some of the processed potato products that are anticipated to gain traction during the forecast period
• Current trends such as snackification
• Shift to organic and non-GMO (genetically-modified organism) diets influence consumers in their product preferences
• Emerging countries are expected to offer lucrative opportunities for the processed potato products market, as the processed food industry is growing at higher rates in developing regions, including Latin America, South Asia, and Africa
• Retail sales for processed potato products are gaining momentum
• Despite holding a major share in the processed potato products market, the US is projected to witness a moderate growth rate in the processed potato products market
Manufacturers can profit from introducing processed potato products that offer health benefits along with taste. The market is, however, staring at the impacts of the increasing shift to low-carb diets, such as the Keto diet, that continue to pose a major threat to product sales.
Companies focus on building up capacity and supply chain
Manufacturers of processed potato products are developing market strategies in response to current trends in market. Prominent manufacturers are emphasising technological advancements to manufacture and market innovative processed potato products in terms of taste and texture.
Leading market players use strategies, such as strengthening their supply chains and increasing the production capacity of their units.
Global manufacturers are keen on expanding their presence in the global market, whereas regional and small manufacturers are focussing on product diversification and improving their brand awareness.
McCain Foods announced investments worth of $100 million to build a new production plant in Brazil (2019). The company plans to establish this plant in Araxa, which will particularly boost the company’s capacity and sales in the Latin American region.
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