Every month, we share the latest insights into the Frozen Potato Products industry. What’s new this month? Trade data shows that global monthly trade volume was up 9.0% in July 2024 compared to 2023, and prices were up 3.2%.
Global trade volumes recover as prices hold steady
The 12-month cumulative trade volume reached its highest level since August 2023, climbing to 9,352.7 thousand tonnes, signaling a clear recovery. This growth has been largely driven by increased exports from emerging regions:
- Asia: +23.6%, reaching 308.66 thousand tonnes
- Middle East: +22.5%, reaching 234.5 thousand tonnes
Additionally, North America saw a rise of 50.0 thousand tonnes (+2.2%) year-over-year, reaching 2,314.4 thousand tonnes, reflecting improved raw material supply.
In July 2024, global trade volumes grew by 13.45 thousand tonnes (+1.7%) month-over-month, reaching 802.74 thousand tonnes. This surge was primarily fueled by strong export growth in:
- North America: +7.4 thousand tonnes (+3.8%) to 203.86 thousand tonnes
- Latin America: +3.23 thousand tonnes (+19.9%) to 19.46 thousand tonnes
- Middle East: +5.26 thousand tonnes (+25.2%) to 26.14 thousand tonnes
Other exporting regions remained stable. The United States led this growth with an increase of 9.42 thousand tonnes (+13%), though its 12-month cumulative exports are down 10.98 thousand tonnes (-1.2%) to 906.28 thousand tonnes year-over-year. Egyptian exports hit an all-time high at 20.94 thousand tonnes, up 4.32 thousand tonnes (+26.0%) month-over-month, with a 12-month cumulative total of 153.44 thousand tonnes, a 52.98 thousand tonne increase (+52.7%).
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Global trade prices rose by €0.01 (+0.9%) to €1.34/kg in July 2024, compared to the previous month. The increase was primarily driven by:
- Europe: +€0.02/kg (+1.5%) to €1.33/kg
- Latin America: +€0.05/kg (+3.4%) to €1.45/kg
Prices in other regions remained stable or showed slight declines.
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Canadian exports drive North American export growth, primarily in the US-Canada trade lane
The 50.0 thousand-tonne increase in North American exports is mainly attributed to the US-Canada trade lane, which grew by:
- Canada to the US: +41.0 thousand tonnes, reaching 1,226.5 thousand tonnes (93% of Canada’s total exports)
This surge fueled US import growth, which increased by 48.35 thousand tonnes. Other key developments:
- Belgian exports to the US: +7.14 thousand tonnes, reaching 166.73 thousand tonnes
- Dutch exports to the US: -2.51 thousand tonnes, declining to 47.68 thousand tonnes
In July 2024, the month-over-month North American export volumes grew by 7.4 thousand tonnes (+3.8%) compared to June, reaching 203.86 thousand tonnes. Specific changes include:
- US exports: +9.42 thousand tonnes (+1.0%) to 81.75 thousand tonnes
- Canadian exports: -2.0 thousand tonnes (-1.6%) to 122.1 thousand tonnes
Japan witnesses slow recovery after softened demand driven by inflationary pressures and a weak Yen
Japan has seen softened demand over the past year, with 12-month cumulative imports in July 2024 decreasing by 10.66 thousand tonnes, bringing the total to 398.9 thousand tonnes. However, this marks a slight recovery from the monthly declines between 20-30 thousand tonnes experienced between January and June 2024.
- In July 2024, demand increased by 3.9 thousand tonnes (+12.2%) month-over-month, reaching 36.1 thousand tonnes.
- The price drop from €1.47/kg in June to €1.45/kg in July likely drove this recovery.
Looking ahead, prices are expected to remain stable at €1.45/kg in August, with volumes projected to rise further to 38.9 thousand tonnes. However, total consumption in Japan for 2024 is still expected to fall short of initial expectations.
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.
