Sweet Potato Products Market Overview
Sweet Potato Products Market Size was estimated at 13.17 (USD Billion) in 2022. The Sweet Potato Products Market Industry is expected to grow from 13.9(USD Billion) in 2023 to 22.6 (USD Billion) by 2032. The Sweet Potato Products Market CAGR (growth rate) is expected to be around 5.55% during the forecast period (2024 - 2032).
Source Primary Research, Secondary Research, MRFR Database and Analyst Review
Key Sweet Potato Products Market Trends Highlighted
The growth of the sweet potato products market can be attributed to health awareness and an increase in demand for functional food. The growing trend in veganism and the increasing use of sweet potatoes as a gluten-free option presents new market opportunities.
Innovative processing techniques, among other advances in technology, are reframing the market by improving the characteristics and the life span of sweet potato products. More people are using the internet, and the increase in online services is also providing new avenues for the sale of sweet potato products to different kinds of people.
One of the most recent market changes is the increasing demand for ready foods and the snacking habit. It is projected that these trends will cover the introduction of ready-to-eat and portable packs with sweet potatoes. The rising consumer interest in sustainable agricultural practices is also boosting the demand for sweet potatoes that are produced using organic farming methods, which gives market players insight into the increasing consumer trend for green products.
Sweet Potato Products Market Drivers
Rising Health Consciousness and Demand for Functional Foods
Consumers today are quite aware of the health benefits associated with sweet potatoes. Sweet potatoes are rich in vitamins, minerals, and antioxidants. Customers today have become health-conscious, and this is leading to the growth of the sweet potato product market. People are becoming conscious about what they eat and try to avoid unhealthy snacks and foods. When it comes to food, the consumption of functional foods is on the rise. Functional foods are those that provide specific health benefits in addition to their basic nutritional value.
Sweet potato products have been finding increased use in the food and beverage industry. Sweet potato products such as flour, starch, and dehydrated powders are increasingly being applied to several food and beverage products.
Growing Popularity of Plant-Based Diets
The increasing popularity of plant-based diets, such as veganism and vegetarianism, constitutes a substantial advantage for sweet potato products. Sweet potatoes are a versatile plant-based ingredient abundant in nutrients. With more individuals becoming adherents of plant-based diets, the demand for sweet potato products is expected to rise. Besides, the expansion of the sweet potato product market is driven by the increasing availability of meat and dairy substitutes produced from sweet potatoes.
Expansion of Foodservice and Quick-Service Restaurant Chains
Another major driver of the sweet potato products market is the expansion of food service and quick-service restaurant chains. The chains are increasingly using sweet potato products, such as fries, chips, and roasted sweet potatoes, in place of regular products, as they have more of a health appeal and a more aromatic flavor than traditional products. They are also increasingly becoming popular with consumers due to their convenience and availability in foodservice outlets.
Sweet Potato Products Market Segment Insights
Sweet Potato Products Market Product Type Insights
The product type segment of the Sweet Potato Products Market is divided into fresh sweet potatoes, sweet potato flour, sweet potato starch, sweet potato fries, and sweet potato puree. The fresh sweet potatoes segment was the largest segment of the market, with over 55% of revenue for this market in 2023. The demand in this segment is driven by the increasing health consciousness and desire to consume natural organic foods. The second largest segment was the sweet potato flour segment, which is also expected to exhibit the fastest growth in terms of volume.
Over the forecast period, volume of demand for the segment is expected to rise at a CAGR of 6.5%. Its leading driver is the lack of gluten in the product, as well as its expanded use in baking and confectionery products. The sweet potato starch segment is also strong as the product is used as a thickener and gelling agent by a range of different food and beverage industries. Sweet potato fries are lucrative products, which are believed by some to be healthier than traditional fries due to their crispy texture. Sweet potato puree, which is used in the production of baby foods, soups, and desserts, is another product type.
Source Primary Research, Secondary Research, MRFR Database and Analyst Review
Sweet Potato Products Market Form Insights
The form segment of the sweet potato products market is segmented into whole, frozen, dried, and canned. The whole segment accounted for the largest share of the market in 2023, and is projected to continue to grow at a steady pace over the forecast period. The frozen segment is expected to witness significant growth, owing to the increasing demand for convenience foods. The dried segment is also expected to grow at a healthy rate, driven by the growing popularity of healthy snacks. The canned segment is expected to witness a moderate growth rate, due to the increasing preference for fresh and frozen sweet potato products.
