Frozen Potato Market

The global frozen potato market is projected to experience an upward consumption trend over the next eight years, with a forecasted CAGR of +1.7% in volume and +4.3% in value. China leads in consumption volume, while Belgium leads in production. Frozen potatoes prepared or preserved dominate both import and export structures, with significant growth rates in both imports and exports. The market is expected to continue to grow steadily in the coming years.

Market Forecast

Driven by increasing demand for frozen potatoes worldwide, the market is expected to continue an upward consumption trend over the next eight years. Market performance is forecast to accelerate, expanding with an anticipated CAGR of +1.7% for the period from 2022 to 2030, which is projected to bring the market volume to 29M tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +4.3% for the period from 2022 to 2030, which is projected to bring the market value to $36B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Frozen Potatoes

Global frozen potato consumption shrank to 26M tons in 2022, waning by -7.6% against the year before. Overall, consumption, however, continues to indicate a relatively flat trend pattern. As a result, consumption attained the peak volume of 28M tons, and then dropped in the following year.

The global frozen potato market size fell modestly to $25.6B in 2022, which is down by -4.2% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). In general, consumption, however, recorded a relatively flat trend pattern. As a result, consumption reached the peak level of $26.8B, and then declined slightly in the following year.

Consumption By Country

The country with the largest volume of frozen potato consumption was China (5.7M tons), comprising approx. 22% of total volume. Moreover, frozen potato consumption in China exceeded the figures recorded by the second-largest consumer, the United States (2.8M tons), twofold. The third position in this ranking was held by India (2.2M tons), with an 8.6% share.

From 2012 to 2022, the average annual growth rate of volume in China totaled +1.9%. In the other countries, the average annual rates were as follows: the United States (-1.0% per year) and India (+2.2% per year).

In value terms, China ($6.6B) led the market, alone. The second position in the ranking was held by the United States ($3.2B). It was followed by India.

From 2012 to 2022, the average annual rate of growth in terms of value in China was relatively modest. In the other countries, the average annual rates were as follows: the United States (-0.7% per year) and India (+3.4% per year).

In 2022, the highest levels of frozen potato per capita consumption was registered in the UK (19 kg per person), followed by the United States (8.3 kg per person), Germany (7.6 kg per person) and Turkey (7 kg per person), while the world average per capita consumption of frozen potato was estimated at 3.3 kg per person.

In the UK, frozen potato per capita consumption expanded at an average annual rate of +1.1% over the period from 2012-2022. The remaining consuming countries recorded the following average annual rates of per capita consumption growth: the United States (-1.6% per year) and Germany (+2.0% per year).

Production

World Production of Frozen Potatoes

In 2022, the amount of frozen potatoes produced worldwide fell to 26M tons, shrinking by -7.3% against the previous year. Overall, production, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when the production volume increased by 18% against the previous year. As a result, production reached the peak volume of 28M tons, and then shrank in the following year.

In value terms, frozen potato production dropped to $22.2B in 2022 estimated in export price. In general, production showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 when the production volume increased by 18%. Global production peaked at $25.8B in 2014; however, from 2015 to 2022, production remained at a lower figure.

Production By Country

The countries with the highest volumes of production in 2022 were China (5.8M tons), Belgium (3M tons) and the United States (2.4M tons), with a combined 43% share of global production.

From 2012 to 2022, the most notable rate of growth in terms of production, amongst the main producing countries, was attained by Belgium (with a CAGR of +6.9%), while production for the other global leaders experienced more modest paces of growth.

Imports

World Imports of Frozen Potatoes

In 2022, approx. 9.2M tons of frozen potatoes were imported worldwide; picking up by 8.2% on the previous year's figure. The total import volume increased at an average annual rate of +4.2% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2021 with an increase of 10% against the previous year. Over the period under review, global imports hit record highs in 2022 and are likely to see steady growth in the near future.

In value terms, frozen potato imports surged to $10.4B in 2022. In general, total imports indicated a resilient expansion from 2012 to 2022: its value increased at an average annual rate of +5.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +40.1% against 2020 indices. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports By Country

In 2022, the United States (1.4M tons), followed by the UK (849K tons), France (629K tons), the Netherlands (459K tons) and Japan (424K tons) were the main importers of frozen potatoes, together achieving 41% of total imports. The following importers - Germany (374K tons), Brazil (364K tons), Italy (356K tons), Spain (330K tons), Belgium (222K tons), Mexico (222K tons), the Philippines (161K tons) and South Korea (159K tons) - together made up 24% of total imports.

From 2012 to 2022, the biggest increases were recorded for the Philippines (with a CAGR of +10.4%), while purchases for the other global leaders experienced more modest paces of growth.

In value terms, the largest frozen potato importing markets worldwide were the United States ($1.6B), the UK ($979M) and Japan ($681M), together accounting for 32% of global imports. France, Germany, Italy, Brazil, the Netherlands, Mexico, Spain, South Korea, the Philippines and Belgium lagged somewhat behind, together accounting for a further 33%.

