TECHNAVIO REPORT FORECASTS 5% ANNUAL GROWTH IN GLOBAL MARKET FOR PROCESSED POTATOES

According to Technavio’s forecasting report, between 2024 and 2028, the processed potatoes market size is forecasted to increase by USD 45 billion at a compound annual growth rate (CAGR) of 5.34%. The forecasted expansion is contingent on the ability to expand production capabilities for potato production. Also, contributing to this forecast is the growth of organized retailing, an increase of private label brands, and industry responses to consumer preferences.

Key market dynamics attributed to the increased market growth are the availability of potatoes, convenience foods gaining popularity, and younger populations seeking nutritious and healthy food alternatives. Farmers adoption of modern techniques, modernization processes, and organic and inorganic growth strategies is supporting the growth as well. Market trends reflect the growth of online shopping allowing potato products to be attained through online platforms. A major hurdle impeding growth is stringent government regulation that impact manufacturing, marketing, and product labeling.

Read the complete article at Potatopro.com here.