Market Overview:
Canned tomatoes are cooked or peeled tomatoes that are sealed in airtight containers like metal cans to allow preservation of their contents. Canned tomatoes offer the advantages of year-round availability without preservatives and maintain the texture, flavor and nutrients of freshly harvested tomatoes. They are widely used in sauces, soups and ready-to-eat meals due to convenience.
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 5.1% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends in the canned tomato market is the growing demand for organic and non-GMO canned tomatoes. The increasing health consciousness among consumers has boosted the demand for organic and non-GMO food products. According to the Organic Trade Association, sales of organic canned and jarred tomatoes grew by 12% in 2019 compared to the previous year. The increasing market penetration of organic canned tomatoes is expected to continue during the forecast period.
SWOT Analysis
Strength: Canned tomatoes have a long shelf life which helps suppliers to sell them throughout the year. They are easily accessible as canned tomatoes are widely available at grocery stores and supermarkets.
Weakness: Fresh tomatoes are considered more nutritious compared to canned tomatoes. Nutrients like vitamin C and potassium may get reduced during the canning process. Canned tomatoes also tend to have a higher sodium content due to added salt during processing.
Opportunity: Rising health consciousness is raising the demand for canned and processed fruits and vegetables. As fresh produce has a short season, canned tomatoes are gaining preference as they can be used all year round. The market is witnessing new product launches with tomato puree, crushed tomatoes and diced tomatoes.
Threats: Intense competition among existing players may lead to pricing pressures. Unfavorable weather conditions can adversely impact tomato supply and affect prices. Natural calamities during cultivation and strict regulations regarding the usage of preservatives and additives pose challenges.
Key Takeaways
The Global Canned Tomato Market Size is expected to witness high growth, exhibiting a CAGR of 5.1% over the forecast period, due to increasing demand for convenience food products. The busy lifestyle of consumers and preference for ready-to-eat meals is driving the canned tomato market.
Regional analysis: North America represents the largest region for the canned tomato market, with the US being the major market. Europe is also a key region with major demand coming from Italy, Spain and Germany. The canned tomato market is witnessing high growth in Asia Pacific with countries like India and China among the fastest growing markets.
Key players operating in the canned tomato market include Red Gold, The Morning Star Company, Del Monte Foods, and Conagra Brands. Red Gold is a leader in canned and plastic container tomato products in the US. The Morning Star Company specializes in vegetable-based meat alternatives and offers a variety of canned tomato products. Del Monte Foods and Conagra Brands are other prominent players with a broad product portfolio in the fruits and vegetables category.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
