by Canned tomatoes are processed and preserved in an airtight container such as a sealed bottle or can. Canned tomatoes are often used as an ingredient in sauces, soups and other food preparations due to its longer shelf life and availability throughout the year. The canned tomatoes market has witnessed significant growth in the recent past years owing to its increasing usage in ready-to-eat food products such as pizzas, pastas and others.
The global canned tomato Market is estimated to be valued at US$ 13.6 Bn 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 Dynamics:
The increasing usage of canned tomatoes in ready-to-eat food products is one of the major drivers of this market. With rising urban population and changing lifestyles, the demand for ready-to-eat food options has increased significantly over the past few years. Canned tomatoes are widely used in pizzas, pastas and other convenience food products due to its longer shelf-life. The other major driver is the growth of food processing industry. Canned tomatoes are majorly used in manufacturing of processed food products such as sauces, soups, ketchup and others. The increasing demand for packaged and convenience food across the world is expected to augment the growth of global canned tomato market over the forecast period.
Segment Analysis
Canned Tomato Market Size can be segmented into organic and conventional canned tomatoes. Conventional canned tomatoes dominate the market and hold around 70% share due to their low cost and wider availability. However, the organic canned tomato segment is growing at a faster pace due to rising health consciousness among consumers.
PEST Analysis
Political: The canned tomato market is regulated by various food safety standards set by governments. Any changes in these regulations can impact the production and trade of canned tomatoes.
Economic: Fluctuations in raw material prices like tomato and packaging material costs directly affect the prices of canned tomatoes. Higher disposable incomes boost the demand for premium organic canned tomatoes.
Social: Rising health awareness is driving the demand for canned tomatoes as they are rich in vitamins and minerals. Changing lifestyle and busy schedule of consumers also increase the popularity of ready-to-cook canned tomato products.
Technological: Advanced processing technologies help manufacturers enhance productivity and quality of canned tomatoes. Use of aseptic processing increases the shelf life of canned tomatoes without any preservatives.
Key Takeaways
The global canned tomato market is expected to witness high growth during the forecast period of 2024 to 2031. The global canned tomato Market is estimated to be valued at US$ 13.6 Bn in 2024 and is expected to exhibit a CAGR of 8.0% over the forecast period 2024 to 2031.
Regional analysis suggests that North America dominates the canned tomato market currently due to high consumption in the United States. The Asia Pacific region is expected to be the fastest growing market in the coming years led by countries like India and China.
Key players operating in the canned tomato market are Honeywell International Inc., United Technologies Corporation, Crestron Electronics, Inc., Cisco Systems, Inc. Key players focus on new product development and strategic acquisitions to strengthen their market position. For example, Honeywell launched advanced IoT based smart home solutions in 2020 to expand its home automation portfolio.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
