The canned tomato market has witnessed significant growth in recent years owing to rising health awareness among consumers for nutritious food. Canned tomatoes are considered a good source of antioxidants such as vitamin C, vitamin K, and manganese and are easily available throughout the year without compromise on taste or quality. As consumers are preferring more homemade and fresh food, the demand for canned tomatoes has increased as it offers convenience of use in recipes without the hassle of peeling and chopping raw tomatoes. The increasing working population has led to growing demand for ready-to-cook or ready-to-eat food items offering convenience without compromising on nutrition. The canned tomato allows builders to use tomatoes in recipes in an easy and hassle-free way.
The global canned tomato Market is estimated to be valued at US$ 11.8 Bn in 2023 and is expected to exhibit a CAGR of 8.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends
The Global Canned Tomato Market Size is witnessing increasing popularity of organic and non-GMO canned tomato varieties to cater to the health-conscious demographic. Major players are focusing on offerings of organic, non-GMO and lower sodium canned tomato varieties. Furthermore, the increasing popularity of exotic or specialty tomato varieties such as pineapple, grape, androma, and red pear tomatoes is expected to drive innovation in canned tomato product offerings over the forecast period.
Porter’s Analysis
Threat of new entrants: The threat of new entrants in the canned tomato market is low due to the huge capital requirements, economies of scale enjoyed by existing players and existing brand loyalty.
Bargaining power of buyers: The bargaining power of buyers is moderate as canned tomato products are widely available from various brands and private labels provide buyers with alternatives.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as the key inputs like tomatoes are available from large number of farmers.
Threat of new substitutes: The threat of new substitutes is low as there are limited substitutes for canned tomatoes which provide similar nutritional benefits.
Competitive rivalry: The competitive rivalry is high among key players operating in the canned tomato market.
Key Takeaways
The Global Canned Tomato Market is expected to witness high growth. The market stood at US$ 11.8 Bn in 2024 and is projected to reach US$ 23.1 Bn by 2030, registering a CAGR of 8% during the forecast period.
Regional analysis:
North America dominated the global canned tomato market in 2024 with a share of over 35%. This was majorly due to increasing consumption of processed and convenience food products. Asia Pacific is projected to be the fastest growing market during the forecast period mainly due to growing population and rising disposable income in countries such as China and India.
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, Control4 Corporation, and Others. Honeywell International Inc. and United Technologies Corporation captured over 30% share of the global canned tomato market in 2024 owing to their vast product portfolio and global presence.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
About Author - Alice Mutum
Alice Mutum is a seasoned senior content editor at Coherent Market Insights, leveraging extensive expertise gained from her previous role as a content writer. With seven years in content development, Alice masterfully employs SEO best practices and cutting-edge digital marketing strategies to craft high-ranking, impactful content. As an editor, she meticulously ensures flawless grammar and punctuation, precise data accuracy, and perfect alignment with audience needs in every research report. Alice's dedication to excellence and her strategic approach to content make her an invaluable asset in the world of market insights. LinkedIn