Market Size of Potato Industry
Study Period | 2019 - 2029 |
Market Size (2024) | USD 115.74 Billion |
Market Size (2029) | USD 137.46 Billion |
CAGR (2024 - 2029) | 3.50 % |
Fastest Growing Market | Asia Pacific |
Largest Market | Asia-Pacific |
Major Players*Disclaimer: Major Players sorted in no particular order |
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Potato Market Analysis
The Potato Market size is estimated at USD 115.74 billion in 2024, and is expected to reach USD 137.46 billion by 2029, growing at a CAGR of 3.5% during the forecast period (2024-2029).
- Potato is the third most important food crop globally after rice and wheat in terms of human consumption. There are over 4,000 edible varieties of potatoes, mostly found in the Andes of South America. There are also over 180 species of wild potatoes, though they are inedible due to their extremely bitter taste. Potatoes have a natural resistance to pests, diseases, and climatic conditions. The growth in potato production areas has rapidly overtaken all other food crops in developing countries. It is a fundamental element in food security for millions of people across South America, Africa, and Asia, including Central Asia. More than a billion people globally eat potatoes. Compared to other food crops, potatoes have the advantages of easy storage, high yield, low planting requirement, wide planting area, and high nutritional value. These qualities make potatoes a suitable crop in the processed food industry.
- Potatoes are most likely the most frequent staple food in Northern Europe. It is difficult to envision European cuisine without potatoes. Europe has one of the world's highest per capita potato consumption rates. Ukraine (139 kg) and Belarus (182 kg) consume the most potatoes in Europe.
- Fresh and chilled potatoes are the two main categories in the global potato market. Fresh potatoes are used for daily consumption, whereas chilled potatoes are exported or imported and used in the food processing industry. Even in traditionally non-potato-consuming countries, potatoes have become popular due to their long shelf life. In the processed food industry, where processed products constitute the bulk of potato consumption, the demand for fresh potatoes has skyrocketed worldwide. According to the International Trade Map in 2020, France, Germany, China, the Netherlands, Canada, and the United States were the major exporters of fresh potatoes worldwide. China, India, Russia, the United States, and Germany were the largest potato-producing countries globally in 2020, with their yields amounting to 78.2 million metric ton, 51.3 million metric ton, 19.6 million metric ton, 18.8 million metric ton, and 11.7 million metric ton, respectively.
- Therefore, the increased demand for potatoes and the rise in global production reflect a positive trend for the potato market during the forecast period.
Potato Industry Segmentation
Potato (Solanum tuberosum) is a tuber crop that originates from tropical areas of high altitudes.
The Potato Market is segmented by Geography into North America, Europe, Asia-Pacific, South America, and Africa. The report includes the Production Analysis (Volume), Consumption Analysis (Volume and Value), Import Analysis (Volume and Value), Export Analysis (Volume and Value), and Price Trend Analysis of potatoes globally. The report offers market estimation and forecast in value (USD thousand) and volume (metric ton).
Geography (Production Analysis by Volume, Consumption Analysis by Volume and Value, Import Analysis by Value and Volume, Export Analysis by Value and Volume, and Price Trend Analysis) | ||||||||||
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Potato Market Size Summary
The potato market is poised for steady growth over the forecast period, driven by its status as a crucial food crop globally, ranking third after rice and wheat in human consumption. With over four thousand edible varieties, potatoes are particularly significant in regions like South America, Africa, and Asia, where they contribute to food security for millions. Their natural resistance to pests and diseases, coupled with advantages such as easy storage, high yield, and nutritional value, makes them a staple in the processed food industry. The global potato market is segmented into fresh and chilled categories, with fresh potatoes primarily for daily consumption and chilled potatoes for export and processing. The demand for potatoes, especially in processed forms like frozen fries and potato crisps, is on the rise, reflecting a positive trend for the market.
China and India are leading producers of potatoes, with China being the largest globally. The adaptability and short growth period of potatoes make them suitable for diverse climates, contributing to their widespread cultivation in these countries. The increasing urbanization and industrialization in India have boosted the demand for processed potato products, aligning with the growing middle-class preference for convenience foods. Similarly, China's expanding middle class is driving the popularity of Westernized processed potato products. As a result, both production and consumption of potatoes are expected to rise, supporting the market's growth trajectory during the forecast period.
Potato Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Overview
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1.2 Market Drivers
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1.3 Market Restraints
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1.4 Value Chain Analysis
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2. MARKET SEGMENTATION
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2.1 Geography (Production Analysis by Volume, Consumption Analysis by Volume and Value, Import Analysis by Value and Volume, Export Analysis by Value and Volume, and Price Trend Analysis)
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2.1.1 North America
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2.1.1.1 United States
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2.1.1.2 Canada
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2.1.1.3 Mexico
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2.1.2 Europe
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2.1.2.1 Russia
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2.1.2.2 France
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2.1.2.3 United Kingdom
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2.1.2.4 Italy
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2.1.2.5 Germany
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2.1.2.6 Spain
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2.1.2.7 Belgium
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2.1.2.8 Netherlands
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2.1.3 Asia-Pacific
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2.1.3.1 China
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2.1.3.2 Japan
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2.1.3.3 India
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2.1.4 South America
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2.1.4.1 Brazil
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2.1.4.2 Argentina
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2.1.5 Africa
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2.1.5.1 South Africa
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2.1.5.2 Egypt
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Potato Market Size FAQs
How big is the Potato Market?
The Potato Market size is expected to reach USD 115.74 billion in 2024 and grow at a CAGR of 3.5% to reach USD 137.46 billion by 2029.
What is the current Potato Market size?
In 2024, the Potato Market size is expected to reach USD 115.74 billion.