Dublin, Aug. 18, 2023 (GLOBE NEWSWIRE) -- The "Sweet Potatoes Global Market Report 2023" report has been added to ResearchAndMarkets.com's offering.

The global sweet potatoes market is expected to grow from $47.58 billion in 2022 to $48.89 billion in 2023 at a compound annual growth rate (CAGR) of 2.6%. The market is expected to reach $54.11 billion in 2027 at a CAGR of 2.6%.

The largest market for sweet potatoes is Asia-Pacific. The region accounted for the highest share of the sweet potatoes market in 2022. The growing population in countries like China and India, along with the traditional consumption of sweet potatoes in the Asian diet, has contributed to the high demand for sweet potatoes in this region. Additionally, the increasing awareness of the health benefits of sweet potatoes and the rising popularity of plant-based products have further boosted the demand for sweet potatoes in Asia-Pacific.

The fastest-growing market for sweet potatoes is projected to be in Europe. The acquisition of Meijer Frozen Foods B.V. by Lamb Weston Holdings Inc. in October 2022 is a testament to the growing demand for frozen sweet potatoes in the European market. This acquisition is expected to support Lamb Weston's growth in Europe and the Middle East, indicating the potential for sweet potatoes' expansion in this region.

Market Relation to Overall Economy and Demography

The sweet potatoes market is closely related to the overall economy and demography of the regions it serves. As economies grow and people's disposable income increases, there is a greater propensity to spend on nutritious and diverse food products, including sweet potatoes. The rising awareness of the health benefits of sweet potatoes has led to an increase in their consumption, impacting the market positively.

Demographically, regions with a large population and a preference for healthy and sustainable food choices contribute significantly to the demand for sweet potatoes. Countries with a high incidence of diet-related health issues are also witnessing a shift towards more nutritious alternatives like sweet potatoes.

Forces Shaping the Market Going Forward:

Growing Demand for Plant-based Products: The trend towards plant-based diets and sustainable food choices is expected to drive the demand for sweet potatoes, as they are a nutritious and versatile ingredient in plant-based snacks and meals.
Technological Advancements: Continued technological advancements, such as novel drying technology that enhances the nutritive benefits of sweet potatoes, will influence the development of new sweet potato products, further boosting the market.
Expanding Frozen Food Industry: The acquisition of Meijer Frozen Foods B.V. by Lamb Weston Holdings Inc. highlights the potential for frozen sweet potatoes in the global market. As the frozen food industry grows, sweet potatoes' demand is likely to increase.
Health Awareness: Increased awareness of the health benefits of sweet potatoes, especially their high beta-carotene content and other nutrients, will drive consumer preferences towards healthier food choices.
Conclusion

The sweet potatoes market is anticipated to witness steady growth, driven by factors like the rising demand for plant-based products, technological advancements, and the expanding frozen food industry. Asia-Pacific is currently the largest market, while Europe is projected to be the fastest-growing region for sweet potatoes. As health-conscious consumers seek nutritious and sustainable food options, sweet potatoes are expected to remain a popular choice, driving market growth in the coming years.

Key Attributes


Report Attribute Details
No. of Pages 250
Forecast Period 2023-2027
Estimated Market Value (USD) in 2023 $48.89 Billion
Forecasted Market Value (USD) by 2027 $54.11 Billion
Compound Annual Growth Rate 2.6%
Regions Covered Global
Key Topics Covered

1. Executive Summary

2. Sweet Potatoes Market Characteristics

3. Sweet Potatoes Market Trends And Strategies

4. Sweet Potatoes Market - Macro Economic Scenario
4.1. COVID-19 Impact On Sweet Potatoes Market
4.2. Ukraine-Russia War Impact On Sweet Potatoes Market
4.3. Impact Of High Inflation On Sweet Potatoes Market

5. Sweet Potatoes Market Size And Growth
5.1. Global Sweet Potatoes Historic Market, 2017-2022, $ Billion
5.1.1. Drivers Of The Market
5.1.2. Restraints On The Market
5.2. Global Sweet Potatoes Forecast Market, 2022-2027F, 2032F, $ Billion
5.2.1. Drivers Of The Market
5.2.2. Restraints On the Market

6. Sweet Potatoes Market Segmentation
6.1. Global Sweet Potatoes Market, Segmentation By Form, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

Whole Product
Processed Sweet Potatoes
Paste or Purees
Flour
6.2. Global Sweet Potatoes Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

Fresh
Frozen
Dried
Other Types
6.3. Global Sweet Potatoes Market, Segmentation By Packaging Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

Bag
Pouches
Box
Tray
Other Packaging Types
6.4. Global Sweet Potatoes Market, Segmentation By Nature, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

Conventional
Organic
6.5. Global Sweet Potatoes Market, Segmentation By End User, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

Household
Food Service Sector
Food and Beverages Industry
Other Users
7. Sweet Potatoes Market Regional And Country Analysis
7.1. Global Sweet Potatoes Market, Split By Region, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
7.2. Global Sweet Potatoes Market, Split By Country, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

A selection of companies mentioned in this report includes:

Black Gold Farms
Scott Farms Inc.
Ham Farms
Topashaw Farms
Vick Family Farms
McCain Foods Limited
Kgarose Kgaros (Pty) Ltd.
Mano Food
Lamb Weston Meijer MEA FZ-LLC
Vegberry Middle East
Vapza
Intertropical Exotics
Sharp Farms Inc
Jones Family Farms
AO Pogar Potato Factory
Aviko
Nestle
The Sweet Potatoes Spirit Company
China Star Food Group
Xian Shunyi Bio-Chemical Technology Co. Ltd.
Saipro Biotech Private Limited
For more information about this report visit https://www.researchandmarkets.com/r/d472lh

About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.