Asia-Pacific Sweet Potatoes Market – Industry Trends and Forecast to 2029

Asia-Pacific Sweet Potatoes Market Analysis and Insights

The Asia-Pacific sweet potatoes market is gaining significant growth due to the growing food & beverage industry and the rising demand for healthy and nutritional food products. The increase in the number of health-conscious people is also boosting the growth of the Asia-Pacific Sweet potatoes Market. However, stringent government regulations associated with food products are expected to restrain the market growth during the forecast period.

Data Bridge Market Research analyses that the Asia-Pacific sweet potatoes market will grow at a CAGR of 6.4% during the forecast period of 2022 to 2029

Market Definition

Sweet potatoes are a type of root vegetable that tastes sweet and consists of starch. Sweet potatoes are naturally fibrous and very dense in nutrition and minerals. Sweet potatoes also have various health benefits, such as improving digestion and supporting gut health. Sweet potatoes and also anti-inflammatory in nature and consist of multiple antioxidants. Sweet potatoes are also available in various colors, such as purple sweet potatoes and orange sweet potatoes. Since sweet potatoes are rich in numerous vitamins and minerals, they are also preferred in multiple functional foods and baby food products.

Asia-Pacific Sweet Potatoes Market Dynamics

This section deals with understanding the market drivers, advantages, opportunities, restraints, and challenges. All of this is discussed in detail below:

Drivers

• Various nutrition benefits of sweet potatoes

Customers have developed a special interest in foods that are low in calories, high in protein, free of gluten, and made from plants. Along with this increased awareness, customers have taken a particular interest in reading the nutrition label to ensure that the products are healthy. Due to sweet potatoes' high vitamin and mineral content, consumers have increased their consumption as this trend reaches its peak in the market.

In addition to these benefits, sweet potatoes are also rich in antioxidants, which protect the body against free radicals that can damage DNA. Due to their fibrous nature, sweet potatoes also support gut health and help in digestion. Anthocyanin and other color-related pigments in sweet potatoes are anti-inflammatory.

Moreover, sweet potatoes also promote healthy eyesight, as they are rich in beta-carotene, which converts into vitamin A in the human body and forms light-detecting receptors inside the eyes. Thus, with so many health benefits, the consumption of sweet potatoes is increasing, which is expected to drive the Asia-Pacific sweet potatoes market.

• Increasing consumption of processed food

The market consumption trend towards processed food has been driven by people's changing lifestyles and hectic schedules. The unfortunate Asia-Pacific spread of the coronavirus has caused this consumption to rise even further. Because of the rise in consumption, businesses have been forced to develop new products and healthier alternatives. Despite all the innovations, sweet potatoes are the only ones used as an ingredient in processed foods.

For instance,

• In 2020, ZENB, a plant-based snacks company, launched a new product, Veggie bites, which are available in 5 unique flavors, including sweet potatoes
• In 2016, ICBP, an Indonesia-based company, launched a new purple sweet potatoes flavor in their infant food product line

Thus with so many launches and expansion of manufacturers towards innovation in sweet potato products, the market for sweet potatoes will grow in Asia-Pacific. Moreover, as the processed food market grows, the industry will see more new and innovative launches and developments concerning sweet potatoes, thus, driving the market towards a positive escalation.

Opportunities

• Growing market of functional food and dietary supplements

The Asia-Pacific food market has undergone significant change. The rising level of consumer health consciousness has significantly contributed to this change. Because of this awareness, consumers strongly feel for and understand healthy products like dietary supplements and functional foods.

The market for sweet potatoes will benefit greatly from this expansion of these industries because they are highly regarded among producers of functional foods and dietary supplements due to their numerous health advantages.

For instance,

• In October 2020, Idahoan Foods, LLC introduced a new product, Mashed Sweet potatoes, under their product category Honest Earth. This is the first sweet potatoes product of the company, with no artificial preservatives, colors, or flavors, which is microwavable
• In May 2019, McCain Foods launched Edge Cut Fries and Sweet Potatoes Cross Trax in their Australian market. The products are specifically meant for the foodservice industry and will cater to the growing demand for sweet potatoes products in the market

The market for sweet potatoes will see many new and upcoming opportunities with the growth of functional food and dietary supplements in light of such developments and growing consumer and manufacturer awareness of the health benefits of sweet potatoes. The growing market of available food and nutritional supplements will create opportunities for the Asia-Pacific sweet potato market due to the increasing health consciousness among people.

Restraints/Challenges

• High cost associated with sweet potatoes cultivation

Any grower who wants to produce a high-quality yield must know the economic factors involved in its production. Different stages of cultivation require additional costs and attention. A grower must exercise extra caution when growing sweet potatoes because of their temperature and weather requirements. However, sweet potatoes cultivation necessitates a complex array of costs at various stages.

