Sweet Potato Market Size was estimated at 15.04 (USD Billion) in 2022. The Sweet Potato Industry is expected to grow from 15.75(USD Billion) in 2023 to 23.9 (USD Billion) by 2032. The Sweet Potato Market CAGR (growth rate) is expected to be around 4.74% during the forecast period (2024 - 2032).
Source Primary Research, Secondary Research, MRFR Database and Analyst Review
Rising consumers’ interest in nutrition-rich and versatile food options is still pushing the Sweet Potato Market. For example, this fruit, being rich in antioxidants, vitamins and dietary fiber, provides many health benefits when consumed. The popularity of plant-based foods that have been on the rise has also given it an advantage. New areas such as Asia and Africa have great prospects because of conducive climatic conditions as well as a growing middle class with some level of disposable income. In addition, the industry is experiencing new trends characterized by innovative processing technologies that help to maintain the quality and shelf-life of sweet potatoes; along with the development of new varieties having improved nutritional composition. Also, value-added products like sweet potato fries, chips or flour are now available in the market to suit various consumer tastes.
The Sweet Potato Market Industry is driven by the growing awareness of the health benefits associated with sweet potatoes. Sweet potatoes are rich in dietary fiber, vitamins, and minerals. As a result, sweet potatoes provide a number of health benefits, and they play an important role in a healthy diet. Therefore, as people keep searching for functional foods that can feed the body and offer potential health benefits, the market for sweet potatoes is likely to keep growing in the next years in response to this.
The food processing industry’s expansion is another major driver of the Sweet Potato Market Industry. Sweet potatoes’ peels and slices are used in a wide spectrum of processed foods, including fries, chips, and canned goods. The extended aliment consumption is propelling the food processing industry’s expansion. Subsequently, the application of sweet potatoes is growing.
Recently, sweet potato-based products, including noodles, flour, and starch, have become more popular. They have a range of unique nutritional and functional properties, which make these products attractive to many consumers. For instance, sweet potato noodles are a great source of dietary fiber and have a low glycemic index, which makes them a far healthier alternative to traditional wheat noodles.
One of the subsegments that define the growth of the Sweet Potato Market is the Cultivars subsegment. This subsegment includes different types of sweet potatoes, which indentify with specific consumer preferences and cultivation practices. Among the different Cultivars in the Sweet Potato Market, Beauregard appears to be one of the most prominent choices. Beauregard sweet potatoes are large and elongated with a reddish-copper skin and deep orange flesh. They are a high-yielding variety with great storage capabilities, which is why they are mostly used for commercial production and export.Beauregard sweet potatoes are mainly sold in the United States, which is why it is one of the most remunerative Cultivar subsegments in the Sweet Potato Market. Another important Cultivar subsegment in the Sweet Potato Market features Jewel sweet potatoes. They are of medium size with moist, orange flesh and thin red skin.
These sweet potatoes are rich in beta-carotene and other antioxidants and are sweet and perfumed, making them suitable for fresh consumption and processing. Jewelry sweet potatoes have a nutritious and visual value and can be used roasted, fried, or baked.They are in great demand in the Sweet Potato Market, as they are suitable for various culinary applications. Hernandez sweet potatoes are of particular value in the Sweet Potato Market. They are medium-sized with a round or oval shape and deep orange flesh. They have a high dry matter content, which makes them suitable for processing into fries, chips, and other food products. Such potatoes are mostly popular in the food industry, as they are classified as decorative and edible. O’Henry sweet potatoes are a newer type that has already become highly demanded.They are medium and large with orange flesh and red skin. O’Henry sweet potatoes are slightly sweet and moist, which helps distinguish them from other varieties. They are of great quality and shelf life, which is why these sweet potatoes are used for fresh consumption and in the fresh market. Such sweet potatoes are in high demand as they are nutritional and versatile. Thus, the Cultivar subsegment is one of the most prominent subsegments in the Sweet Potato Market, with Beauregard Jain, Hernandez, and O’Henry being the most beneficial.
