Global Tomato Processing Market 2017 - Morning Star, COFCO Tunhe, Xinjiang Chalkis Tomato, Ingomar Packaging CO, JG Boswell
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According to IMARC Group’s latest report, titled “Tomato Processing Market – Industry Trends, Manufacturing Process, Plant Setup, Machinery, Raw Materials, Cost and Revenue”, the global tomato processing market reached a volume of around 37 Million Tons in 2016, declining at a CAGR of nearly 2% during 2009-2016. Despite the recent decline, the market is anticipated to display a healthy growth in the foreseeable future owing to a number of factors. Tomatoes are a functional flavoring ingredient used in various cuisines, and a rich source of vitamins A and C, minerals, antioxidants and fibers. They are also beneficial in maintaining a healthy blood pressure and improving vision. Since tomatoes are perishable in nature, they are processed to make a variety of products which have longer shelf life. Tomato processing began with the manual canning of tomatoes in 1847. Presently, around a fifth of the total tomatoes produced worldwide are utilized by the tomato processing industry.
Highlights of the tomato processing market:
Developing fast-food industry remain the key growth driving component.
Sauces represent the largest end-use segment, accounting for nearly a third of the total share.
The United States holds the majority of the global share in terms of consumption.
One of the major factors driving the global tomato processing market is the rising demand from the food processing industry, fast food joints, hotels, restaurants and households. Fast-foods like burgers, French fries and hotdogs are often complemented with several processed tomato products like ketchup and sauce. Rising consumption of such food products, especially by youngsters, has significantly contributed to the growth of the market. The diverse range of products caters to the tastes and preferences of the consumers, making processed tomato products highly popular. Rising disposable incomes, urbanization, changing lifestyles and food habits, and a strong demand from emerging markets are further projected to facilitate the global tomato processing market. Owing to the aforementioned factors, the market is expected to reach a volume of more than 47 Million Tons by 2022.
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The market has been segmented on the basis of end-use. Currently, sauces hold the largest share in the global market. Other end-use segments include tomato pastes, canned tomatoes, ketchup and juices. The United States represents the biggest consumer of processed tomato products, however, the market witnessed a negative growth during the last few years. Other major markets include Italy, China, Turkey and Iran. On evaluating the competitive landscape of the market, it is found that Morning Star, COFCO Tunhe, Xinjiang Chalkis Tomato, Ingoma Packaging CO and JG Boswell are some of the key players operating in it.
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