French fries are one of the most popular side dishes associated with fast food restaurants worldwide. The rising global consumption of fast foods like burgers, sandwiches and pizza over the past few decades has propelled the demand for french fries. Made from potatoes that are thinly sliced and deep fried in oil, french fries can be enjoyed as a snack or side dish. They are crispy and delicious while being relatively inexpensive. The fried potato strips offer taste and crunch that pairs well with various sauces and seasonings. Their universal appeal has made french fries a staple accompaniment in quick service restaurants globally. The global French Fries Market is estimated to be valued at US$ 16.77 Billion in 2023 and is expected to exhibit a CAGR of 8.0% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends
One of the key trends driving growth in the global French fries market has been product innovation. Manufacturers have been developing new formulations, shapes and flavors to provide consumers with variety. Twisted and curly fries are increasingly popular as they offer novelty along with taste. Fries flavored with spices, herbs and seasonings have also gained traction. Another emerging trend is the rising consumption of gluten-free and plant-based french fries made from alternative tubers like sweet potatoes. This taps into the growing health consciousness of consumers. Additionally, the market has seen significant expansion in foodservice channels like quick service restaurants, pubs and cafes which contribute to the mass popularity of french fries as an easy snack to pair with beer and other drinks. The market is expected to continue growing in tandem with the expansion of the fast food sector worldwide.
Porter’s Analysis
Threat of new entrants: The French fries market has moderate threat from new entrants due to the high capital requirements and brand popularity of existing players.
Bargaining power of buyers: Buyers have moderate bargaining power due to large variety of substitute products available.
Bargaining power of suppliers: Suppliers have low to moderate bargaining power due to availability of substitutable raw materials like potatoes.
Threat of new substitutes: Threat from substitutes like potato wedges, sweet potato fries is moderate as consumer demand for French fries remains strong.
Competitive rivalry: The market has high competitive rivalry among players like Johnson & Johnson, Pfizer, Sanofi, Merck & Co. due to consistent innovation.
Key Takeaways
The Global French Fries Market Growth is expected to witness high over the forecast period.
Regional analysis: North America dominates the market currently due to strong demand. Europe is another major market for French fries driven by countries like Germany and the UK. Asia Pacific is anticipated to grow at a high rate during the forecast period with China and India emerging as high potential markets.
Key players: 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. Major players are focusing on new product launches and geographical expansion to garner higher market share.
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1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it