LONDON--(BUSINESS WIRE)--According to the latest market study released by Technavio, the global processed potatoes market is expected to reach USD 138.2 billion by 2021, growing at a CAGR of close to 5%.
This research report titled ‘Global Processed Potatoes Market 2017-2021’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. To calculate the market size, the report considers the revenue generated through the sales of processed potato products in the key geographical regions - the Americas, APAC, Europe, and ROW.
The global processed potatoes market will grow at a steady pace during the forecast period due to an evolution in the tastes and preferences of consumers in both the retail sector as well as the foodservice sector. With the growing demand for convenience among consumers, especially millennials (those aged between 20 and 34 years), the demand for various ready-to-eat and ready-to-cook products such as mashed potatoes, diced potatoes, and French fries have increased.
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Technavio’s food and beverage analysts categorize the global processed potatoes market into five major segments by product type. They are:
- Potato flakes
- Potato chips
- Potato starch
- Frozen French fries
The top three product segments for the global processed potatoes market are:
Global potato chips market
The global potato chips market has been witnessing steady growth over the past few years. Initially, potato chips were available only in certain flavors. However, to attract new customers, the market vendors are now offering potato chips in different flavors such as cinnamon, cheddar, and jalapeno. Hand-made or artisanal potato chips have emerged as a new interesting product.
According to Manjunath Reddy, a lead food research analyst from Technavio, “The potato chips segment accounts for a major share of the global processed potatoes market. The availability of less or no oily chips due to advances in processing technology has resulted in the increased demand for chips among health-conscious people.”
Global potato flakes market
The demand for potato flakes is rising owing to their extensive use in a wide range of products such as instant mashed potatoes, pasta, croquettes, and fabricated snacks. They are used as thickeners in creamy frozen desserts, chocolate milk, and gravies. They are also used as substitutes for cornstarch and wheat flour to add volume to soups, sauces, stews, and broths.
“Potato flakes are used as binding agents in meat, fish or vegetable patties, and sausages. They are used to increase the shelf life of baked products as they retain water better than flours. Also, because of the subtle earthy flavor of potato flakes, they are widely used in bread, muffins, and cakes,” says Manjunath.
Global potato starch market
Potato starch is gluten free and is very useful for people with gluten intolerance or wheat sensitivity. Potato starch also aids in lowering plasma cholesterol and triglyceride concentrations, increases satiety, and even reduces fat storage. Due to its gluten-free characteristic and health benefits, food manufacturers use it in manufacturing a wide range of gluten-free, low-calorie, and low-fat foods.
Potato starch is being increasingly used in making noodles, hot dog sausages, and instant soups owing to its gluten-free nature. In the industrial sector, potato starch is a 100% biodegradable substitute for polystyrene and other plastics and used widely in disposable plates, dishes, and knives.
The top vendors highlighted by Technavio’s research analysts in this report are:
- Lamb Weston
- McCain Foods
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Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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