by The Canned Tomato Market is estimated to be valued at US$ 11.7 Billion In 2020 and is expected to exhibit a CAGR of 5.3% over the forecast period 2021 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The Canned Tomato Market offers a wide range of business opportunities for manufacturers and retailers globally. Canned tomatoes are extensively used in various food preparations, such as sauces, soups, gravies, and stews. They are highly convenient and have a long shelf life, making them a popular choice among consumers. The market is driven by the growing demand for convenient food products, especially in countries with a busy lifestyle. Canned tomatoes are also gaining popularity due to the increasing consumer awareness about their health benefits, as they are rich in essential nutrients, such as vitamins, minerals, and antioxidants.
Market Dynamics:
The Canned Tomato Market is driven by two primary factors. Firstly, the growing demand for convenient food products, especially among working individuals, is boosting the market growth. Canned tomatoes provide a quick and easy solution for meal preparations, saving time and effort in the kitchen. Secondly, the increasing consumer awareness about the health benefits of canned tomatoes is also contributing to the market growth. Canned tomatoes retain their nutritional value and are a rich source of vitamins, minerals, and antioxidants. The rising demand for healthy and nutritious food options is driving the consumption of canned tomatoes in various food preparations.
Segment Analysis:
The canned tomato market can be segmented based on product type, distribution channel, and end-use. In terms of product type, whole tomatoes dominate the market due to their versatility and widespread usage in various cuisines. Crushed and diced tomatoes are also popular, especially in the foodservice industry. In terms of distribution channel, supermarkets and hypermarkets are the leading distribution channels for canned tomatoes, owing to their wide range of offerings and convenience for consumers. Online channels are also gaining traction due to the increasing e-commerce penetration. As for end-use, the food processing industry is the dominant segment, utilizing canned tomatoes as a key ingredient in sauces, soups, and other processed food items.
PEST Analysis:
Political: The political landscape can impact the Canned Tomato Market through trade regulations, import/export policies, and government support for the agricultural sector.
Economic: Economic factors such as disposable income levels, consumer spending patterns, and price fluctuations of raw materials can influence the demand and pricing of canned tomatoes.
Social: Changing consumer lifestyles, dietary preferences, and the growing demand for convenience foods are significant social factors affecting the market.
Technological: Technological advancements in packaging materials, processing techniques, and preservation methods have enhanced the shelf life and quality of canned tomatoes.
Key Takeaways:
The global canned tomato market is projected to witness high growth, exhibiting a CAGR of 5.3% over the forecast period. This growth can be attributed to the increasing demand for convenience foods, changing dietary preferences, and the widespread usage of canned tomatoes in various cuisines.
In terms of regional analysis, North America is the fastest-growing and dominating region in the canned tomato market. This can be attributed to the growing consumer awareness regarding the health benefits of tomatoes, the presence of key market players, and the popularity of processed food products in the region.
Key players operating in the canned tomato market include Kronos Incorporated, Campbell, Libby’s Brand Holding, Del Monte, B&G FOODS NORTH AMERICA, INC., Conagra Brands, KYKNOS, and Kraft Heinz Co. These companies are focusing on product innovation, expanding their distribution channels, and strategic collaborations to gain a competitive edge in the market.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
