Introduction:
Sweet
potatoes are basically root vegetable which is rich in starch,
vitamins, potassium, fiber and higher source of beta carotene. They
primarily considered as a staple food as have significant proportion
in form of daily routine intake food products. Nowadays the product
has become more popular due to its wide application in ethnic
cuisines, culinary uses, everyday meal and many other food products.
This has insist the food manufacturers and companies to offer
different varieties of snacks, meals, syrups etc. to cater the
growing demand of consumers in global level food market. Production
of sweet potatoes has increased substantially over the past decade
and majority of demand accounts from North America, Europe and
countries from Asia-pacific region.
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Market
Dynamics of Sweet Potato Market:
Market
of sweet potatoes is expected to drive by its greater demand from
food manufacturer’s as companies are offering innovative everyday
meal products, snacks, meals made with sweet potatoes. On the other
side, market of sweet potato market is also gaining traction from
demand side drivers as it is mostly consumed in everyday meal and
also from the side of health conscious consumers who are seeking for
food products with health benefits. Moreover, the demand of sweet
potato is also growing as it used as a taste enhancer and to increase
the texture in food recipes.
Market
Segmentation of Sweet Potato Market:
Market
segment of sweet potato in food and beverage industry is segmented on
different basis such as by application, by form, by type and by end
use. On the basis of application, its market segmented in food,
beverage and animal feed. In food, sweet potatoes market is
sub-segmented into culinary food, snacks and meals and in beverage,
the sub-segment of product includes alcoholic and non-alcoholic
beverages. Market segment as per the form, is segmented as flour,
paste and as a whole product. Another segment of sweet potatoes
market is on the basis of type which includes canned, frozen and
puree and as per end use market segment, it includes commercial use
and residential use. On analyzing the demand of sweet potatoes on pie
chart, it assessed that food industry acquires majority of market
share in terms of both volume and value. In terms of consumption, the
demand of sweet potatoes has increased in past decade due to its
higher demand in preparing culinary dishes, snacks, everyday meals
and in many other food products. Furthermore, demand of sweet
potatoes is also growing in international market due to its high
nutritional value as it is good source of vitamins and minerals such
as Vitamin A, C, B1, B2, and B6, fiber, phosphorous, potassium and
many other minerals.
Regional
Outlook of Sweet Potatoes Market:
On
the basis of regional outlook, market segment of sweet
potatoes is segmented in five different regions which include
North America, Latin America, Europe, Asia-Pacific and Middle East
and Africa. On the analyzing the market of sweet potatoes at global
level, it is expected that North America and Asia-Pacific is the
largest producer of sweet potatoes. On the other side in terms of
consumption, European region has the largest consumption of sweet
potatoes.
Key
Market Players in Sweet Potatoes Market:
Major
players in sweet potatoes market are: Bright Harvest Sweet Potato
Company, ConAgra Foods, Inc., Nash Produce, The Sweet Potato Spirit
Co., Ham Farms, Dole Food Company Inc., McCain Foods Limited,
Carolina Innovative Food Ingredients, H.J. Heinz Company Brands LLC.,
and Wayne Bailey Produce Company.
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