Global Frozen Finger Chips Market is forecast to Touch USD 26.35 Billion by 2027, growing at a CAGR of during the forecast period (2020 to 2027)
Published | April 2021
A study, recently
conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the frozen finger chips market is
projected to reach USD 26.35 Billion by 2027, growing
at a CAGR of 3.7% during the forecast period.
Frozen finger chips market, also known as frozen French fries, are thin to medium potato strips, fried or baked for ingesting. Frozen finger chips are a popular alternative to freshly cut potatoes, as they are convenient to cook and can be stored for relatively long periods while maintaining quality and taste. These readily accessible foods are available in various shapes, sizes, and flavors. Frozen finger chips are made from either sweet potato fries or white potato fries. The manufacturers generally use certified organic and sweet potato varieties, as they are highly preferred by consumers and capture the largest market share.
The global frozen finger chips market is motivated by several factors. One of the most important factors is the growing preference for western-style snacks amongst youngsters. As a result of this factor, fast-food restaurant chains and junk food consumption have expanded significantly. Additionally, continually changing consumer lifestyles, increasing income, and the growing acceptance of frozen finger chips in families and the food service sector have been increasing the demand for french fries. Last but not least, with the fast-food trends taking the industry by storm, frozen finger chips are witnessing a surge in popularity.
Increasing demand for ready-to-eat snacks and convenience foods across the globe
The global frozen finger chip market is primarily driven by increasing demand for ready-to-eat snacks and convenience foods. This can be attributed to the hectic lifestyle of working professionals, changing dietary preferences of the consumers, and rising levels of disposable income. Additionally, the widespread popularity of global cuisines, as well as the westernization of food consumption patterns is driving the demand for frozen French chips worldwide.
Rapid urbanization and changing consumer habits, especially in the developing economies are contributing significantly to the proliferation of fast-food chains. Such fast food outlets are comparatively cheaper than restaurants, which is a significant factor driving the growth of such joints besides boosting the global sales of frozen finger chips. Aside from the growing popularity of western cuisine, other important factors driving the market growth include the hectic lifestyles of the global workforce and their increasing purchasing power.
Rising Health-Related Issues
A few restraints and challenges, such as health-related issues are likely to hamper the market growth. The higher consumption of fried potatoes increases the risk of chronic diseases, such as obesity, hypertension, and diabetes, which are also influential risk factors for cardiovascular diseases. Moreover, French fries fried at too high temperatures are likely to contain trans fats, leading to an increased risk of premature death. People who eat French fries more than twice a week have a higher chance of dying. These factors are the potential restraints hampering the growth of the global frozen finger chips (frozen French fries) market.
Impact of COVID-19 in the industry
Since the COVID-19 virus epidemic in December 2019, the disease has spread to almost every country on the planet, prompting the World Health Organization to declare it a public health emergency. Global impacts of COVID-19 are already being felt by the Frozen Finger Chips market, which will bear the brunt of the pandemic in the coming years. Due to the spread of coronavirus, complete lockdowns and stay-at-home regulations have been enforced by the governments of different countries across the globe. Since the eruption of Covid -19, fast-food sales have fallen sharply. Moreover, the cancellation of all sports events like basketball, baseball, cricket, etc., has massively reduced the number of places where french fries are served. Even sports bars where customers would have munched on fries' baskets as they observed their favorite teams play are now closed.
Foodservice occupy the largest share of the Global Frozen Finger Chips Sales Market
Based on the end-use, the market has been bifurcated into food service and retail. Among these, the foodservice segment accounts for the majority of the total market share. The reasons can be attributed to the expansion of fast-food chains worldwide, growing hectic lifestyles, and increasing purchasing power of the working population. Furthermore, the growing popularity of western cuisines has fostered the acceptance of this segment.
Europe is expected to witness significant growth in the market during the forecast period
On the geographical front, Europe holds a prominent position in the market. Other major regions include North America, the Asia-Pacific, Latin America, and the Middle East and Africa. Currently, Europe is the world’s largest frozen finger chips market, followed by North America and the Asia Pacific. Additionally, since the markets in developed countries are reaching maturity levels, the growth in emerging markets is expected to remain healthy.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the Global Frozen Finger Chips Sales Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends of the Global Frozen Finger Chips Sales Market and industry insights that help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
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