(I-BusinessNews.Com, September 27, 2019 ) According to the latest report by IMARC Group, titled “Tomato Processing Market Research Report and Forecast 2019-2024”, the global tomato processing market size reached 40.5 Million Tons in 2018. Tomatoes are fruits from the nightshade family which is native to South America. Cultivated in more than a hundred and fifty countries, they serve as a quintessential ingredient in various cuisines across the globe. Tomatoes are a rich source of vitamins, minerals, potassium, fibers, carotenoids, beta-carotene and lycopene. A majority of the tomatoes produced worldwide are consumed fresh while the remaining are used by the tomato processing industry. Processed tomatoes, widely used in ketchup, soup, juice, sauce, powder, concentrate, snacks and paste, have higher levels of antioxidants as compared to their fresh counterparts. Moreover, owing to their ease of use, they are extensively gaining popularity across hotels, restaurants, fast food joints, households and the food processing industry.
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Global Tomato Processing Market Trends:
The growing preference for fast foods and processed food products is primarily driving the growth of the market. Hectic schedules, rapid urbanization and inflating disposable incomes have led the masses to make a shift toward ready-to-eat food which extensively utilizes processed tomato products, including ketchup and dehydrated tomatoes. Moreover, the shift toward organic farming owing to rising health consciousness is creating a positive outlook for the market. Apart from this, manufacturers have shifted to unique packaging techniques which ensure safe distribution and a longer shelf-life of tomato-based products, thus providing a further boost to the market growth. Other factors contributing to the market growth include rising disposable income and various types of processed tomato products available in the market which cater to diversified consumer tastes. On account of the aforementioned factors, the market is expected to reach 50.7 Million Tons by 2024, expanding at a CAGR of 3.78% during 2019-2024.
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Market Summary:
Breakup by End Use:
1. Sauces
2. Paste
3. Canned Tomatoes
4. Ketchup
5. Juice
6. Others
On the basis of the distribution channel, the market has been divided into supermarkets/hypermarkets, specialty stores, convenience stores, online stores and others. Amongst these, supermarkets/hypermarkets hold the leading position in the market.
Breakup by Distribution Channel:
1. Supermarkets/Hypermarkets
2. Specialty Stores
3. Convenience Stores
4. Online Stores
5. Others
Based on the end use, the market has been categorized into sauces, paste, canned tomatoes, ketchup, juice and others. Currently, sauces account for the majority of the total market share.
Regional Insights:
1. United States
2. Italy
3. China
4. Turkey
5. Iran
6. Others
On the geographical front, the United States holds the leading position in the market. Other major regions include Italy, China, Turkey, Iran and Others.
Competitive Landscape:
The competitive landscape of the market has also been analyzed with the detailed profiles of the key players operating in the market. Some of the key players include COFCO Tunhe Tomato Co., Ltd. Chalkis Tomato Products Co. Ltd., Ingomar Packing Company, JG Boswell Tomato Co. LLC, ConAgra Brands, Inc., Olam International, Los Gatos Tomato Inc., China Haohan Group Limited, and Campbell Soup Company.
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