Dublin, Sept. 22, 2023 (GLOBE NEWSWIRE) -- The "Tomato Concentrate Market Share, Size, Trends, Industry Analysis Report, By Product Type, By Packaging Type, By Application, By Sales Channel, By Region, Segment Forecast, 2023 - 2032" report has been added to ResearchAndMarkets.com's offering.
The global tomato concentrate market is poised for substantial growth, with a projected market size of USD 1.88 billion by 2032, according to a recent study. This comprehensive report offers valuable insights into the current market dynamics and future growth prospects.
The market's expansion is attributed to several key factors, including the growing utilization of tomato paste and purees in the food processing industry. These tomato derivatives offer distinct advantages, such as extended shelf life and higher nutritional value, making them increasingly popular. Moreover, their versatility in various cuisines has led to heightened adoption in the HORECA (Hotel, Restaurant, and Catering) sector.
The surging demand for convenience foods, especially among millennials, and the introduction of innovative tomato products with enhanced properties are expected to create lucrative opportunities for market players. For example, in January 2023, Michael Angelo's unveiled a new range of pasta sauces, including marinara, tomato basil, roasted garlic, and spicy marinara. These sauces are crafted from naturally sweetened tomatoes, simmered to perfection to achieve the ideal texture.
Another trend driving market growth is the increasing focus on vertical integration in tomato cultivation, processing, and distribution. This approach allows companies to exert greater control over the supply chain, ensuring product quality, consistency, and cost-efficiency. Additionally, building strong relationships with farmers, optimizing logistics, and streamlining production processes can result in cost savings and a competitive edge for market players.
Key Highlights from the Tomato Concentrate Market Report:
- Double Concentrate Segment: The double concentrate segment held a significant market share in 2022 due to its ease of transportation and extended shelf life.
- Cans Segment: The cans segment is expected to witness substantial growth during the study period as an effective means to preserve nutritional values.
- Industrial Segment: The industrial segment is projected to maintain a substantial revenue share over the forecast period, thanks to advancements in tomato processing techniques suited for various industrial applications.
- Hypermarkets & Supermarkets: This segment led the industry market in 2022, driven by the availability of a wide range of tomato products from different brands under one roof.
- Europe Dominance: Europe dominated the market in 2022, driven by robust tomato manufacturing growth and the adoption of tomato concentrate products for their high nutritional value.
Key Market Players:
The global key market players in the tomato concentrate industry include Olam Spices & Vegetables, Galla Foods, Conagra Foods, Cento Fine Foods, Del Monte Foods, and Riviana Foods.
Market Dynamics:
Drivers and Opportunities:
- Growing consumption of tomatoes and the rapidly expanding food processing industry are expected to drive tomato concentrate sales in the long term.
- Significant investments in research and development are contributing to market growth.
Restraints and Challenges:
- The fluctuation in tomato prices poses a challenge to market stability.
The tomato concentrate market report has been segmented by product type, packaging type, application, sales channel, and region:
Product Type Outlook:
- Single Concentrate
- Double Concentrate
- Triple Concentrate
Packaging Type Outlook:
- Bottles
- Pouches
- Cans
- Cartons
Application Outlook:
- Household
- Industrial
- Commercial
Sales Channel Outlook:
- Convenience Stores
- E-Commerce
- Hypermarkets & Supermarkets
- Others
Regional Outlook:
- North America (U.S. and Canada)
- Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands)
- Asia Pacific (China, India, Japan, South Korea, Indonesia, Malaysia)
- Latin America (Argentina, Brazil, Mexico)
- Middle East & Africa (UAE, Saudi Arabia, Israel, South Africa)
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 115 |
| Forecast Period | 2023 - 2032 |
| Estimated Market Value (USD) in 2023 | $1.17 billion |
| Forecasted Market Value (USD) by 2032 | $1.88 billion |
| Compound Annual Growth Rate | 5.4% |
| Regions Covered | Global |
For more information about this report visit https://www.researchandmarkets.com/r/kmqahn
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
Attachment
