Report : Asia Pacific Frozen Potato Market Forecast to 2031 - Regional Analysis - by Product Type (French Fries, Hash Brown, Shaped, Mashed, Battered/Cooked, Topped/Stuffed, and Others) and End User (Residential and Commercial)
At 5.4% CAGR, Asia Pacific Frozen Potato Market is Projected to be Worth US$ 21,484.38 Million by 2031, says Business Market Insights
According to Business Market Insights’ research, the Asia Pacific frozen potato market was valued at US$ 14,141.83 million in 2023 and is expected to reach US$ 21,484.38 million by 2031, registering a CAGR of 5.4% from 2023 to 2031. Expansion of quick service restaurants (QSRs) and rising demand for convenience food are among the critical factors attributed to drive the Asia Pacific frozen potato market growth.
There is a surge in demand for frozen food due to the rising purchasing power and growing consumer preference toward ready-to-eat convenience food items. The preference for ready-to-eat, microwavable, and ready-to-prepare food products is rising significantly as they are highly suitable for on-the-go consumption and require minimal preparation time. The number of dual-income families in developed countries such as China is rising substantially. People find it hard to manage work as well as household chores due to lack of time. Therefore, they prefer to eat out or consume ready-to-eat products that require minimal preparation and cooking effort. Frozen food products are also growing in demand as they have an extended shelf-life, are suitable for single-person consumption, and can be prepared in very less time. Frozen potato satisfies the need of consumers and is readily available in retail outlets or stores as well as various fast-food chains, hotels, and quick-service restaurants. The rise in the number of retail outlets, convenience stores, and supermarkets has increased the availability of ready-to-eat food, propelling the frozen potato industry to new heights. Fast-food franchises such as McDonald's, Wendy's, Johny Rocket, KFC, Burger King, and Hardy’s substantially impact the Asia Pacific frozen potato market. Frozen potatoes give the same benefits and taste as fresh potatoes but have a longer shelf life, which is boosting the market growth. Furthermore, foods such as French fries and wedges are becoming increasingly popular globally, particularly among children and youth, which is catalyzing the growth of the Asia Pacific frozen potato market.
On the contrary, increasing preference for fresh and natural products hampers the growth of Asia Pacific frozen potato market.
By product type, the Asia Pacific frozen potato market is segmented into French fries, hash brown, shaped, mashed, battered/cooked, topped/stuffed, and others. The French fries segment held 43.4% share of Asia Pacific frozen potato market share in 2023, amassing US$ 6,141.76 million. It is projected to garner US$ 9,693.60 million by 2031 to register 5.9% CAGR during 2023–2031.
In terms of end user, the Asia Pacific frozen potato market is bifurcated into residential and commercial. The commercial segment held 67.4% share of Asia Pacific frozen potato market in 2023, amassing US$ 9,529.62 million. It is anticipated to garner US$ 14,587.74 million by 2031 to expand at 5.5% CAGR during 2023–2031.
Based on country, the Asia Pacific frozen potato market is categorized into China, Japan, India, Australia, South Korea, ASEAN, and the Rest of Asia Pacific. Our regional analysis states that China captured 38.9% share of Asia Pacific frozen potato market in 2023. It was assessed at US$ 5,502.59 million in 2023 and is likely to hit US$ 7,990.76 million by 2031, registering a CAGR of 4.8% during 2023–2031.
Key players operating in the Asia Pacific frozen potato market are Agristo NV; Aviko BV; Bart's Potato Co; Farm Frites International BV; Godrej Agrovet Ltd; Greenyard NV; Himalaya Food International Ltd; JR Simplot Co; Kipco Damaco NV; Kraft Heinz Co; Lamb Weston Holdings Inc; McCain Foods Ltd; and Rairandev Golden Fries Pty Ltd, among others.
- October-2022: Aviko opened a new factory in Poperinge to produce 3.5 million kilos of frozen fries and 220,000 kilos of potato flakes weekly. The expansion fits Cosun's Unlock 25 strategy, which focuses on increasing profitable growth in potato products with added value.
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