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 processed tomatoes that are sealed in a tin can for preservation purposes. They are widely used in the food industry for making sauces, soups, stews, and other tomato-based products. The key advantage of canned tomatoes is their long shelf life and convenience. They eliminate the need for fresh tomatoes, which are seasonal and perishable. Canned tomatoes provide a consistent and ready-to-use option all year round. The increasing demand for convenience foods, along with the growing popularity of canned tomato-based products, is driving the market growth.
Market Key Trends:
One key trend in the canned tomato market is the rising preference for organic and natural products. Health-conscious consumers are increasingly opting for organic alternatives that are free from chemical preservatives and pesticides. This trend has led to the introduction of organic canned tomato products in the market. Manufacturers are focusing on sourcing high-quality organic tomatoes and using clean labeling practices to attract this growing consumer segment. Additionally, the shift towards sustainable packaging options, such as BPA-free cans or alternative packaging materials, is also a significant trend. Companies are actively investing in research and development to develop eco-friendly packaging solutions without compromising product quality and shelf life. These trends reflect the evolving consumer preferences and the industry's commitment to sustainability and health-consciousness.
PEST Analysis:
Political: The political factors influencing the Canned Tomato Market include government policies and regulations regarding food safety and labeling. Governments may also impose tariffs or trade restrictions that could affect the import/export of canned tomatoes.
Economic: The economic factors influencing the market include the overall economic growth of countries, consumer spending power, and inflation rates. As the global economy recovers from the impact of the COVID-19 pandemic, increased consumer spending on convenience foods like canned tomatoes is expected.
Social: The social factors influencing the market include changing consumer preferences and lifestyles. Canned tomatoes are popular due to their convenience and versatility in various culinary preparations. Moreover, increasing health consciousness among consumers and the perception of canned tomatoes as a healthier alternative to fresh tomatoes are driving market growth.
Technological: The technological factors influencing the market include advancements in food processing and packaging technologies. These advancements enable manufacturers to produce canned tomatoes with improved quality and extended shelf life. Additionally, technological advancements in transportation and logistics have facilitated the efficient distribution of canned tomatoes worldwide.
Key Takeaways:
The global canned tomato market is expected to witness high growth, exhibiting a Compound Annual Growth Rate (CAGR) of 5.3% over the forecast period (2021-2030) due to increasing consumer demand for convenient food options and the growing preference for canned tomatoes.
In terms of regional analysis, North America is expected to be the fastest-growing and dominating region in the canned tomato market. This can be attributed to the high consumption of processed foods, including canned tomatoes, in the region. Additionally, the presence of key players and extensive distribution networks contribute to the region's market dominance.
Key players operating in the 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 companies have a significant market presence and contribute to market growth through product innovation, marketing strategies, and expansion into new geographical regions.