Source Primary Research, Secondary Research, MRFR Database and Analyst Review
The Sweet Potato Market size was valued at USD 16.54 billion in 2023 and is projected to grow at a CAGR of 5.2% from 2024 to 2032, reaching USD 25.4 billion by 2032. The market growth is driven by factors such as increasing demand for sweet potatoes as a staple food in developing countries, rising awareness of the health benefits of sweet potatoes, and growing popularity of sweet potato-based products such as fries, chips, and flour. In terms of form, the market is segmented into fresh, frozen, canned, and sweet potato fries. The fresh segment accounted for the largest share of the market in 2023 and is expected to maintain its dominance during the forecast period.This is due to the fact that fresh sweet potatoes are widely available and relatively inexpensive. However, the frozen segment is expected to grow at the fastest CAGR during the forecast period due to the increasing demand for convenient and shelf-stable sweet potato products.
The usage segment holds significant importance in the Sweet Potato Market. Culinary applications account for the largest share, driven by its extensive use in various cuisines worldwide. Sweet potatoes are a versatile ingredient incorporated into dishes such as fries, chips, soups, and desserts. Their nutritional value and affordability contribute to their popularity among consumers. Feed applications represent another substantial segment, with sweet potatoes serving as a nutritious and cost-effective feed for livestock. Additionally, industrial applications, including biofuel production, starch extraction, and cosmetics, are gaining traction, expanding the market's scope.
The Sweet Potato Market is segmented into end-users such as the food and beverage industry, household, and animal feed industry. The food and beverage industry is expected to dominate the market in 2024, accounting for a revenue share of over 55%. The growing demand for processed sweet potato products, such as fries, chips, and puree, is driving the growth of this segment. The household segment is also expected to witness significant growth, owing to the rising consumption of fresh sweet potatoes as a staple food in many developing countries.The animal feed industry is expected to account for a smaller share of the market but is likely to grow at a steady pace due to the increasing use of sweet potato meal as a cost-effective and nutritious ingredient in animal feed.
The regional segmentation of the Sweet Potato Market offers valuable insights into market dynamics and growth potential across different regions. North America holds a significant market share, driven by increasing demand for healthy and nutritious food options and rising consumer awareness about the health benefits of sweet potatoes. Europe follows closely with a substantial market share, supported by well-established distribution channels and growing demand in countries such as Germany, France, and the United Kingdom. The APAC region is expected to witness robust growth in the coming years, primarily due to the rising population and increasing disposable income in countries like China, India, and Southeast Asia.South America and MEA are emerging markets with untapped potential, presenting opportunities for market expansion.
Source Primary Research, Secondary Research, MRFR Database and Analyst Review
Leading players in the sweet potato market are focusing on research and development to introduce innovative products. Additionally, strategic partnerships, mergers, and acquisitions are the key strategies adopted by leading players in the sweet potato market to expand their market presence and improve their technological capabilities. The sweet potato market consists of both well-established and emerging players. Furthermore, as large, well-established players have recognizable brand names, they hold a large market share due to their distribution networks and wide product range.
However, emerging players operating in the sweet potato market are focusing on smaller regional markets to gain a market presence. Therefore, in the coming years sweet potato market is expected to witness ongoing changes in the competitive landscape with the emergence of new players and increasing competition.One of the leading players in the sweet potato market is McCain Foods Limited. McCain Foods Limited offers a wide range of frozen potato products, such as french fries, tater tots, and hash browns, for a large number of customers worldwide. McCain Foods Limited has a strong market presence in over 160 countries around the world. Moreover, McCain Foods Limited has its success due to its great emphasis on innovation, the quality of its products, and customer satisfaction.
The company is also continuously focusing on enhancing its sustainable practices with various investments around the world.Lamb Weston Holdings, Inc. is also one of the major players in the sweet potato market. The company primarily produces and sells various frozen potato products, such as french fries, tater tots, and hash browns, across the globe. Lamb Weston Holdings, Inc. has a market presence in over 100 countries. The success of the company is due to a great emphasis on innovation, the quality of its products, and customer satisfaction. The company is also committed to enhancing its sustainable practices with continuous investments around the world.
Sweet Potato Market Industry Developments
The Sweet Potato Market is poised for significant growth in the coming years, driven by rising demand for healthy and nutritious food options. In 2023, the market was valued at USD 15.75 billion and is projected to reach USD 23.9 billion by 2032, exhibiting a CAGR of 4.74% during the forecast period (2024-2032).Recent developments and current affairs shaping the market include the increasing adoption of sweet potatoes in processed food products, such as fries, chips, and purees. This trend is driven by the growing popularity of convenience foods and the demand for healthier alternatives to traditional snacks. Additionally, the market is witnessing a surge in demand from the food service industry, particularly in quick-service restaurants and cafes, as sweet potatoes are increasingly used as versatile ingredients in salads, sandwiches, and other dishes.
