The North America Potato & Yam Derivatives Market would witness market growth of 3.3% CAGR during the forecast period (2023-2030).
Consumer demand for a plant-based diet and advancements in agricultural technology are the main factors behind market’s growth. Manufacturers of derivatives of potatoes & yams are actively investing in cutting-edge agri-tech solutions to improve the effectiveness and quality of processing vegetables. Innovative techniques such as precision farming, genetic engineering, and environmentally friendly agricultural methods can increase crop yields, improve crop quality, and lessen environmental impact.
Additionally, rising consumer awareness of the importance of a well-balanced diet is driving up demand for derivatives of potatoes and yams. These compounds are rich in antioxidants, dietary fiber, vitamins, and minerals, all of which have several positive health effects. Improvements in farming equipment and technological developments in the production of yams and other varieties of potatoes are fuelling the availability.
These technologies have changed how crops are produced, enabling activities to go more smoothly. The yield's efficiency has enhanced because of the decreased production costs and higher overall output. Producers are always developing new kinds of snack options to satisfy consumer demand. Potatoes & yams derivatives are simple to add to snacks like chips, bars, and others. The flexibility the derivatives provides regarding flavor, textures, and nutritional profile encourages businesses to offer various snack products made from potato & yam derivatives.
The Canadian government claims that the industry for plant-based foods is developing to fulfil the rising demand for protein worldwide. The Minister of Agriculture and Agri-Food, the Honourable Marie-Claude Bibeau, July 2022 declare over $1.4 million in funding for Big Mountain Foods 2 Ltd. in Delta, British Columbia, to guarantee that this progress is matched by support for businesses to commercialize their products. The rising demand for healthy convenience foods is expected to propel the market growth for the market.
The US market dominated the North America Potato & Yam Derivatives Market by Country in 2022 and would continue to be a dominant market till 2030; thereby, achieving a market value of $162,488.3 million by 2030. The Canada market is experiencing a CAGR of 5.7% during (2023 - 2030). Additionally, The Mexico market would exhibit a CAGR of 4.7% during (2023 - 2030).
Based on Application, the market is segmented into Food, Animal Feed, Fermented Beverages, and Others. Based on Type, the market is segmented into Starch, Whole, Feed, Flour, Protein, Tapioca, and Others. Based on Source, the market is segmented into Potato, Sweet Potato, and Yam. Based on Distribution Channel, the market is segmented into B2C, and B2B. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: The Worldwide Potato & Yam Derivatives Market is Projected to reach USD 781.9 Billion by 2030, at a CAGR of 3.5%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Tate & Lyle PLC, Royal Avebe U.A., Roquette Freres SA, Tereos S.A, Ingredion Incorporated, Emsland Group, Basic American Foods, Pepees SA, McCain Foods Limited and Ham farms.
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