Growth Of Sweet Potatoes Market Influenced By Increase In Adoption of Vegetarian Diet - By The Business Research Company

The Business Research Company's global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2031.

LONDON, Jan. 24, 2023 /PRNewswire/ -- According to The Business Research Company's Sweet Potatoes Global Market Report 2023, the global sweet potatoes market is expected to grow from near $48.83 billion in 2023 to above $52.84 billion in 2026 at a compound annual growth rate (CAGR) of 2.6%. The market is further expected to grow to almost $59.51 billion by 2031 at a CAGR of 2.4%. The growth in the forecast period will be supported by the development of innovative products with advanced technologies and the shift towards plant-based diets. For instance, in January 2022, Spudsy, a US-based manufacturer of plant-based snacks with upcycled sweet potatoes, launched Sweet Potatoes Fries, in Whole Foods Market's salty snack aisle. Each fry is made with sweet potatoes flour which is created from sweet potatoes that typically end up in landfills due to minor 'flaws' like shape, size and color. This line is vegan, non-GMO, grain-free, and gluten-free, and comes in two flavors- Hot Fry and Vegan Ranch.

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In light of the increase in demand in the near future and to take advantage of the upcoming opportunities, The Business Research Company recommends the companies in the sweet potatoes market to focus on organic food crops, focus on new product launches, and expand in emerging markets.

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The competitive landscape of the global sweet potatoes market is highly fragmented, with a large number of players. The top ten competitors in the market made up to only 0.29% of the total market. Black Gold Farms was the largest competitor, followed by Scott Farms, Inc, Ham Farms, Topashaw Farms, Vick Family Farms, A.V. Thomas Produce, Inc, Nash Produce, LLC, Edmondson Farms, Jackson Farming Company, Sharp Farms Inc., and more.

Some of the key market-trend-based strategies for the sweet potatoes market include growing organic food crops, product innovations, and strategic partnerships & investments. For instance, in September 2022, McCain Foods, a Canadian multinational frozen food company, acquired Scelta Products, for an undisclosed amount. The acquisition fueled McCain's growth and expansion in the frozen vegetable appetizer space. Scelta Products are based in the Netherlands They specialize in producing breaded, frozen vegetable-based snack such as onion rings and potato-based vegetable products and were founded in 1993.

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Global Sweet Potatoes Market Segmentation And Growth

  • The sweet potatoes market is segmented by form into whole product, processed sweet potatoes, paste/purees and flour. The whole product market was the largest segment of the sweet potatoes market segmented by form, accounting for 56.9% of the total.

  • The sweet potatoes market is also segmented by type into fresh, frozen, dried and other types. The fresh market was the largest segment of the sweet potatoes market segmented by type, accounting for 47.5% of the total.

  • The sweet potatoes market is also segmented by nature into conventional and organic. The conventional market was the largest segment of the sweet potatoes market segmented by nature.

  • The sweet potatoes market is also segmented by packaging type into bags, pouches, trays, boxes and other packaging types.

The sweet potatoes market is also segmented by end user into household, food & beverages industry, food service provider and other end users.

The Sweet Potatoes Global Market Report 2023 describes and explains the sweet potatoes market and covers 2016 to 2021, termed the historic period, and 2021 to 2026 termed the forecast period, along with further forecasts for the period 2026-2031. The report evaluates the market across each region and for the major economies within each region.

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