Canned Tomato Market is Estimated to Witness High Growth Owing to Rising Demand for Convenience Food

Author : naufan cmi | Published On : 14 Jan 2024

The canned tomato market has witnessed significant growth over the past few years owing to the versatility and convenience offered by canned varieties. Canned tomatoes are processed and sealed in airtight containers such as cans or jars to prevent spoilage for extended shelf life. They are available in various forms including whole tomatoes, crushed tomatoes, tomato paste, tomato puree, and more. They are used extensively across food services and retail sectors for preparing sauces, soups, pizza, and other dishes. The growing popularity of convenience food due to changing lifestyles has boosted the demand for canned tomatoes globally.

The global canned tomato market is estimated to be valued at US$ 11.8 Bn in 2024 and is expected to exhibit a CAGR of 8.0% over the forecast period 2024 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:
Rising demand for convenience food products is one of the major drivers of the canned tomato market. Canned tomatoes do not require refrigeration and have a long shelf life. This makes them very convenient to use. Moreover, they are available readily at all times without seasonal unavailability concerns. The hectic lifestyle has increased the appetite for ready-to-eat food items, thereby supporting market growth. Growing preference for nutrition-rich and long-lasting food options due to rising health concerns is another factor contributing to the canned tomato market expansion.

SWOT Analysis
Strength: Canned tomato has a long shelf life of up to 2 years which makes it very convenient to store and use. It is readily available throughout the year unlike fresh tomatoes. Canned tomatoes are hygienically processed and sealed which protects it from contamination. They are a good source of antioxidants like lycopene which helps protect against various diseases.
Weakness: Canned foods tend to have a higher sodium content as sodium is added as a preservative. Extended heating processing also reduces the nutritional value of canned tomatoes compared to fresh ones. Fresh tomatoes have a better taste and texture profile preferred by some consumers. Certain BPA based linings in canned foods are also considered unhealthy.
Opportunity: Rise in demand for convenient and ready-to-eat food options is driving the canned foods market globally. Increasing health awareness is boosting consumption of tomatoes highly rich in lycopene. Popularity of the Mediterranean diet worldwide offers potential for canned tomato products. Technological advancements are enabling improved food safety and minimal nutrient loss during processing.
Threats: Competition from fresh tomato products and other grocery items can impact sales. Price volatility of raw materials affects profitability. Concerns around excess sodium and BPA based linings are threats to the industry image. Strong regulations pertaining to food quality and safety increase operating costs.

Key Takeaways
The Global Canned Tomato Market Size is expected to witness high growth over the forecast period of 2023-2030. The market is estimated to reach a size of US$ 11.8 Bn by 2024, expanding at a CAGR of 8% during the forecast years.

Regional analysis: North America currently dominates the canned tomato market, accounting for over 35% of the global share. The presence of major manufacturers and consumers in the US and Canada drives the large market size. Europe is the second largest region, led by countries like Italy, Spain and France where the consumption of tomato products is highly popular. The Asia Pacific region is expected to witness the fastest growth during the forecast period on the back of rising health awareness and changing food preferences in populous countries of China and India. Increased adoption of Western food culture also supports market expansion in Asia Pacific.

Key players operating in the canned tomato market are Honeywell International Inc., United Technologies Corporation, Crestron Electronics, Inc., Cisco Systems, Inc., Ingersoll-Rand PLC, Schneider Electric SE., Johnson Controls Inc., Acuity Brands, Inc., ADT Corporation, Control4 Corporation, and Others. Consolidation activities and new product launches catering to evolving consumer needs are some of the strategies adopted by leading market players to strengthen their market position.

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https://www.marketwebjournal.com/tomato-market-analysis/