Sweet Potatoes Global Market Report 2024

The sweet potatoes market size has grown steadily in recent years. It will grow from $48 billion in 2023 to $49.34 billion in 2024 at a compound annual growth rate (CAGR) of 2.8%. The expansion observed in the historical period can be attributed to several factors, including the growth in the world population, increasing awareness of the health benefits of sweet potatoes, government initiatives, and strong economic growth in emerging markets.

The sweet potatoes market size is expected to see steady growth in the next few years. It will grow to $54.22 billion in 2028 at a compound annual growth rate (CAGR) of 2.4%. Forecasted growth is driven by global population growth, urbanization, a shift towards vegan eating, increasing investments, and growing demand for plant-based products. Key trends include the growth of organic food crops, product innovations, technological advancements, strategic partnerships, and increasing investments in the plant-based sector.

A notable shift towards plant-based diets is expected to propel the sweet potato market in the foreseeable future. This shift is primarily driven by the perceived health advantages associated with vegetarian diets, which include lower levels of low-density lipoprotein cholesterol, reduced blood pressure, and a decreased incidence of hypertension. Additionally, individuals adhering to vegetarian diets often exhibit lower body mass indexes, a reduced risk of cancer, and a lower susceptibility to chronic diseases such as diabetes. Furthermore, the mounting consciousness concerning animal welfare among consumers is fostering an inclination towards adopting a vegan lifestyle. Multiple countries including the UK, Germany, New Zealand, Australia, and Switzerland have witnessed an upsurge in the vegan population. For instance, according to a 2022 YouGov poll conducted in the UK, 36% of respondents endorsed a vegan diet, expressing interest in transitioning to this dietary pattern. The USA witnessed a nearly 300% rise in vegans from 2004 to 2019, amounting to around 3% of the total population or almost 10 million individuals. Notably, leading food delivery company GrubHub reported a substantial surge in orders for plant-based foods, reflecting a growing consumer inclination towards such dietary choices. Additionally, there has been a notable surge in requests for vegan products at major retailers such as Walmart in the US. Presently (as of September 2021), the estimated global vegan population stands at approximately 79 million, accounting for slightly over 1% of the world's population. Projections suggest that by 2040, approximately 40% of the world's population will consume meat, indicating a significant shift towards plant-based diets.

The ongoing conflict between Russia and Ukraine is anticipated to persist in the near future, exerting an impact on the global economy and influencing the trajectory of the sweet potato market. Industries associated with sweet potato end-use, such as construction and the automotive sector, have experienced disruptions due to the war. Numerous prominent brands, companies, and retail outlets have halted their operations in Russia amid the ongoing crisis. Given the significant roles of Russia and Ukraine in global agricultural and input markets, the actions and political responses of these countries carry substantial and potentially enduring consequences for both producers and consumers. The diminished export supply of grains and oilseeds from Ukraine has resulted in an escalation of international food and feed costs. Additionally, the aggressiveness of Russia and the ensuing uncertainty regarding the global supply of Russian oil and fertilizer have led to a surge in worldwide energy and fertilizer costs. Considering the substantial energy consumption in the agri-food sector, the heightened prices of energy and fertilizer contribute to increased production costs, subsequently impacting food prices (refer to the section on Food security impacts). Consequently, the Russia-Ukraine war is foreseen to act as a constraint on the sweet potato market, given the potential for instability and disruptions in the supply chain moving forward.

Technological advancements are emerging as a significant trend driving progress within the sweet potatoes market. Major industry players are actively engaged in the development of innovative products employing cutting-edge technologies to fortify their market standing. For instance, in September 2022, researchers at the University of Pretoria (UP) introduced a novel drying technology that enhances the nutritional value of sweet potatoes. This technology combines microwave and infrared applications, effectively preserving higher levels of beta-carotene. The resultant orange-fleshed sweet potato flour becomes a potent source of vitamin A, offering improved nutritional benefits.

Increased investments in the sweet potatoes market represent a significant trend gaining momentum in this sector. Major companies are channeling substantial investments into the sweet potatoes market to reinforce their foothold. For example, in August 2022, McDonald's Canada, in collaboration with McCain Foods Limited, announced the establishment of the Future of Potato Farming Fund. This initiative involves a $1 million investment aimed at providing support through education, demonstration, and cost-sharing grants, specifically directed at aiding potato farmers in adopting regenerative practices and advanced technology. Additionally, in 2021, the Alliance for a Green Revolution in Africa (AGRA) partnered with the Kofi Annan Foundation in a project dedicated to boosting the availability and consumption of orange-fleshed sweet potatoes (OFSP), renowned for their high vitamin A content. As part of this project, AGRA granted $800,000 to a consortium of eight dynamic implementing partners, spearheaded by the Kofi Annan Foundation, to further promote the cultivation and consumption of OFSP.

In October 2022, Lamb Weston Holdings, Inc., an American food processing company renowned as one of the world's largest producers and processors of frozen French fries, waffle fries, and other frozen potato products, successfully acquired Meijer Frozen Foods B.V. for a cash sum of $690 million. This strategic acquisition positions Lamb Weston to establish a robust platform for the sale of frozen sweet potatoes, fostering growth in Europe and the Middle East. Additionally, it enables Lamb Weston to better support its global customer base across key international markets. Meijer Frozen Foods B.V. is recognized as one of the major manufacturers of French fries and potato products.

Major companies operating in the sweet potatoes market report are Black Gold Farms, 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, Xian Shunyi Bio-Chemical Technology Co Ltd, Saipro Biotech Private Limited, China Star Food Group, Nestlé, The Sweet Potatoes Spirit Company, KP Snacks, Sacoma Sweet Potatoes, Aviko, Bidfood, AO Pogar Potato Factory, Mano Food, Solan S.A, Birds Eye Ltd, Lamb Weston, Jones Family Farms, McCain Foods Limited, Namakwaland Sitrus, Vapza, Intertropical Exotics, Marami food Industries Co, Fresh Leaf Foodstuff Trading LLC, Vegberry, Golden Dunes General Trading LLC, Wijhat Algetha, Langplaas Boerdery, Orange fleshed sweet potatoes, Potatoes South Africa, Kgarose Kgaros (Pty) Ltd.

Asia-Pacific was the largest region in the sweet potatoes market in 2023. The regions covered in the sweet potatoes market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the sweet potatoes market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.

The primary forms of sweet potatoes include whole products, processed sweet potatoes, paste or purees, and flour. Whole sweet potatoes are consumed in their entirety after baking, steaming, or frying. They can be steamed or cooked whole after cleaning and peeling as part of a diet. These sweet potatoes are available in various types, including fresh, frozen, dried, and others, and are packaged in bags, pouches, boxes, trays, and other formats. Sweet potatoes are categorized as conventional and organic, and they find applications in households, the food service sector, the food and beverages industry, and other areas.

The sweet potatoes market research report is one of a series of new reports that provides sweet potatoes market statistics, including sweet potatoes industry global market size, regional shares, competitors with a sweet potatoes market share, detailed sweet potatoes market segments, market trends and opportunities, and any further data you may need to thrive in the sweet potatoes industry. This sweet potatoes market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The sweet potatoes market consists of sales of beauregard, covington and red garnet. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.