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.
A) Market Overview:
Canned tomatoes are prepared by preserving freshly harvested tomatoes using a canning process. These products provide several advantages, including long shelf life, ease of use, and convenience. Canned tomatoes are widely used in various cuisines, including Italian, Mexican, and Mediterranean. They serve as a key ingredient in numerous dishes such as soups, sauces, stews, and casseroles. The growing demand for convenient and long-lasting food products is driving the market for canned tomatoes.
B) Market Key Trends:
One key trend driving the canned tomato market is the increasing adoption of ready-to-eat and processed food products. With the rapid pace of modern lifestyles, consumers are leaning towards convenient food options that save time and effort in meal preparation. Canned tomatoes provide a quick and easy solution for adding flavor and nutrition to dishes. For example, canned tomato sauces can be directly used as pasta sauces or pizza toppings, eliminating the need to prepare the sauce from scratch. This trend is particularly prominent among urban consumers and working professionals.
C) PEST Analysis:
Political: Governments play a significant role in regulating food safety standards and trade policies related to canned tomatoes. Political stability and favorable regulations promote market growth.
Economic: Fluctuations in raw material prices, exchange rates, and consumer purchasing power can impact the cost and affordability of canned tomatoes.
Social: Increasing consumer awareness about the benefits of canned tomatoes, such as convenience and nutritional value, is driving market growth.
Technological: Innovations in canning technologies and packaging materials, such as BPA-free cans, are enhancing the quality and safety of canned tomatoes.
D) Key Takeaways:
1. Market Size: The global Canned Tomato Market is expected to witness high growth, exhibiting a CAGR of 5.3% over the forecast period. The increasing demand for convenient and long-lasting food products is a major driver of this growth. Additionally, the expanding urban population and changing dietary preferences are contributing to market expansion.
2. Regional Analysis: North America is dominating the global canned tomato market, followed by Europe and Asia Pacific. The market in North America is driven by the high consumption of processed food products and the presence of major players in the region. However, Asia Pacific is expected to witness the fastest growth due to the increasing demand for ready-to-eat food products and the rising urban population.
3. Key Players: The 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. These players focus on product innovation, expansion of distribution networks, and strategic collaborations to strengthen their market position.
In conclusion, the global canned tomato market is witnessing significant growth due to the rising demand for convenient and long-lasting food products. Ready-to-eat and processed food trends, along with innovations in canning technologies, are driving market expansion. North America currently dominates the market, but Asia Pacific is projected to witness the fastest growth. Key players in the market are investing in product development and strategic partnerships to stay competitive.
