French Fries Is Estimated To Witness High Growth Owing To Increase...

French Fries Is Estimated To Witness High Growth Owing To Increase In Consumption From Quick Service Restaurants

Posted 2024-01-15 11:51:11

French fries, also known as chips, are thin strips of deep-fried potatoes served as a popular snack or side dish. They can be prepared in various ways but are usually made by cutting raw potatoes into even strips, soaking them in cold water to remove excess starch, blanching them to soften and partial cook, and then deep frying them until crisp and golden brown. French fries are most commonly served hot, either soft or crispy depending on how long they are fried. They are a staple side dish or snack in many quick service restaurants around the world.

The global French fries Market is estimated to be valued at US$ 16.77 Bn or Mn in 2023 and is expected to exhibit a CAGR of 8.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:
The French fries market is driven by increase in consumption from quick service restaurants. Fast food restaurant chains heavily promote french fries as side dish due to longer shelf life leading to convenience and cost-effectiveness. According to market research reports, over 60% of french fries consumed globally are from quick service restaurants. Moreover, the market is witnessing innovations in frozen and packaged french fries catering to busy lifestyle. Manufacturers are offering gluten-free and plant-based frozen french fry options with higher nutritional value to cater to health conscious consumers. However, concerns over health impacts of frequent consumption such as obesity, diabetes and heart diseases may hamper the market growth.

SWOT Analysis
Strengths: French fries have become one of the most popular side dishes consumed worldwide. They have a distinct taste and texture that makes them very appealing to consumers. The preparation is relatively simple and fries pair well with many savory dishes. As a fried potato product, French fries are seen as comforting, enjoyable snack or side.
Weaknesses: French fries are high in fat, sodium, and calories which can negatively impact health if consumed in large quantities or on a regular basis. The deep frying preparation method used to cook fries adds substantial fat and calories. Maintaining a consistent quality and taste during large-scale production can also be challenging.
Opportunities: Investment in development of healthier cooking oils and preparation methods could help address some weaknesses around fat and calorie content. Producing fries with less fat content or sodium through alternative preparation would expand the target consumer base. Promoting portion sizes and moderation could encourage consumption as an occasional snack rather than everyday side.
Threats: Rising health awareness and focus on wellness has led many consumers to limit or avoid fried foods. Competitive snack and side options perceived as healthier may replace fries in some situations. Stringent government regulations around fat, salt, calorie labeling or restrictions could impact sales. Volatility in agricultural commodity prices like potatoes affects input costs.

Key Takeaways
The Global French Fries Market Share is expected to witness high over the forecast period of 2023 to 2030. The market size is projected to reach US$ 16.77 billion by 2023, growing at a CAGR of around 8.0%.

Regional analysis: North America currently dominates the global French fries market led by the United States.The region accounts for over 30% of market share due to popularity of fast food restaurants and snacks high in fat and calories. Western Europe is another major regional market for fries led by countries like France, Germany and the UK. Countries in Asia Pacific are seeing fastest growth led by India, China and other developing economies where consumption of fried snacks is increasing rapidly driven by busier lifestyles.

Key players operating in the French fries market are Johnson & Johnson, Pfizer, Sanofi, Merck & Co., Gilead Sciences, Amgen, Novartis, AbbVie, GlaxoSmithKline, AstraZeneca, Bristol-Myers Squibb, Eli Lilly, Teva Pharmaceutical, Bayer, Novo Nordisk, Allergan, Takeda Pharmaceutical, Boehringer Ingelheim, Aspen Pharmacare, Astellas Pharma. Leading fast food chains and frozen food brands dominate French fries sales globally. McDonalds, Burger King and convenience stores are major buyers of frozen potato products from key food processors.