According to information published in a new report “Potato Processing Market – Global Forecast to 2022”, published by MarketsandMarkets™, the global potato processing market was valued at $22.74 billion in 2016, and is projected to reach $30.85 billion by 2022, at a CAGR of 5.3% during the forecast period. The market for potato processing is showing a significant growth due to the rise in demand for applications such as snack foods and prepared ready meals, and because of the increase in consumer preferences for convenience foods. The authors of the Report say an increase in the number of retail channels such as hypermarkets and supermarkets; rapid growth of the fast food industry; industrialization policies (such as the FDI and the establishment of Export Processing Zones) adopted by governments of developing economies such as India and China, are also expected to drive the growth of the Potato Processing Market during the forecast period.
The frozen segment is estimated to account for the largest market share in the Potato Processing Market in 2017. Frozen potato products are considered as the most widely used potatoes owing to their prolonged shelf life and the lesser time required for meal preparation.
The increasing demand for french fries in regions such as Asia-Pacific, the Middle East, and South America due to the expansion of quick service restaurants (QSRs) and retail channels is the major factor attributing in its growth. McDonald’s, Burger King, Dunkin’ Donuts, and Subway are some of the major QSRs contributing to the growth of the frozen potato market.