Increasing Demand for Ready-to-Eat Food
Products is Influencing the Tomato Paste Market Expansion
The ready-to-eat and
ready-to-cook meals have grown in demand owing to the rapid urbanisation and
changing lifestyles. The convenient meals are designed to be quick and simple
to consume. Moreover, consumers nowadays generally lead stressful lives that
leave little time for cooking and food preparation. Convenience meals are a
simple option that saves time and work in the kitchen. Tomato paste is made
readily available by various suppliers without the trouble of cleaning, sorting
and cooking. Tomato paste can be added to a variety of convenience foods such
as spaghetti sauces, ready-to-eat meals, canned soups, pizza toppings and
others. Consumers are adopting the trend of eating conveniently accessible and
convenient food products, which is expected to provide huge market development
prospects. Furthermore, the rise of retail and e-commerce platforms has
increased consumer access to tomato paste, regardless of location. All these
factors are contributing towards the tomato paste market expansion during the
forecast period.
Rising Demand for Tomato Paste in Food
Processing and HoReCa Industry is Driving the Market Growth
Tomato pastes are commonly used
in the food processing sector. Tomato paste is a concentrated product with a
long shelf life that is utilised as an important culinary component all over
the world. Furthermore, tomato paste is easier to transport and preserve than
fresh tomatoes. The utilisation of tomato paste in the food processing sector
is also influenced by their pricing and availability. Tomatoes are a commonly
accessible crop and the manufacturing of tomato paste can be done on a big
scale, making them a cost-effective component for food manufacturers. Apart
from this, the increasing demand for tomato paste in the HORECA industry is
also driving the market expansion. Chefs and cooks can use them to save time
and effort. They may be used as a foundation for sauces and soups, which
reduces prep and cooking time and allows for faster and more efficient serving.
In addition, tomato paste tend to be less expensive than fresh tomatoes,
especially when they are out of season or when big amounts are required. This
makes it an appealing choice for eateries and cafés seeking to cut food prices.
In addition to this, the increasing demand for organic tomato paste is expected
to boost global tomato paste market revenues in the coming years.
New Product Launches, Acquisitions and
Collaborations are Creating Lucrative Growth Opportunities for Market Progress
Major market participants in the
tomato paste market are focusing on research and development activities in
order to create novel products to fulfil the consumer demand and also enhance
their product portfolio. They are also adopting several market strategies like
mergers, acquisitions and new product launches in order to gain a competitive
edge in the market. For example, in January 2022, Tomato Jos Farming and
Processing Limited released its much-anticipated Tomato Jos paste variant into
the Nigerian market. The new tomato paste was the company's first consumer
product since it began operations at its multibillion-naira facility in Kaduna
state. Earlier, in October 2021, the Kraft Heinz Company announced the
completion of its acquisition of Assan Foods from privately owned Turkish
conglomerate Kibar Holding. Additionally, in March 2019, Rosella had announced
a collaboration with Kagome Australia to develop its first wholesale range of
traceable food. Rosella's new food-service line featured 1kg+ containers of
tomato paste, tomato puree, pizza sauces, tomato sauce, and Napoli sauce.
Again, in November 2022, Green Thumb Grown Foods, the Western United States'
largest manufacturer of organic canned tomatoes, had developed the Take Root
Organics line of products, which comprised of six distinct types, including
tomato paste, and can be purchased in retail locations such as Kroger,
Albertsons, and Food4Less.
High Costs and Regulatory Standards are
Likely to Restrain the Market Development
The abrupt fluctuation in tomato
prices has thrown manufacturing companies into an extreme situation owing to
the economic crisis and recession. As a result of the volatility of tomato
prices, the manufacture of many tomato-based goods suffers. Moreover, tomatoes
are grown in a variety of climate and environmental circumstances. However, due
to severe weather conditions, tomato prices tend to rise. These price
fluctuations in tomatoes are anticipated to limit market expansion.
Furthermore, changes in regulations or customer expectations for clean
labelling and natural ingredients can necessitate changes to manufacturing
techniques. Thus, it is important to comply with the food safety and quality
criteria.
General Mills, Inc. (Muir Glen),
ConAgra Brands, Inc. (Hunts), The Kraft Heinz Company, Nestle S.A., CONESA
Group, The Neil Jones Food Company, Mutti S.p.A., Pacific Coast Producers,
Galla Foods Limited (Amara Raja Group), Del Monte Foods, Inc., Walmart Inc.
(Great Value), Capricorn Food Products India Ltd. are some of the prominent market
players operating in the global tomato paste market.
Increased Production and Surging Demand for
Organic Tomato Paste are Impacting the Market Progress
Asia Pacific is anticipated to
hold a sizable share in the tomato paste market during the forecast period.
This is owing to the vast production and consumption base of tomato paste in
this region. China is expected to be a lucrative market for tomato paste owing
to the rising demand for tomato paste in the foodservice sector. Moreover,
North America is also anticipated to witness a substantial growth in the tomato
paste market. This growth can be attributed to the increased demand for clean
and organic label tomato paste and purees in the region. Furthermore, the
European tomato paste market is likely to experience a significant growth owing
to the increased demand for tomato pastes and purees in the food processing
sectors in countries like Italy.
The report provides a detailed
overview of the tomato paste market insights in regions including North
America, Latin America, Europe, Asia-Pacific, Oceania, and the Middle East and
Africa. The country-specific assessment for tomato paste market has been
offered for all regional market share, along with forecasts, market scope
estimates, price point assessment, and impact analysis of prominent countries
and regions. Throughout this market research report, Y-o-Y growth and CAGR estimates
are also incorporated for every country and region, to provide a detailed view
of the tomato paste market. These Y-o-Y projections on regional and
country-level markets brighten the political, economic and business environment
outlook, which are anticipated to have a substantial impact on the growth of
the tomato paste market. Some key country and region included in the tomato
paste market report as follows:
North America (U.S., Canada)
Latin America (Mexico, Argentina,
Brazil, Peru, Chile)
Europe (Germany, France, Italy, U.K.,
BENELUX, Nordics, Spain, Poland, Russia, CIS)
Asia Pacific (China, ASEAN, India,
Japan, South Korea)
Oceania (Australia, New Zealand)
Middle East and Africa (South
Africa, GCC Countries, Turkey, Israel, Iran)
The Tomato Paste Market Research Report
Covers In-depth Analysis on:
·
Tomato paste market segments
·
Tomato paste market dynamics
·
Tomato paste market value and share analysis
·
Recent trends, restraints, opportunities in tomato
paste market
·
Companies & competition involved tomato
paste market
·
Latest technologies in tomato paste market
·
Supply chain and value chain tomato paste market
·
Tomato paste market sales and distribution
strategies
Tomato Paste Market Growth Highlights:
·
A comprehensive overview of parent market
·
Market dynamics, demand and trends in the
industry
·
Current, historical and anticipated market size in
terms of volume
·
In-depth market segmentation
·
Competition landscape
·
Key strategies of leading companies and product
portfolio
·
Tomato paste industry trends and developments
·
Potential and country, regions and segments
exhibiting future growth
·
A detailed viewpoint on tomato paste market forecast
by countries
·
Essential information to enhance market position
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