Sweet Potato Products Market Application Insights
The application segment plays a vital role in driving the growth of the Sweet Potato Products Market. In 2023, the food and beverage segment held the largest market share due to the increasing demand for sweet potato-based snacks, beverages, and processed foods. The bakery segment is also expected to grow significantly, as sweet potato flour is gaining popularity as a gluten-free alternative in bread, pastries, and other baked goods. The confectionery segment is another major application, with sweet potato being used in a variety of candies, chocolates, and desserts.
Furthermore, the cosmetics and pharmaceutical segments are also witnessing growth, as sweet potato extract is gaining recognition for its antioxidant and anti-inflammatory properties in skincare and medicinal products.
Sweet Potato Products Market Distribution Channel Insights
The distribution channel segment plays a crucial role in the Sweet Potato Products Market. Supermarkets and hypermarkets dominate the market, accounting for over 45% of the revenue in 2023. These channels offer a wide variety of sweet potato products and cater to a large customer base. Convenience stores are another significant distribution channel, holding a market share of around 20%. They provide convenience and accessibility to consumers, particularly in urban areas. Online retailers have emerged as a rapidly growing distribution channel, with a projected CAGR of 7.5% during the forecast period.
They offer convenience, wider product selection, and competitive pricing. Food service establishments, including restaurants and food chains, account for approximately 15% of the market share. They utilize sweet potato products as ingredients in various dishes and cater to the growing demand for healthy and convenient food options. The Sweet Potato Products Market is expected to reach a valuation of 15.2 billion USD by 2024, driven by the increasing popularity of sweet potatoes as a healthy and versatile food source.
Sweet Potato Products Market Regional Insights
The Sweet Potato Products Market is segmented into North America, Europe, APAC, South America, and MEA. Among these regions, North America is expected to hold the largest market share in 2023, owing to the increasing demand for sweet potato products in the region. The market in Europe is also expected to grow at a significant rate due to the rising popularity of sweet potato products as a healthy and nutritious food option. The APAC region is expected to be the fastest-growing market for sweet potato products, driven by the increasing consumption of sweet potatoes in countries such as China and India.
South America and MEA are also expected to witness significant growth in the sweet potato products market due to the rising demand for processed sweet potato products in these regions. The Sweet Potato Products Market is expected to reach a valuation of USD 22.6 billion by 2032, exhibiting a CAGR of 5.55% during the forecast period.
Source Primary Research, Secondary Research, MRFR Database and Analyst Review
Sweet Potato Products Market Key Players And Competitive Insights
The Sweet Potato Products Market is growing rapidly as many major players aim to broaden their product lines and expand their distribution networks. In addition, notable Sweet Potato Products Market businesses are investing in research and development to continuously develop new products that meet consumers’ evolving needs. The market is becoming increasingly competitive as additional players enter the sector. These players seek to form strategic partnerships, make acquisitions, and undergo mergers to increase their competitiveness. The development of the Sweet Potato Products Market is driven by changing consumer desires, with many people choosing plant-based diets and the ready-to-eat food market growing rapidly. Additionally, the market will be driven by consumers' understanding of the health benefits of sweet potatoes.
Among the leading Sweet Potato Products Market participants is McCain Foods Limited, which is well-known for its frozen french fries, tater tots, and sweet potato wedges, among other products. The business operates in over 160 countries across the world and continues to increase its reach. It is dedicated to creating high-quality products and improving existing ones. The success of the company is attributed to its innovative attitude. Thus, it is always concentrating on developing new sweet potato foods. Its commitment to quality is also an essential element of the company’s success.
One of the company’s notable competitors is Lamb Weston Holdings, Inc., which supplies sweet potato products to North America and Europe and is rapidly expanding to other world regions. Lamb Weston Holdings, Inc. is known for its commitment to sustainability and customer requirements. It employs new technologies and processes to enhance the quality of its products.
