The global canned tomato market is driven by the need for convenience foods and rise in demand for canned vegetables and fruits.
The global canned tomato market is estimated to be valued at US$ 13.6 Bn in 2024 and is expected to exhibit a CAGR of 8.0% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The key trend driving the growth of the canned tomato market is product demand expansion from the food processing industry. Canned tomatoes are widely used in manufacturing various packaged food products such as ready meals, pizzas, sauces, and soups. The changing consumer preferences toward convenience and packaged food have spurred the demand for canned tomato from food processing companies. According to statistics, food processing accounted for over 30% of the global canned tomato demand in 2023. The proliferating food processing industry and the growing popularity of packaged meals among consumers are expected to push canned tomato consumption higher over the forecast period.
Segment Analysis
The Global Canned Tomato Market Demand is dominated by the whole and diced tomatoes segment. Canned whole and diced tomatoes account for more than 60% share of the global canned tomato market. Whole and diced canned tomatoes are widely used for cooking various dishes and meals at homes as well as in food services industry. The ease of use and long shelf life of canned whole and diced tomatoes make them very popular among consumers as well as food manufacturers.
Key Takeaways
The global canned tomato market is expected to witness high growth over the forecast period of 2024 to 2031. The market size is projected to grow from US$ 13.6 Bn in 2024 to US$ 23.5 Bn by 2031, growing at a CAGR of 8.0% during the forecast period.
Regional analysis: North America is currently the largest and fastest growing regional market for canned tomatoes. The USA accounts for over 35% of global canned tomato consumption. Growth in canned food consumption driven by busy lifestyles and increasing number of single person households is supporting the demand for canned tomatoes in North America. Europe is another major regional market led by Italy, Spain and Germany.
Key players: Key players operating in the canned tomato market are Honeywell International Inc., United Technologies Corporation, Crestron Electronics, Inc., Cisco Systems, Inc., Ingersoll-Rand PLC, Schneider Electric SE., Johnson Controls Inc., Acuity Brands, Inc., ADT Corporation, and Control4 Corporation. These players are focusing on new product launches and expanding their production capacities to better serve the growing global demand for canned tomatoes.
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