Every month, we share the latest insights into the Frozen Potato Products industry. What’s new this month? Trade data shows that global trade volume was up 2.5% in April 2024 compared to 2023, and prices were up 5.7%.
Trade Volume Increases 2.5% Year-Over-Year
In April 2024, trade volume increased by 2.5% year-over-year, reaching 780.4 thousand tonnes compared to 761.8 thousand tonnes in April 2023. Despite this growth, the volume represented a decline of 22.1 thousand tonnes compared to March 2023, when trade levels reached their highest point since June 2023.
Some countries experienced notable changes in trade volumes in April:
- France: Volumes rose by 22.4%, from 39.3 thousand tonnes to 48.1 thousand tonnes.
- India: Volumes increased by 70.6%, from 8.5 thousand tonnes to 14.5 thousand tonnes.
- USA: Volumes declined by 8.7%, reaching 75.4 thousand tonnes.
- The Netherlands: Volumes decreased by 2.6%, down to 147.6 thousand tonnes.
Prices increased by 5.7% year-over-year to €1.34/kg. Despite the decline in trade volumes over the last month, prices remained stable, reflecting a trend of price stabilization.
Chinese and Indian export catch up with European exports to Asia
In April 2024, export trends showed significant shifts:
China and India to Asia:
- Export volumes surged by 33.4%, from 19.3 thousand tonnes in April 2023 to 25.7 thousand tonnes in April 2024.
- Three-month average export volume: 26.4 thousand tonnes, reaching the same level as European exports.
- Year-over-year increase: 27.5%.
Europe (Netherlands, Belgium, and France) to Asia:
- Export volumes decreased by 10.1%, from 28.9 thousand tonnes to 25.9 thousand tonnes.
- Three-month average export volume: 26.4 thousand tonnes.
- Year-over-year decline: 15.7%.
North America to Asia:
- Remains the largest exporter despite declining volumes.
- Three-month average export volume has increased, driven by strong performance in March 2024.
- These changes highlight a shift in the Asian market, with China and India increasingly meeting regional demand.
Japan Sees Imports Decline by 21% Year-Over-Year
- Imports declined from 43.2 thousand tonnes in April 2023 to 33.9 thousand tonnes in April 2024
- Japan remains the fifth-largest importing country globally
Over the first 4 months of 2024 total imports are 8.9% lower compared to the same period last year
- Imports until April 2023 stood at 144.1 thousand tonnes, and currently at 131.4 thousand tonnes
- Main driver of this difference is a decrease in imports from the US of 13.9%
- Imports from regional markets, India and China, did increase by 5.1% during the same period.
Market monitoring of frozen potato products
Market monitoring helps food companies to objectively evaluate their current position within the market and the development of that position. It also helps to spot new growth opportunities and whether the market is saturated.
For the A-INSIGHTS Market Monitor, 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.
Curious how A-INSIGHTS can help you to incorporate objective insights into your decision-making processes and how our Market Monitor will empower your perspective? Schedule a call.
