Market Overview:
Canned tomatoes are ripe tomatoes that have been washed, peeled or unpeeled, and packed in containers like tin cans or glass jars, and then heat-processed to sterilize and preserve them. Canned tomatoes come in various forms like whole peeled tomatoes, crushed tomatoes, diced tomatoes, tomato puree, tomato paste, and tomato sauce. They are durable, convenient and nutritious food option that can be used in making a variety of dishes like soups, pasta sauce, pizza sauce, etc. throughout the year.
The Canned Tomato Market is estimated to be valued at US$ 11.8 Bn in 2023 and is expected to exhibit a CAGR of 5.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The canned tomato market is expected to witness significant growth, owing to rising demand for convenient and nutritious food options. Canned tomatoes are a good source of vitamin C, potassium, vitamin K and manganese. They contain antioxidants like lycopene that may help reduce risks of certain cancers and heart diseases. Moreover, canned tomatoes can be stored for a long period without refrigeration, making them a practical option for households and foodservice industry. Changing consumer preference towards healthy and less processed foods along with growth of foodservice industry are some other factors expected to drive the growth of canned tomato market during the forecast period. However, availability of substitute products like fresh tomatoes may hamper the market growth.
Porter's Analysis
Threat of new entrants: The threat of new entrants is moderate as canned tomato market is fragmented and there are low economies of scale and capital requirements for new entrants. However, established players have strong brand presence and distribution networks.
Bargaining power of buyers: The bargaining power of buyers is high as canned tomato products are commoditized and buyers have multiple supplier options to choose from. Buyers can negotiate on price and quality easily.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as canned tomato processing needs raw material suppliers like tomato producers. However, the suppliers have limited bargaining power due to availability of substitute raw materials.
Threat of new substitutes: The threat of substitutes is low as canned tomato products have no close substitute and have well-defined uses in food industry for sauces, soups etc.
Competitive rivalry: The competitive rivalry is high due to presence of many global and local players competing on pricing and innovation.
SWOT Analysis
Strength: Canned tomato market has well-established distribution channels worldwide. It has long shelf-life and consistent quality and nutritional value.
Weakness: Canned tomato products have perception of being low on freshness and taste compared to fresh tomatoes. They also have highsourcing and production costs.
Opportunity: Increasing health consciousness and preference for convenience food offer growth prospects. Emerging markets in Asia Pacific present new opportunities.
Threats: Volatility in raw material prices especially tomato poses risks. Stringent food quality and safety regulations could increase operational costs.
Key Takeaways
The Global Canned Tomato Market Size is expected to witness high growth, exhibiting CAGR of 5.1% over the forecast period, due to increasing demand for convenience foods. North America dominated the market accounting for over 30% share in 2023 owing to large population and high tomato consumption in the region.
Regional analysis: Asia Pacific canned tomato market is forecast to register fastest growth during the forecast period led by rising disposable incomes, growing working population and rapid urbanization in countries like India and China. Countries like Thailand and Indonesia also offer immense growth potential.
Key players: Key players operating in the canned tomato market include Red Gold, The Morning Star Company, Del Monte Foods, and Conagra Brands. These companies focus on expanding their product lines and strengthening distribution networks globally especially in emerging economies.
For More Insights, Read: https://www.newswirestats.com/canned-tomato-market-demand-growth-and-regional-outlook-by-2030/
