The potato market is projected to record a CAGR of 1.0% during the forecast period (2021-2026). COVID-19 has driven the demand for fresh potatoes in supermarkets and grocery stores across the globe as people stock up on inexpensive food due to panic buying. The lockdown has also increased the demand for fresh potatoes in developing countries.

Even in traditionally non-potato-consuming countries, the potato has become popular due to its long shelf life. In the processed food industry, where processed products constitute the bulk of potato consumption, demand for fresh potatoes has skyrocketed across the globe. According to the International Trade Map in 2019, Netherlands, China, France, Germany, and United States are the major exporters of fresh potatoes worldwide. The potatoes are also processed in the respective domestic market into potato-based food products and food ingredients. The other application of potatoes includes feed to livestock, industrial starch production, and seed tubers for growing the next season’s potato crop.

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Key Market Trends

Increased Demand from Processing Industry

Home-grown or purchased in markets, fresh potatoes are baked, boiled, or fried and used in a staggering range of recipes such as mashed potatoes, potato pancakes, potato dumplings, twice-baked potatoes, potato soup, and potato salad. But global consumption of potatoes as food is shifting from fresh potatoes to value-added, processed food products. One of the main items in that category is the frozen potatoes which include most of the french fries served in restaurants and fast-food chains worldwide. Another processed product is potato chips, which is the long-standing king of snack foods in many developed countries. Dehydrated potato flakes are used in retail mashed potato products, as ingredients in snacks, and even as food aid. They are distributed as part of United States international food assistance to more than 600,000 people annually according to the Food and Agriculture Organization. Hence the increased demand from the processing industry along with consumer demand is boosting production globally.

Asia Pacific Dominates the Market

According to the Food and Agriculture Organization, Asia alone accounts for half of the world’s potato production, with China and India accounting for nearly 35% of the production as a result of increased domestic as well as international consumer demand. China’s domestic demand for potatoes has slowly increased over the last few decades. About 10-15% of the potatoes consumed in China are processed potato products, such as chips and frozen french fries. There is an increasing middle-class population due to rapid urbanization, which has resulted in the popularity of potato products, as this population is attracted more to westernized cuisine. Also, the Chinese government is looking to increase potato crop production as it is more profitable per acre than any other staple crops and also owing to the increased domestic consumption in the country.

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