Global Tomato Pastes And Purees Market 2024 : Trends, Business Growth And Major Driving Factors

"The Business Research Company recently released a comprehensive report on the Global Tomato Pastes And Purees Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, The tomato pastes and purees market size has grown strongly in recent years. It will grow from $12.01 billion in 2023 to $12.66 billion in 2024 at a compound annual growth rate (CAGR) of 5.4%. The growth in the historic period can be attributed to increasing urbanization and busier lifestyles, growing popularity of international cuisines, growth in the processed food industry, expansion of e-commerce, and improved canning techniques.

The tomato pastes and purees market size is expected to see strong growth in the next few years. It will grow to $15.85 billion in 2028 at a compound annual growth rate (CAGR) of 5.8%. The growth in the forecast period can be attributed to growing awareness of health benefits, growing interest in international cuisines, rising consumer demand for convenience foods, growth in fast food and restaurant industry, and growth of international trade. Major trends in the forecast period include increasing demand for organic and non-gmo products, product innovations, innovative packaging solutions, expansion of international cuisines, and health and wellness trends.

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Market Drivers and Trends:

The rise in the popularity of convenience foods is expected to propel the growth of the tomato pastes and purees market going forward. Convenience foods are commercially prepared foods designed for easy consumption, often requiring minimal or no preparation. The increasing demand for convenience foods is due to increased interest in health, increased disposable incomes, and growing demand for ready-to-eat meals. Tomato pastes and purees are essential in quick and easy meal preparations, catering to consumers seeking convenient cooking solutions that provide a simple way to add robust tomato flavor to dishes to enhance flavor effortlessly. For instance, in 2023, according to the United States Department of Agriculture, a US-based federal agency, the total value of US processed food products exported from the country increased to $36.59 billion in 2023, an increase of 1.7% compared to 2021. Therefore, the rise in popularity of convenience foods drives the tomato pastes and purees market.

Major companies operating in the tomato pastes and purees market are focused on developing innovative products such as sustainable tomato pulp to reduce environmental impact, improve resource efficiency, and meet the growing consumer demand for eco-friendly products. Sustainable tomato pulp is produced through practices that conserve natural resources, support social equity, and ensure economic viability, ultimately leading to a better product for the environment, society, and the economy. For instance, in April 2022, Cirio S.p.A., an Italy-based food company that manufactures tomato pulp, launched the first climate-neutral tomato pulp in the UK market. This innovation was achieved through a rigorous environmental sustainability policy and the support of a reforestation project in southern Italy. The company's commitment to sustainability includes reducing emissions through precision farming techniques, using renewable energy, rail transport of goods, valorizing by-products, and reducing plastic in packs.

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Major Key Players of the Market:

Kagome Co. Ltd., Nestle S.A., The Kraft Heinz Company, H. J. Heinz Company, General Mills Inc., Conagra Brands Inc., Olam Group, Conagra Brands Inc., General Mills Inc., Del Monte Foods, Inc., The Morning Star Company, Galla Foods, Dabur Ltd., Red Gold Inc., Riviana Foods Pty Ltd., Neil Jones Food Company, Pacific Coast Producers, Ariza b.v., Chalkis Health Industry, Kissan, Mutti S.p.A., Chitale Agro Industries Private Limited, Organicville Private Limited, Red Duck Foods Inc.

Tomato Pastes And Purees Market 2024 Key Insights:

• The tomato pastes and purees market size is expected to see strong growth in the next few years. It will grow to $15.85 billion in 2028 at a compound annual growth rate (CAGR) of 5.8%.
• The Convenience Food Boom Driving The Growth Of The Tomato Pastes And Purees Market
• Cirio's Climate-Neutral Tomato Pulp A Breakthrough In Sustainability
• North America was the largest region in the tomato pastes and purees market in 2023

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