Canned Peeled Tomatoes Market to Reach $6.8 Billion, Globally, by 2032 at 5.6% CAGR: Allied Market Research
The global canned peeled tomatoes market is experiencing growth due to factors such as growing demand for convenience and time-saving options in cooking and their benefits like ready to use and saving efforts like peeling and preparing fresh tomatoes.
Portland, June 27, 2023 (GLOBE NEWSWIRE) — Allied Market Research published a report, titled, “Canned Peeled Tomatoes Market by Type (Whole peeled tomatoes, Diced tomatoes, Crushed tomatoes, Pureed tomatoes, and Others), by End User (Residential and Commercial), by Sales Channel (Online and Offline): Global Opportunity Analysis and Industry Forecast, 2022-2032.” According to the report, the global canned peeled tomatoes industry was estimated at $4 billion in 2022 and is anticipated to generate $6.8 billion by 2032, registering a CAGR of 5.6% from 2023 to 2032.
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Prime determinants of growth
Canned peeled tomatoes are a versatile ingredient that can be used in a wide range of recipes, including pasta dishes, soups, stews, and casseroles. This versatility has made canned peeled tomatoes a staple ingredient in many kitchens around the globe, and the demand for them continues to grow. On the other hand, the cost of tomatoes is subject to market forces such as weather conditions, seasonality, and supply chain disruptions. Any significant fluctuations in tomato prices can impact the profitability of canned peeled tomato manufacturers, who may need to pass on the cost to consumers. This can hinder the financial viability of the manufacturers and deter investments in the market. Nevertheless, Manufacturers may conduct consumer surveys to identify new product opportunities and invest in product development to bring new products to market. Further, they can collaborate with packaging designers to create unique product offerings that appeal to consumers.
Report Coverage & details:
|Market Size in 2021||$4 Billion|
|Market Size in 2031||$6.8 Billion|
|No. of Pages in Report||320|
|Segments covered||Type, End user, Sales Channel, and Region|
|Drivers||Rise in popularity of ready to eat products
Versatility of Canned Peeled Tomatoes
Increase in Demand for Processed Food Products
|Opportunities||Innovation in product offerings|
|Restraints||Volatile prices of tomatoes
The diced tomatoes segment maintained its leadership status throughout the forecast period.
By type, the diced tomatoes segment held the highest market share in 2022, accounting for nearly two-fifths of the global canned peeled tomatoes market and is estimated to maintain its leadership status throughout the forecast period. Diced canned tomatoes are a convenient ingredient that can be used in a variety of recipes, such as pasta sauces, soups, stews, chili, and salsa. The advantage of using diced canned tomatoes is that they save time & effort compared to diced fresh tomatoes and provide a consistent flavor & texture. However, the pureed tomatoes segment is estimated to register the fastest CAGR of 7.1% throughout the forecast period.The smooth, uniform consistency of pureed tomatoes makes them ideal for recipes that require a smooth texture, such as tomato soup or tomato sauce. Pureed tomatoes are easier to blend into a recipe than diced or crushed tomatoes, which can have varying degrees of texture and thickness.
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The residential segment to retain its dominance by 2032.
By end user, the residential segment held the major share in 2022, generating more than two-thirds of the global canned peeled tomatoes market, and is estimated to maintain its leadership status throughout the forecast period. With growth in propensity toward home cooked food, especially in the developed economies, the demand for canned tomatoes is expected to gain high traction in the residential segment. Furthermore, introduction of new types and flavors in canned peeled tomatoes further drives the demand from residential segment. Moreover, the commercial segment would portray the fastest CAGR of 6.1% from 2023 to 2032. With growth in tourism industry, it is expected that the number of hotels, quick service restaurants, full-service restaurants, cloud kitchens, and other food outlets will increase gradually. This increase in the number of food outlets will cause an increase in demand for canned peeled tomatoes, which is expected to boost the segmental growth during the forecast period.
Offline segment to maintain its leadership status throughout the forecast period.
By distribution channel, the offline segment accounted for more than four-fifths of the global canned peeled tomatoes market revenue in 2022 and is projected to rule the roost by 2032. This is due to the increase in urbanization, rise in working-class population, and competitive pricing boost the popularity of hypermarkets and supermarkets in developed and developing regions. Furthermore, these stores offer a variety of brands in a particular product category, offering more options for consumers to buy canned peeled tomato of their choice. Furthermore, the online segment is estimated to portray the fastest CAGR of 6.3% during the forecast period. As online sales channel has increased consumer reach owing to which it has evolved as a key source of revenue for many companies. Furthermore, the online sales market is expected to expand soon due to rapid growth in online and mobile user customer bases in emerging markets. Increase in e-commerce sales, improvements in logistics services, ease in payment options, and the facility to enter new international markets for major brands further boost the growth of the segment.
Europe to maintain its dominance by 2032-
Based on region, Europe region held the highest market share in terms of revenue in 2022, accounting for more than two-fifth of the global canned peeled tomatoes market and is estimated to maintain its leadership status throughout the forecast period. This is because, Europe is one of the popular destinations for tourists around the globe with an increase in the number of tourists every year. Full-service restaurants, quick service restaurants, cloud kitchens, and individual small kitchens are seeing rapid expansion; thus, witnessing an increase in the demand for canned peeled tomatoes in the region. Tomatoes are the main ingredient for adding acidity to food, which especially applies to authentic Italian pasta dishes. Asia-Pacific is expected to be the fastest-growing region with growing CAGR of 7.8% during the forecast period. in the forthcoming years. This region is a lucrative market for canned peeled tomatoes owing to the growing popularity of ready to eat products. With Asia-Pacific being a developing region, many countries are welcoming foreign investments in their markets, which will help the market players to expand their businesses in this region.
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Leading Market Players
- B&G Foods
- Bianco DiNapoli
- Cento Fine Foods
- Conagra Brands, Inc.
- Del Monte Pacific Limited
- General Mills, Inc.
- La Doria S.p.A.
- Mutti S.p.A.
- The Kraft Heinz Company
- The Pastene Companies, Ltd.
The report analyzes these key players in the global canned peeled tomatoes market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, developments, and product portfolios of every market player.
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