Key Companies in the Sweet Potato Products Market Include
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Cargill Incorporated
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Kerry Group
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Wilmar International Limited
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Archer Daniels Midland Company
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ADM
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Farbest Brands
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Emsland Group
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Tate Lyle
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Ingredion Incorporated
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Phibro Animal Health Corporation
Sweet Potato Products Market Industry Developments
The Sweet Potato Products Market is expected to reach a valuation of USD 22.6 billion by 2032, expanding at a CAGR of 5.55% from 2024 to 2032. Rising consumer awareness about the health benefits of sweet potatoes, coupled with increasing demand for convenience food products, is driving market growth. Key industry participants are investing in research and development to introduce innovative sweet potato-based products, catering to the evolving preferences of health-conscious consumers. Strategic collaborations and acquisitions are shaping the competitive landscape, with companies seeking to expand their product offerings and geographical reach. Recent news developments include the launch of new sweet potato-based snacks and beverages by major food and beverage companies, reflecting the growing popularity of sweet potatoes as a versatile and nutritious ingredient.
Sweet Potato Products Market Segmentation Insights
Sweet Potato Products Market Product Type Outlook
Fresh Sweet Potatoes
Sweet Potato Flour
Sweet Potato Starch
Sweet Potato Fries
Sweet Potato Puree
Sweet Potato Products Market Form Outlook
Whole
Frozen
Dried
Canned
Sweet Potato Products Market Application Outlook
Food and Beverage
Bakery
Confectionery
Cosmetics
Pharmaceuticals
Sweet Potato Products Market Distribution Channel Outlook
Supermarkets and Hypermarkets
Convenience Stores
Online Retailers
Food Service Establishments
Sweet Potato Products Market Regional Outlook
North America
Europe
South America
Asia Pacific
Middle East and Africa
| Report Attribute/Metric |
Details |
| Market Size 2022 |
13.17(USD Billion) |
| Market Size 2023 |
13.9(USD Billion) |
| Market Size 2032 |
22.6(USD Billion) |
| Compound Annual Growth Rate (CAGR) |
5.55% (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 |
Cargill Incorporated, Kerry Group, Wilmar International Limited, Archer Daniels Midland Company, ADM, Farbest Brands, Emsland Group, Tate Lyle, Ingredion Incorporated, Phibro Animal Health Corporation |
| Segments Covered |
Product Type, Form, Application, Distribution Channel, Regional |
| Key Market Opportunities |
1 Growing demand in healthconscious markets2 Rising disposable income in developing economies3 Improved sweet potato processing technologies4 Innovative product development e.g. beverages snacks5 Expansion of ready-to-eat and convenience food markets |
| Key Market Dynamics |
Rising health awareness Growing demand for glutenfree products Increasing consumption of processed foods Advancement in cultivation techniques Expanding retail distribution channels |
| Countries Covered |
North America, Europe, APAC, South America, MEA |
Frequently Asked Questions (FAQ) :
The sweet potato products market was expected to reach a valuation of 13.9 billion USD in 2023.
The sweet potato products market is projected to grow at a CAGR of 5.55% from 2024 to 2032.
The North America region is expected to hold the largest market share in the sweet potato products market in 2023.
Sweet potato products are primarily used in the food and beverage industry, as well as in the pharmaceutical and cosmetic industries.
Key competitors in the sweet potato products market include Ingredion Incorporated, Cargill, Incorporated, and Tate Lyle.
Major factors driving the growth of the sweet potato products market include the increasing demand for healthy and nutritious food products, the growing popularity of sweet potato-based snacks and beverages, and the expansion of the food and beverage industry in emerging markets.
Challenges faced by the sweet potato products market include the seasonality of sweet potato production, the lack of standardized quality control measures, and the limited availability of sweet potato-based products in some markets.
Opportunities for growth in the sweet potato products market include the development of new and innovative sweet potato-based products, the expansion of the market into new regions, and the increasing demand for sustainable food products.
Key trends in the sweet potato products market include the increasing demand for organic and non-GMO sweet potato products, the growing popularity of sweet potato-based functional foods, and the development of new technologies for processing and storing sweet potatoes.
The sweet potato products market is expected to reach a valuation of 22.6 billion USD by 2032.
