Tomato Paste Market Report

The ready-to-eat and ready-to-cook meals have grown in demand owing to the rapid urbanization and changing lifestyles. 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 to the tomato paste market expansion during the forecast period.

Tomato pastes are commonly used in the food processing sector. Tomato paste is a concentrated product with a long shelf life that is utilized as an important culinary component all over the world. Furthermore, tomato paste is easier to transport and preserve than fresh tomatoes. The utilization of tomato paste in the food processing sector is also influenced by its 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 can 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.

• Demand for low-sodium and no-added-sugar tomato paste products.
•  Rising demand for organic and non-GMO tomato paste options.
• Increasing popularity of convenient, single-serve tomato paste sachets.
• Emergence of flavored tomato paste varieties, such as spicy or herbed.
• Growing interest in sustainable packaging solutions for tomato paste.

Major market participants in the tomato paste market are focusing on research and development activities in order to create novel products to fulfill 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 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, developed the Take Root Organics line of products, which comprised six distinct types, including tomato paste, and can be purchased in retail locations such as Kroger, Albertsons, and Food4Less.

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 labeling 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.

Asia Pacific is anticipated to hold a sizable share of 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 food service sector. Moreover, North America is also anticipated to witness 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 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 the tomato paste market has been offered for all regional market shares, 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 is anticipated to have a substantial impact on the growth of the tomato paste market. Some key countries and regions included in the tomato paste market report are as follows:

• Tomato paste market detailed segments and segment-wise market breakdown
• Tomato paste market dynamics (Recent industry trends, drivers, restraints, growth potential, opportunities in tomato paste industry)
• Current, historical, and forthcoming 10 years market valuation in terms of tomato paste market size (US$ Mn), volume (Tonne), share (%), Y-o-Y growth rate, CAGR (%) analysis
• Tomato paste market demand analysis
• Tomato paste market pricing analysis over the forecast period (by key segment and by region)
• Tomato paste market regional insights with the region-wise market breakdown
• Competitive analysis – key companies profiling including their market share, product offerings, and competitive strategies.
• Latest developments and innovations in the tomato paste market
• Regulatory landscape by key regions and key countries
• Supply chain and value chain analysis in tomato paste market
• Tomato paste market sales and distribution strategies
• A comprehensive overview of the parent market
• A detailed viewpoint on tomato paste market forecast by countries
• Mergers and acquisitions in the tomato paste market
• Essential information to enhance market position
• Robust research methodology