by The global 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:
Canned tomatoes are widely used in households as well as in the food service industry. They are convenient and ready-to-use, providing consumers with the taste and nutritional benefits of fresh tomatoes all year round. Canned tomatoes are used in various food applications, such as pasta sauces, soups, stews, and pizza toppings, among others. They offer a longer shelf life compared to fresh tomatoes, making them a popular choice for consumers looking for convenient cooking options.
Market Dynamics:
The market dynamics of the canned tomato market are driven by various factors. One of the key drivers is the increasing demand for convenient and ready-to-use food products. With hectic lifestyles and busy schedules, consumers are opting for convenient food options that require less time and effort in preparation. Canned tomatoes provide the convenience of having tomatoes readily available without the need for chopping, peeling, or cooking. This convenience factor is driving the demand for canned tomatoes in households and the food service industry.
Another driver of the market is the rising popularity of Italian cuisine across the globe. Tomatoes are a key ingredient in Italian dishes, such as pasta sauces and pizza toppings. The increasing popularity of Italian cuisine, along with the growing number of Italian restaurants worldwide, is driving the demand for canned tomatoes.
Segment Analysis:
The canned tomato market can be segmented based on type and distribution channel. By type, the market is further segmented into whole peeled, diced, crushed, and others. Among these, the whole peeled segment dominates the market due to its versatility in various food applications. Whole peeled tomatoes are preferred by consumers who prefer to have larger chunks of tomatoes in their dishes.
PEST Analysis:
The PEST analysis of the canned tomato market is as follows:
– Political: There are no major political factors impacting the canned tomato market.
– Economic: The economic factors such as GDP growth, disposable income, and consumer spending patterns influence the demand for canned tomatoes. Economic growth in emerging markets is driving the purchasing power of consumers, leading to increased demand for convenient food products.
– Social: Changing consumer lifestyles and preferences towards convenience foods are the key social factors driving the market growth of canned tomatoes.
– Technological: Technological advancements in the packaging industry, such as canning techniques and materials, have improved the shelf life and quality of canned tomatoes.
Key Takeaways:
– The global Canned Tomato Market is expected to witness high growth, exhibiting a CAGR of 5.3% over the forecast period, due to increasing demand for convenient and ready-to-use food products.
– Regionally, North America dominates the market due to the high consumption of canned tomatoes in the region, followed by Europe and the Asia Pacific.
– Key players operating in the global 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.
The global canned tomato market is poised to experience significant growth in the coming years. The demand for convenient and ready-to-use food products, along with the rising popularity of Italian cuisine, will drive the market growth. With advancements in packaging technology and the availability of various product types, the canned tomato market offers promising opportunities for both consumers and key market players.
