Potato Market Size

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.