Top 4 Companies Dominating the India Frozen Potato Products Market

The India frozen potato products market reached a value of about USD 1.77 billion in 2023. The market is projected to grow at a CAGR of 17% in the forecast period of 2024-2032 to reach around USD 7.23 billion by 2032. As per the analysis by Expert Market Research, the market is expected to be driven by the growing demand for convenience foods and ready-to-eat products.

The rapid urbanisation, changing lifestyles, and hectic working hours are contributing to a greater adoption of frozen potato food products. The changing consumer taste, preference, and growing demand for convenience foods that are low in sugar and high in protein drive the market for savoury snacks, expanding the demand for frozen potato products. In 2022–23, India’s processed food exports experienced a significant surge, reaching USD 13.07 billion.

Due to the large vegetarian and vegan population in developing countries such as India, frozen potato products are served as a preferred snacks in the households. In 2023, around 42% of Indian population identified themselves as vegetarian. 

The expansion of e-commerce platforms and their convenient features, such as doorstep delivery and wide availability of quality and branded products, strengthen the India frozen potato products market growth. In 2023, the online food delivery penetration in India grew by 12% compared to 8% in 2019. 

In March 2024, HyFun Foods announced to invest around Rs 850 crore to set up three plants in Gujarat to expand its business and achieve target of Rs 5,000 crore annual revenue by 2028. The company also planned to invest another Rs 150 crore to establish a water treatment plant in Gujarat.

Figure: Top 10 Potato Producing States in India (KMT), 2021-22

Top 4 Frozen Potato Products Companies in India:

McCain Foods Ltd.

McCain is one of the world’s largest producers of frozen potato products, including fries, potato specialities, and appetisers, with a global presence over 160 countries. The company has a significant food production network with a total of 54 production facilities globally, with 95% located in rural communities. The company works closely with around 3,500 farmers, purchasing over 6.8 million tons of potatoes annually.

Hyfun Foods

HyFun offers a variety of frozen food products, including ready-to-eat 100% vegetable frozen snacks made of potatoes and other vegetables. The company produces a variety of delicacies such as French fries, burger patties, and cheese poppers and is one of the most valued B2B players, catering to leading global QSR brands and exporting in more than 40 countries. It has successfully launched products in the retail market and is now expanding the presence on B2C platforms.

Iscon Balaji Foods Private Limited

The company is known for producing high-quality food products with its flagship brand, "Balaji." It offers frozen foods such as French fries, burger patties, and dehydrated potato flakes. These dehydrated potato flakes find wide applications in the HORECA and bakery industries. These industries consume potato chips for end-use products like paratha, tikki, kitchen koftas, gravies, puff filling, and coating.

Bhanu Farms Limited

The company is a market leader in the production of frozen vegetables, pasta, frozen fruits, and ready-to-eat food products. Bhanu Farms is able to improve crop yield, enhance quality control, and reduce waste by using advanced technologies. It has the capability to produce over 35000 MT of frozen fruits, vegetables, and RTE.