March 1, 2024
Canned Tomato Market

The Rising Demand For Convenience Foods Expected To Boost The Growth Of Canned Tomato Market

Market Overview:

Canned tomatoes are processed tomatoes that are sterilized and sealed in an airtight container such as cans to keep them shelf-stable for long periods of time without refrigeration. Canned tomatoes are commonly used in various cuisines as a ready-to-use ingredient in recipes such as pasta sauces, pizzas and more. The advantages of canned tomatoes include availability year-round, preservation of nutritional value, convenience of use and longer shelf life. With changing consumer preference towards convenience foods, canned tomato products are gaining more popularity as they save time in preparations compared to fresh tomatoes.

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 to 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 tomato products. As health consciousness among consumers is rising, they prefer canned foods that are free of chemicals, additives and made from organically grown tomatoes. This has promptedkey players to offer more organic varieties of canned tomatoes to cater to this demand. Another trend is the launch of innovative canned tomato varieties like crushed, diced, whole peeled and more such forms for convenience and ease of use in culinary applications. Players are focusing on new product development and variety additions to attract more consumers and boost sales in the canned tomato market.

Porter’s Analysis

Threat of new entrants: Low barriers to entry, limited capital required to enter the market. However, established brands dominate the market with widespread distribution networks.

Bargaining power of buyers: Large buyers such as supermarkets have significant bargaining power due to the availability of substitutes. They can negotiate lower prices and demand better promotional support from suppliers.

Bargaining power of suppliers: The suppliers of raw materials such as tomato have significant influence over prices due to seasonal supply variations and industry consolidation among suppliers.

Threat of new substitutes: The threat from substitutes like fresh tomatoes is low as canned tomatoes are available throughout the year. However, other value-added products like tomato sauces, ketchup provide some substitutes.

Competitive rivalry: The global canned tomato market is highly fragmented with the presence of several large and small players. Leading brands compete on quality, taste, price, and distribution network.

Key Takeaways

The Global Canned Tomato Market Size is expected to witness high growth, exhibiting CAGR of 5.1% over the forecast period, due to increasing demand for processed and convenience food. The canned tomato provides an inexpensive and convenient way of enjoying tomatoes throughout the year.

North America represents the largest regional market for canned tomatoes supported by growing health consciousness. Europe follows North America in terms of market share supported by high consumption of pasta sauces and pizza in countries like Italy and Spain. Asia Pacific is also expected to exhibit growth, especially in China, due to changing food habits and growing middle-class population.

Key players operating in the canned tomato market include Red Gold, The Morning Star Company, Del Monte Foods, and Conagra Brands. Red Gold leads the U.S. canned tomato industry and exports products globally. The Morning Star Company offers various organic canned tomato products. Del Monte Foods exports canned tomato products worldwide from its production sites across Americas and Asia Pacific. Conagra Brands sells canned tomato products under popular brands Hunt’s and Contadina.

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