Europe is solidifying its dominance in the frozen potato market, as revealed by a recent report from Allied Market Research. The global market, which was valued at $60.3 billion in 2021, is projected to soar to $92.7 billion by 2031, with a compound annual growth rate (CAGR) of 4.2% from 2022 to 2031. The frozen french fries segment held the most significant portion of the global market in 2021.
The surge in the market is attributed to the rapid expansion of quick service restaurants (QSRs) like McDonald’s, Burger King, and Subway, especially in emerging economies such as China, India, and Argentina. The growing demand for processed foods, influenced by their diverse tastes and the increasing disposable income of consumers, further propels the market.
The popularity of QSRs, synonymous with fast service and affordable meals, significantly boosts the global frozen potato sector. In developed nations, these restaurants are associated with convenience, while in emerging countries, they offer the allure of Western cuisine.
The frozen potato market is segmented by product type, end user, and region. Notably, the hash brown segment saw substantial growth in 2021 and is expected to grow at a CAGR of 3.5% in the coming years. The commercial segment, driven by the popularity of QSRs, is anticipated to reach $78,293 million by 2031, growing at a CAGR of 4.4%.
In 2021, Asia-Pacific and LAMEA regions collectively held almost half of the market share, with a promising CAGR. The growth is credited to the booming food & beverage industries in countries like China and India, coupled with a fast-paced lifestyle.
The french fries segment is expected to grow at a CAGR of 4.9% from 2022 to 2031.
By end user, the commercial segment is expected to grow at a CAGR of 4.4% from 2022 to 2031.
The European region has been gaining a dominant share in the global frozen potato market and is expected to grow at a CAGR of 3.0% during the forecast period.
Source: Allied Analytics LLP. Read the full news release here
Photo: Credit Pexels from Pixabay