The Philippines, with a CAGR of +15.6%, saw the highest rates of growth with regard to the value of imports, in terms of the main importing countries over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Imports By Type

Frozen potatoes prepared or preserved prevails in imports structure, resulting at 8.6M tons, which was near 93% of total imports in 2022. It was distantly followed by frozen boiled potatoes (627K tons), generating a 6.8% share of total imports.

Frozen potatoes prepared or preserved was also the fastest-growing in terms of imports, with a CAGR of +4.5% from 2012 to 2022. At the same time, frozen boiled potatoes (+1.3%) displayed positive paces of growth. Frozen potatoes prepared or preserved (+2.2 p.p.) significantly strengthened its position in terms of the global imports, while frozen boiled potatoes saw its share reduced by -2.2% from 2012 to 2022, respectively.

In value terms, frozen potatoes prepared or preserved ($10B) constitutes the largest type of frozen potatoes imported worldwide, comprising 96% of global imports. The second position in the ranking was held by frozen boiled potatoes ($412M), with a 4% share of global imports.

For frozen potatoes prepared or preserved, imports increased at an average annual rate of +6.3% over the period from 2012-2022.

Import Prices By Type

In 2022, the average frozen potato import price amounted to $1,130 per ton, surging by 14% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.7%. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major imported products. In 2022, the product with the highest price was frozen potatoes prepared or preserved ($1,164 per ton), while the price for frozen boiled potatoes stood at $658 per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by preserved frozen potato (+1.7%).

Import Prices By Country

In 2022, the average frozen potato import price amounted to $1,130 per ton, picking up by 14% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.7%. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Japan ($1,606 per ton), while the Netherlands ($712 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Philippines (+4.7%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Frozen Potatoes

In 2022, approx. 9.5M tons of frozen potatoes were exported worldwide; picking up by 8.7% compared with 2021 figures. The total export volume increased at an average annual rate of +4.1% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2021 when exports increased by 12%. Over the period under review, the global exports attained the peak figure in 2022 and are expected to retain growth in years to come.

In value terms, frozen potato exports skyrocketed to $10.3B in 2022. In general, total exports indicated prominent growth from 2012 to 2022: its value increased at an average annual rate of +5.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +45.7% against 2020 indices. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports By Country

In 2022, Belgium (3.1M tons), distantly followed by the Netherlands (2M tons), Canada (1.3M tons) and the United States (1M tons) represented the largest exporters of frozen potatoes, together constituting 79% of total exports. The following exporters - France (414K tons), Germany (354K tons), Argentina (233K tons) and Poland (190K tons) - together made up 12% of total exports.

From 2012 to 2022, the biggest increases were recorded for Belgium (with a CAGR of +6.9%), while shipments for the other global leaders experienced more modest paces of growth.

In value terms, the largest frozen potato supplying countries worldwide were Belgium ($3B), the Netherlands ($2.2B) and Canada ($1.6B), with a combined 65% share of global exports.

Belgium, with a CAGR of +9.2%, recorded the highest growth rate of the value of exports, in terms of the main exporting countries over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Exports By Type

Frozen potatoes prepared or preserved prevails in exports structure, recording 9.2M tons, which was approx. 97% of total exports in 2022. Frozen boiled potatoes (321K tons) followed a long way behind the leaders.

Frozen potatoes prepared or preserved was also the fastest-growing in terms of exports, with a CAGR of +4.4% from 2012 to 2022. Frozen boiled potatoes (-1.3%) illustrated a downward trend over the same period. While the share of frozen potatoes prepared or preserved (+2.4 p.p.) increased significantly in terms of the global exports from 2012-2022, the share of frozen boiled potatoes (-2.4 p.p.) displayed negative dynamics.

In value terms, frozen potatoes prepared or preserved ($10.1B) remains the largest type of frozen potatoes supplied worldwide, comprising 98% of global exports. The second position in the ranking was taken by frozen boiled potatoes ($226M), with a 2.2% share of global exports.

From 2012 to 2022, the average annual rate of growth in terms of the value of frozen potatoes prepared or preserved exports stood at +6.0%.

Export Prices By Type

In 2022, the average frozen potato export price amounted to $1,083 per ton, picking up by 15% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.7%. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by the product type; the product with the highest price was frozen potatoes prepared or preserved ($1,096 per ton), while the average price for exports of frozen boiled potatoes totaled $703 per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by frozen boiled potatoes (+3.9%).

Export Prices By Country

In 2022, the average frozen potato export price amounted to $1,083 per ton, surging by 15% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.7%. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

Average prices varied somewhat amongst the major exporting countries. In 2022, major exporting countries recorded the following prices: in the United States ($1,342 per ton) and Canada ($1,195 per ton), while Belgium ($967 per ton) and Poland ($998 per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Germany (+2.7%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform