The global sweet potato market accounted for US$ 48,628.8 Mn in 2018 and is expected to grow at a CAGR of 2.1% during the forecast period 2019 - 2027, to account to US$ 58,470.0 Mn by 2027.
The Asia Pacific region held the largest market share in the global sweet potato market. The production and consumption rate of sweet potato is expanding rapidly with China and Rest of APAC being the major markets for the sweet potato industry. The Asia Pacific has evolved as the largest consumers and exporter of sweet potato. Sweet potato production has significantly contributed to national economies across the Asia-Pacific region over the past few years. The Asia Pacific market is characterized by the presence of players such as Dole Food Company INC. , H.J. Heinz Company Brands LLC. , Lamb Weston Holdings, INC., Nash Produce, The J. R. Simplot Company, among others.
Top Companies: AV Thomas Produce,Dole Food Company Inc.,Ham Farms,Jackson Farming Company,Lamb Weston Holdings, Inc.,McCain Foods Limited,Nash Produce,Simplot Food Group,The Kraft Heinz Company,Yantai China Pet Foods Co., Ltd
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Opportunities for farmers in Middle East and Africa due to shortage of sweet potatoes in North America and Europe
The consumption of sweet potato is increasing as it offers various health advantages. The food and beverage companies located in North America and Europe have developed innovative sweet potato products having a great combination of taste and nutrition. The food and beverage producers are continuously trying to bring in more innovative products with familiar ingredients to gain traction among health-conscious consumers. The primary concern for North America and Europe is the shortage in the production of sweet potato. The low pricing is one of the main reason for the small production of sweet potato in North America.
Global Sweet Potato Market – By Form
- Whole Product
Global Sweet Potato Market – By Type
Global Sweet potato Market – By Application
- Animal Feed
Growing demand for plant-based products and increasing application of sweet potatoes
The manufacturers in the food and beverage industry are focusing on the key market trends and consumer requirements to develop innovative products and increase the sales of their entire product line. Therefore, in the past few years, several companies have launched innovative sweet potato products that offer healthy options to the consumers. In 2018, Starbucks Japan launched a limited edition crispy sweet potato frappuccino and latte, while the Campbell Soup Company launched a new vegan sweet potato juice drink to meet the growing demand for the plant-based products.
Mergers and acquisition were observed as the most adopted strategies in global sweet potato market. Few of the recent developments in the global sweet potato market are listed below:
2019: Jackson Farming Company has acquired and retained the Wayne Bailey Produce sales team which is expected to help the company to expand its presence in the sweet potato industry.
2019: Lamb Weston Holdings, Inc. entered into an agreement to acquire Ready Meals Pty Ltd. The latter used to sell frozen potato products under the Harvest Choice brand.
2018: Ham Farms decided to launch its prime organics brand which would be available in bulk and in 3-pound, 5-pound and 10-pound bags.
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The Insight partners,
The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We are a specialist in Technology, Media, Healthcare and Telecommunication industries.