In a remarkable turn of events, the global potato market is showing promising signs of robust growth, according to recent reports.
Data from 360 Market Updates reveals that the market, valued at a staggering USD 96.3 billion in 2022, is on track to expand at a Compound Annual Growth Rate (CAGR) of 3.47% from 2023 to 2028. By the end of this period, the market is expected to reach an impressive USD 118.15 billion.
Another noteworthy source, Mordor Intelligence, echoes this optimistic outlook, estimating the global potato market size at USD 11.18 billion in 2023. The market is projected to grow at a CAGR of 3.50% through 2028, further solidifying the potato’s status as a global commodity.
A Diverse Export Landscape
The global potato trade is as diverse as it is expansive. Prepared or preserved potatoes led the export value charts in 2021, with a total worth of around USD 10.8 billion. When it comes to exporting powerhouses, the Netherlands, Germany, and Canada take the top spots. Interestingly, Belgium emerges as the world’s largest importer of fresh and chilled potatoes, followed closely by the Netherlands and the United States.
Fresh vs. Chilled: A Market Dichotomy
The potato market is not just a monolith; it’s a complex landscape divided into two major categories: fresh and chilled potatoes. Fresh potatoes are the go-to choice for the processed food industry, accounting for the majority of potato consumption worldwide. Countries like France, Germany, China, the Netherlands, Canada, and the United States were identified as the top fresh potato exporters in 2020.
Questions to Ponder
- How do varying market valuations and growth rates from different data sources impact our understanding of this burgeoning market?
- What factors contribute to the Netherlands, Germany, and Canada leading in potato exports, while Belgium stands as the biggest importer?
- How does the division of the market into fresh and chilled categories affect global trade and consumption patterns?
For those interested in diving deeper into this fascinating subject, the original article can be found here.
Photo: Credit and courtesy Dr. Eugenia Banks, Ontario Potato Board in Canada