Beauregard
Jewel
Hernandez
O'Henry
Fresh
Frozen
Canned
Sweet Potato Fries
Culinary
Feed
Industrial
Food and Beverage Industry
Household
Animal Feed Industry
North America
Europe
South America
Asia Pacific
Middle East and Africa
| Report Attribute/Metric | Details |
| Market Size 2022 | 15.04 (USD Billion) |
| Market Size 2023 | 15.75 (USD Billion) |
| Market Size 2032 | 23.9 (USD Billion) |
| Compound Annual Growth Rate (CAGR) | 4.74% (2024 - 2032) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Base Year | 2023 |
| Market Forecast Period | 2024 - 2032 |
| Historical Data | 2019 - 2023 |
| Market Forecast Units | USD Billion |
| Key Companies Profiled | International Potato Center, Ocean Spray, Plant and Food Research, Rutgers, The State University of New Jersey, BASF, Natural Green BioScience Technology Co., Ltd., University of Georgia, Huazhong Agricultural University, North Carolina SweetPotato Commission, Netifi, LLC, Vineland Research and Innovation Centre, Tohoku University, Hunan Nutramax Inc., University of Hohenheim |
| Segments Covered | Cultivars, Form, Usage, End-User, Regional |
| Key Market Opportunities | Growing Demand for Healthy and Nutritious Foods Rising Awareness of Sweet Potato Health Benefits Expansion of Food Processing Industries Technological Advancements in Sweet Potato Cultivation Increasing Urbanization and Changing Lifestyles |
| Key Market Dynamics | Growing demand for processed sweet potato productsChanging dietary habits and health awarenessExpanding applications in various industriesGovernment initiatives to promote sweet potato cultivationTechnological advancements in cultivation and processing |
| Countries Covered | North America, Europe, APAC, South America, MEA |
Frequently Asked Questions (FAQ) :
The Sweet Potato Market was valued at USD 11.88 billion in 2023 and is expected to reach a value of USD 23.9 billion by 2032, exhibiting a CAGR of 4.74% over the forecast period (2024-2032).
The Asia Pacific region is expected to dominate the Sweet Potato Market, accounting for a significant share in 2023. The region's dominance can be attributed to the high consumption of sweet potatoes in countries such as China, India, and Indonesia, as well as the increasing demand for processed sweet potato products.
Sweet potatoes are primarily used as a food source, either boiled, baked, or fried. In addition, they are used in the production of various processed products such as fries, chips, and canned sweet potatoes. Sweet potato starch is also used as a thickener in food processing and as a raw material in the production of biofuels.
Some of the key competitors in the Sweet Potato Market include HZPC Holding B.V., Lamb Weston Holdings, Inc., McCain Foods Limited, J.R. Simplot Company, and Aviko B.V. These companies are involved in the production, processing, and distribution of sweet potatoes and sweet potato products.
The growth of the Sweet Potato Market is primarily driven by the increasing demand for sweet potatoes as a healthy and nutritious food source. The market is also witnessing growth due to the rising popularity of processed sweet potato products, the expansion of the food service industry, and the growing demand for gluten-free and vegan products.
The Sweet Potato Market faces several challenges, including the perishability of sweet potatoes, which limits their shelf life and transportation. Additionally, the market is subject to fluctuations in raw material prices and weather conditions, which can impact production and supply.
The Sweet Potato Market is expected to witness significant growth opportunities in the coming years. The growing demand for healthy and convenient food options, the expansion of emerging markets, and the development of new sweet potato varieties are expected to drive market growth.
Key trends in the Sweet Potato Market include the increasing adoption of sustainable farming practices, the development of innovative sweet potato-based products, and the growing use of sweet potato starch in various industries.
The Sweet Potato Market is segmented based on product type (fresh, processed), application (food, industrial), and distribution channel (retail, food service). Each segment has its own unique characteristics and growth dynamics.
The Sweet Potato Market is expected to exhibit a CAGR of 4.74% during the forecast period (2024-2032).
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