According to a newly launched report by Research and Markets, the frozen potato market, valued at $60.30 Billion in 2021, is primed to broaden to $92.70 Billion by 2031, boasting a gradual CAGR of 4.2% from 2021 to 2031.
China’s Growing Influence
Research and Markets says in a information launch that China’s surging buying energy is propelling an expansive growth within the Chinese market, fueling a surge in fast-food eateries and occasional outlets providing a various array of frozen potato delights in growing nations. Major gamers within the fast-food and lodge sectors have strategically invested to broaden their presence within the Asia-Pacific and different burgeoning areas.
Latin American Market Dynamics
According to Research and Markets, Latin American markets, equivalent to Brazil and Argentina, are additionally witnessing speedy enlargement as a consequence of heightened spending on premium meals merchandise. A crescendo of fast-food eating places, augmented meals processing capacities, rising disposable incomes, urbanization, and eased import/export taxes on frozen potatoes are collectively fuelling the worldwide demand for these merchandise.
Shift in Developed Economies
However, in developed economies, rising well being issues have reshaped client preferences, shifting the main target in the direction of more healthy options. With rising circumstances of childhood weight problems, the attract of contemporary, non-vegetarian choices has grown stronger, difficult the expansion of frozen potato merchandise. The evolving demand for more healthy meals like low-cholesterol desserts, natural high-fiber breads, and contemporary vegetables and fruit is anticipated to curtail the marketplace for frozen meals, together with potato merchandise.
Global Income Trends
With an upswing in international per capita revenue, particularly in rising economies, the demand for meals, notably from eating places, is witnessing a pronounced surge. Forecasts counsel that the per capita revenue progress within the coming decade will outpace that of developed international locations, notably impacting the frozen potato trade’s progress.
Role of Quick-Service Restaurants
The surge in disposable incomes, particularly in growing economies, is predicted to be a pivotal driver of market progress. Quick-service eating places (QSRs), usually providing frozen potato merchandise, function budget-friendly choices for people in search of handy away-from-home eating.
Source: Research and Markets
Photo: Credit Ekaterina from Pixabay
