In this monthly Frozen Potato Products update, our analysts will share valuable insights about the Frozen Potato Products industry. This month: Global trade volume up 2.1% YTD compared to 2019, prices remain down 4.7% YTD.
Market monitoring of frozen potato products
Market monitoring helps agri food companies to objectively evaluate their current position within the market and the development of that position. Furthermore, it helps to spot new growth opportunities and whether the market is saturated.
For the A-INSIGHTS MarketMonitor, we analyze the global trade in frozen potato products on a monthly basis. Derived from local customs agencies and statistics offices, the data gives us insight into monthly trade volumes and prices for all major importers and exporters. Combined with our sector expertise, we can provide you with an up-to-date view of the developments in the global frozen potato market.
Frozen potato trade continues pre-COVID growth trajectory
The global frozen potato trade has recovered from the negative effects of COVID-19, continuing the annual growth trajectory that was visible between 2015 and 2019. After a relatively slow trading month in October, November volumes are up 4.5% compared to 2019. With a monthly average of €0.85/kg prices are up 1.2% compared to November 2019, but the year-to-date average remains 4.7% lower than the record-high prices of 2019.
Canada and Belgium are gaining export market share
Canada was the big winner in terms of volume growth in November. Exports increased by 28.1% compared to 2019, almost exclusively due to increased demand from the U.S. Data from December shows a similar trend, with Canada increasing the export volume by 19.2 thousand tonnes (+22.3%) compared to 2019. Belgian exports increased by 9.8%, with exports to both European markets and South-American countries increasing. Exports by the U.S. continue to decline, showing that the country's status as a net importer of potato products has become permanent for the foreseeable future.
High-priced US imports continue to increase
A substantial portion of the increased trade volume is destined for the U.S., where imports increased by 25.4% compared to November 2019. At an average of €0.96/kg, U.S. import prices are significantly higher than the global monthly average of €0.85/kg. Other notable import increases can be found in Latin America, with countries like Mexico (+5.2 thousand tonnes), Chile (+4.9 thousand tonnes), and Colombia (+3.6 thousand tonnes) importing substantial additional volumes. European markets in Germany and Spain also show signs of growth, importing 13-15% higher volumes than in November 2019.
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