Tomato Paste Market Introduction:
Tomato is one of the major vegetable crop grown worldwide. Tomato paste is a concentrated long shelf life product used as an important food ingredient worldwide. As per Food and Agriculture Organization (FAO) in 2011, the global tomato production was approximately 130 million tons with China and Europe as leading tomato producing regions currently. Other major tomato producers across the globe are India, U.S. and Turkey. Tomato paste is prepared by removing skin, pulp of tomatoes to create tomato juice which is then concentrated generally by evaporation method in order to obtain a thick paste. Tomato paste market is expected to witness significant market growth during the forecast period owing to its widespread application in food industry.
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Tomato Paste Market Segmentation:
Increasing demand for organic tomato paste is expected to uplift the global market revenues of tomatoes globally in the coming years. The global tomato paste market is segmented into, product type, packaging type, area of application, sales channels and by region. By product type, the global tomato paste market is segmented on the basis of dry matter content into, single concentrate, double concentrate and triple concentrate. Double concentrate is the most common type of tomato paste currently available in the market. By packaging type the global tomato paste market is segmented into, cans, carton packaging, bottles and pouches. Cans are the preferred mode of packaging for tomato paste due to its convenient packing and to increase the shelf life of the tomato paste based products. By application the global tomato paste market is segmented into, industrial, household and commercial applications. In industrial application the tomato paste is widely used in making sauces, and in finished products such as, pizzas, soups jams and others. By sales channels the global tomato paste market is segmented into, hypermarkets/supermarkets, convenience stores, E-commerce and pother retail formats.
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Tomato Paste Market Regional Outlook:
On the basis of region the global tomato paste market is segmented into, North America, Latin America, Western Europe, Eastern Europe, Asia Pacific excluding Japan, Japan and Middle East and Africa. North America and Western Europe are expected to account for significant revenue shares in the global tomato paste market over the forecast period. In European countries tomato is one of the most important vegetable consumed accounting for an approximate share of 19% as the largest fresh vegetable crop. Per capita tomato consumption is high in countries such as, Germany, Spain and France. Household use of tomato is increasing in countries such as China, India, Africa and U.S. where consumers use it for making several recipes thus, contributing towards escalating market revenues of tomato over the forecast period. Tomato paste manufactured in China enjoys great popularity in the world market because of its high quality. Also, growing manufacturer’s efforts to increase their tomato production capabilities is expected to fuel the tomato paste market growth over the forecast period.
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Tomato Paste Market Drivers and Trends
Growing demand for convenience food products, shift towards organic and clean label products and growing consumption of tomato paste is expected to fuel the market revenue growth of tomato Paste market over the forecast period. Furthermore, growing demand for fresh tomatoes has contributed towards its escalating production across the globe. For example, in the U.S., California is the leading producer of tomato paste with fresh tomatoes production taking place across all the states in the region. Domestic tomato producers have recognized limited market opportunity in the global tomato business hence, a number of new greenhouse/hydroponic operations have come online in several States over the past few years which will further accelerate the tomato paste market growth in terms of value and value both.
Tomato Paste Market Key Players:
Some of the key players offering Tomato Paste include; Conagra Brands, Del Monte Foods, Inc., Olam Spices & Vegetables Inc., Los Gatos Tomatos, Cento Fine Foods, Muir Glen Organic, Vigo Importing Co., PANOS brands, Bionaturae, LLC and others.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
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