The canned tomato market has witnessed significant growth in recent years on account of the growing preference for convenient food items among consumers. Canned tomatoes offer advantages like easy storage and long shelf life compared to fresh tomatoes. Tomatos are canned in various styles including diced, crushed, whole, and sauce to suit different culinary needs. Canned tomatoes are used extensively in recipes for pasta sauces, pizzas, soups, and many other dishes. The global canned tomato market also benefits from the abundant availability of tomatoes throughout the year. Tomatoes can be processed and canned during harvest seasons and remain available for use all year round.
The global canned tomato market is estimated to be valued at US$ 13.6 billion in 2024 and is expected to exhibit a CAGR of 8.0% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends boosting the canned tomato market is product innovation. Manufacturers are focusing on introducing different flavors and styles of canned tomatoes to suit evolving consumer preferences. For example, some companies offer organic, low sodium, or no-salt added canned tomato options. Additionally, ready-to-eat soup and stew mixes containing canned tomatoes are gaining popularity. The convenience of just adding water or milk to these mixes is appealing to time-strapped consumers. Furthermore, private label brands have increased their focus on canned tomato offerings, providing quality products at competitive prices. This has intensified competition and benefited price-conscious buyers. Product diversification with attributes like convenient packaging sizes catering to smaller households is another ongoing trend shaping market growth.
Porter’s Analysis
Threat of new entrants: The canned tomato market has moderate threat from new entrants due to high capital requirement for processing facilities. However, raw material availability is increasing the threat.
Bargaining power of buyers: The bargaining power of buyers is high due to the presence of many packaged food manufacturers and retailers globally buying canned tomatoes. Buyers can negotiate on price and switch between suppliers.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as tomatoes are seasonal crops and suppliers are fragmented. However, suppliers still have some control over pricing.
Threat of new substitutes: The threat of substitutes is low as there are limited substitutes for canned tomatoes. Fresh tomatoes are seasonal while sauces serve a different purpose.
Competitive rivalry: The competitive rivalry in the canned tomato industry is high due to many global and regional players present. Players compete on pricing, innovation, quality, and brand image.
Key Takeaways
The Global Canned Tomato Market Growth is expected to witness high. The global canned tomato market is estimated to be valued at US$ 13.6 billion in 2024 and is expected to exhibit a CAGR of 8.0% over the forecast period 2024 to 2031.
Regional analysis: The Asia Pacific region dominates the canned tomato market and is expected to grow at the fastest pace during the forecast period. Countries such as China and India offer immense growth potential owing to the rising population, growing health-consciousness, and increasing urbanization.
Key players: 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
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