|International News: Global Tomato Processing Market: Size, Share, Growth, Trends And Forecast Till 2023
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The global tomato processing market has experienced a healthy growth over the past several years. This can be accredited to the changing lifest yle and increasing spending power of the consumers coupled with the innovative product packaging.
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Tomatoes are rich source of potassium, minerals, vitamin A, vitamin C and fibres owing to which they are considered as a vital food crop. The majority of tomatoes are freshly consumed while the leftover is used by the tomato processing industry. Tomatoes are extensively used in households, fast food joints, hotels, restaurants and food processing industries to prepare purees, soups, ketchups, pickles, juices, sauces, etc. A new research report by IMARC Group, ti tled “Tomato Processing Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023”, estimates that the market crossed the volume of 38.9 Million Tons in 2017. The report further anticipates the market to reach a volume of 48 Million Tons by 2023, at a projected CAGR of 3.7% over the forecast period.
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The growing preference for fast food, especially by the young generation, has resulted in the increasing demand for processed tomato products such as ketchup and sauces. This is further expected to spur the growth of the tomato processing market across the globe.
The unique packaging techniques offered by the manufacturers have resulted in safe distribution and a longer shelf-life of tomato-ba sed products. This has positively influenced the growth of global tomato processing market.
Some of the other factors contributing to the growth of global tomato processing market are changing dietary habits, rapid urbanisation, population growth, rising disposable income and the accelerated demand from the emerging market.
However, tomato contains lycopene compounds which can also aggravate the symptoms of stomach ulcers and other health issues if consumed in high amounts. This is anticipated to hamper the growth of the tomato processing industry.
Product Type Insights:
On the basis of product type, the market is segmented into sauces, pastes, canned tomatoes, ketchups and juices. Currently, sauces account for nearly a third of the total processed tomato consumption, representing the most popular product type.
On the basis of geography, the United States currently represents the largest market for tomato processing industry due to the high consumption of processed tomatoes in the form of sauces, juice and tomato paste. Other major countries include Italy, China, Turkey, Iran, Spain and Brazil.
The market is highly fragmented with the presence of numerous small and large manufacturers who compete in terms of price, quality, production and geographical reach. Some of the leading pla yers operating in the market are:
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