February 24, 2024
Tomato Market

Canned Tomato Market is Expected to be Flourished by Rising Demand for Convenience Food Products

The canned tomato market involves processing and canning tomato puree, diced tomatoes, tomato paste, tomato sauce, and whole/pieces of tomatoes. Canned tomato products offer various health benefits such as being a rich source of vitamin A, vitamin C, and vitamin K. They are used as a staple ingredient in pasta sauces, pizzas, soups, and various other food preparations. Canned tomatoes have a longer shelf life as compared to fresh tomatoes, making them readily available throughout the year. They provide convenience and save time for consumers as well as commercial establishments like hotels, restaurants, and catering businesses.

The global canned tomato market is estimated to be valued at US$ 11.8 Bn in 2023 and is expected to exhibit a CAGR of 8.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:

Increasing demand for convenience food products is one of the major drivers of the canned tomato market. Canned tomatoes save substantial time for preparation of recipes as they are precooked and ready-to-use. This factor is encouraging their adoption among consumers with fast-paced lifestyles. Furthermore, the heading mentions that the canned tomato market is expected to be flourished by rising demand for convenience food products. The busy schedules and hectic lives have garnered considerable demand for canned or packaged foodstuff that offer ease of cooking. Canned tomatoes are a perfect choice for consumers seeking convenient cooking options. Additionally, increasing health awareness is also contributing to the market growth. Canned tomatoes are a nutrient-dense food and provide various health benefits like protecting against cancer, heart diseases, etc.

Segment Analysis
The canned tomato market is dominated by the whole and diced tomatoes segment. This segment accounts for more than 65% of the overall market share owing to wide applications in cooking sauces, pizzas, soups and other food preparation. The tomato paste and puree segment is also gaining popularity due to increased usage in cooking meatballs, gravy and easy to use tomato based sauces.

PEST Analysis
Political: Government regulations regarding food safety and quality are encouraging canned tomato producers to adopt international food safety standards like HACCP. This is helping increase consumer confidence in canned tomato products.
Economic: Rising disposable incomes and faster pace of life have increased the demand for convenience products like canned tomatoes. Working professionals are increasingly opting for ready to eat meals containing canned tomatoes for breakfast and dinner.
Social: Growing health consciousness is driving the demand for canned varieties that are low in sodium and preservatives. Product innovation to offer organic, non-GMO varieties with no added sugar is attracting more health conscious consumers.
Technological: Advanced processing technologies help manufacturers offer better portion control and variations in canned tomatoes. Technologies like ultra high temperature processing are helping improve product shelf life without compromise on nutritional value.

Key Takeaways
The Global Canned Tomato Market Size  is expected to witness high growth over the forecast period due to increasing demand for convenience food products.

Regional analysis: North America holds around 35% share currently led by US where canned tomatoes are widely used in cuisine items like spaghetti sauce, salsa and pizza. The growing Hispanic population is driving Mexican cuisine inspired dishes containing canned tomatoes. Mexico is also a key producer and exporter of canned tomatoes to North America and European countries.

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, and Control4 Corporation.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it