Global canned tomato market to reach $19.5bn by 2030
The global canned tomato market generated $11.7 billion in 2020, and is estimated to reach $19.5 billion by 2030, witnessing a CAGR of 5.3% from 2021 to 2030, according to the report published by Allied Market Research.
The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chain, regional landscape, and competitive scenario.
High demand from Generation Z, surge in usage from the hospitality industry, and increase in demand for nutrient-rich foods drive the growth of the global canned tomatoes market.
However, availability of alternatives and fatal effects on the environment due to wastage of cans hinder the market growth. On the other hand, demand for organic foods, added flavours, and omni-channel sales approach presents new opportunities in the coming years.
- The canned tomatoes market was not impacted severely as tomatoes came under the essential goods category. The demand increased during the Covid-19 pandemic as people began storing their food for longer time due to uncertain conditions.
- The demand from the commercial segment reduced considerably. However, the demand has been recovered by the significant increase in demand from the residential sector.
- Surge in sales through omni-channel approach and the trend of in-house cooking is expected to impact the market positively post-lockdown.
The report offers detailed segmentation of the global canned tomatoes market based on type, end user, sales channel, and region.
Based on type, the diced tomatoes segment accounted for the highest share in 2020, contributed to around two-fifths of the total share, and is expected to continue its lead position during the forecast period. Moreover, this segment is projected to manifest the largest CAGR of 5.6% from 2021 to 2030.
Based on end user, the residential segment contributed to the largest share in 2020, accounting for nearly three-fourths of the total share of the global canned tomatoes market, and is projected to continue its dominant share during the forecast period. However, the commercial segment is expected to register the fastest CAGR of 6.0% from 2021 to 2030.
Based on region, Europe contributed to the highest share in 2020, accounting for more than half of the total market share, and is estimated to continue its leadership status by 2030. However, Asia-Pacific is expected to portray the largest CAGR of 7.6% during the forecast period.