In addition to these expenses, it is also possible for the manufacturer to start with no sales or sales that result in a loss. These factors make growing sweet potatoes a high-level expense for manufacturers and a risky endeavor, which serves as a market restraint on an Asia-Pacific scale. Farmers may face challenges due to the high cost of cultivating sweet potatoes, which ultimately affects the market's growth.

Post COVID-19 Impact on Asia-Pacific Sweet potatoes Market

Post the pandemic, the demand for health and food products has increased as there won't be any restrictions on movement; hence, the supply of products would be easy. The persistence of COVID-19 for a longer period has affected the supply chain as it got disrupted, and it became difficult to supply the food products to the consumers, initially decreasing the demand for food products. However, post covid, the need for sweet potatoes market products has increased significantly owing to increased awareness about the benefits of healthy and nutritious food in the long term, increasing the demand for health and wellness food.

Recent Developments

• In December 2020, McCain Foods Limited invested USD 200 million for a second production facility expansion in China. Through this increased production capacity, the company will continue to lead the frozen potatoes market in the region
• In May 2019, McCain Foods launched Edge Cut Fries and Sweet Potatoes Cross Trax in their Australian market. The products are specifically meant for the food service industry and will cater to the growing demand for sweet potatoes products in the market

Asia-Pacific Sweet potatoes Market Scope

The Asia-Pacific sweet potatoes market is segmented into six notable segments based on type, packaging type, nature, product type, end user, and distribution channel.

The growth amongst these segments will help you analyze major growth segments in the industries and provide the users with a valuable market overview and market insights to make strategic decisions to identify core market applications.

Type

• Sweet potatoes flour
• Whole products
• Processed sweet potatoes
• Paste/purees

On the basis of type, the Asia-Pacific sweet potatoes market is segmented into sweet potatoes flour, whole products, processed sweet potatoes, and paste/purees.

Product type

• Fresh
• Frozen
• Dried
• Others

On the basis of product type, the Asia-Pacific sweet potatoes market is segmented into fresh, frozen, dried, and others.

Nature

• Conventional
• Organic

On the basis of nature, the Asia-Pacific sweet potatoes market is segmented into conventional and organic.

Packaging type

• Bag
• Tray
• Box
• Pouches
• Others

On the basis of packaging type, the Asia-Pacific sweet potatoes market is segmented into bag, tray, box, pouches, and others.

End user

• Food & beverages industry
• Food service provider
• House-hold
• Others

On the basis of end user, the Asia-Pacific sweet potatoes market is segmented into, food & beverages industry, food service provider, house-hold, and others.

Distribution Channel

• Store based retailing
• Online retail

On the basis of distribution channel, the Asia-Pacific sweet potatoes market is segmented into store based retailing and online retail.

Asia-Pacific Sweet Potatoes Market Regional Analysis/Insights

The Asia-Pacific sweet potatoes market is analyzed, and market size insights and trends are provided as referenced above.

The countries covered in the Asia-Pacific sweet potatoes market report are Japan, China, South Korea, India, Australia, Singapore, Thailand, Indonesia, Malaysia, Philippines, and the rest of Asia-Pacific.

China dominates the Asia-Pacific sweet potatoes market in terms of market share and market revenue and will continue to flourish its dominance during the forecast period. This is due to the emerging opportunities in vegetarian food, and higher production and consumption of processed food due to the consumer's preference have boosted the Asia-Pacific market.

The country section of the report also provides individual market-impacting factors and changes in regulations in the market that influence the current and future trends of the market. Data points, such as new and replacement sales, country demographics, disease epidemiology, and import-export tariffs, are some of the major pointers used to forecast the market scenario for individual countries. In addition, the presence and availability of Asia-Pacific brands, their challenges faced due to high competition from local and domestic brands, and the impact of sales channels are considered while providing forecast analysis of the country data.

Competitive Landscape and Asia-Pacific Sweet Potatoes Market Share Analysis

The Asia-Pacific sweet potatoes market competitive landscape provides details about the competitors. Components included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, Asia-Pacific presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, and application dominance. The above data points are only related to the companies focus on the Asia-Pacific sweet potatoes market.

Some major players operating in Asia-Pacific sweet potatoes market are McCain Foods Limited, J.R. Simplot Company, Lamb Weston Holdings, Inc., The Kraft Heinz Company, Nestlé, Bhanu Farms, KP Snacks, and Urban Platter, among others.

Research Methodology

Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by the DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Asia-Pacific vs. Regional, and Vendor Share Analysis. Please request an analyst call in case of further inquiry.

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