The global frozen potato market is expected to register 4% CAGR during the forecast period 2017-2022, according to the latest report by Fact.MR, Rockville, Md., thanks in part to the increased consumption of fast food, expansion of quick-service restaurants, improved packaging formats, new product development and high-tech manufacturing equipment.
Europe is expected to dominate the global frozen potato market. By the end of 2017, the European frozen potato market is projected to account for nearly one-third of the revenue share. Increasing investment in new product development, rising consumer attraction toward fast food and presence of the major market players are some of the reasons contributing toward the growth of frozen potato market in Europe.
North America is also expected to emerge as the second most lucrative market in the global frozen potato market. Products like French fries and sweet and cooked potatoes are some of the fastest selling products in North America.
In fact, French fries are expected to be the largest consumed frozen potato product, projected to exceed $18,900 million revenue by the end of 2022. Meanwhile, frozen potato wedges are expected to witness growth during the forecast period.
The commercial sector is expected to be the largest end-user of the frozen potato. The commercial sector is projected to account for more than half of the revenue share by the end of 2017. Meanwhile, the residential sector is projected to create an incremental opportunity of over $3,500 million between 2017-2022.
Modern trade is expected to emerge as the largest distribution channel for frozen potato. By the end of 2022, modern trade is projected to exceed $25,100 million revenue.