DUBLIN, Jan. 3, 2024 /PRNewswire/ — The “Tomato Ketchup Market Report by Type (Flavored, Regular, and Others), Packaging (Pouch, Bottle, and Others), Distribution Channel (Supermarkets and Hypermarkets, Convenience Stores, Online Stores, and Others), Application (Household, Commercial, and Others), and Region 2023-2028” report has been added to ResearchAndMarkets.com’s offering.
The global tomato ketchup market size reached US$ 18.9 Billion in 2022. Looking forward, the publisher expects the market to reach US$ 23.2 Billion by 2028, exhibiting a growth rate (CAGR) of 3.5% during 2022-2028
The increasing consumer demand for convenience food, rapid globalization of cuisines, growing brand loyalty and strategic marketing initiatives, recent technological advancements in supply chain management, and growing expenditure capacities of consumers are some of the major factors propelling the market.
Tomato ketchup refers to a condiment derived primarily from ripe tomatoes, sugar, vinegar, and various seasonings. Its manufacturing process involves washing, sorting, and crushing tomatoes to obtain a puree, followed by cooking, mixing, and pasteurization to ensure longevity and safety. Tomato ketchup is widely used in burgers, hot dogs, fries, sandwiches, grilled meats, eggs, pasta, and sauces. It is a cost-effective, versatile, and delicious product that offers excellent flavor, long shelf life, ease of storage, compatibility with different cuisines, and suitability for various dietary preferences, such as vegan or gluten-free.
The growing demand for low-sugar and organic tomato ketchup, owing to the heightened health consciousness among individuals, is propelling the market growth. Furthermore, the recent technological advancements in supply chain management, which enable better inventory control and distribution, ensuring that ketchup reaches consumers in optimal condition, are acting as another growth-inducing factor.
Additionally, the growing expenditure capacities, especially in emerging economies, which allow a larger portion of the population to purchase branded and premium products, are contributing to the market growth. Besides this, the widespread product utilization in gourmet recipes due to emerging trends of culinary experimentation is catalyzing the market growth.
Moreover, the rapid proliferation of food service outlets, including hotels and restaurants, that are using ketchup as a table condiment and an ingredient in culinary preparations is favoring the market growth.
Tomato Ketchup Market Trends/Drivers:
The increasing consumer demand for convenience foods
The escalating consumer demand for convenience foods is a prominent driver in the growth of the tomato ketchup market. People are increasingly looking for quick and hassle-free dining options, such as fast food outlets, ready-to-eat (RTE) meals, and home-delivered foods. Tomato ketchup is often the go-to condiment to accompany these food choices, enhancing flavor and providing a sense of familiarity.
Furthermore, the proliferation of convenience foods is fueled by urbanization and the growth in dual-income households, where time is often a limited resource. Moreover, fast-food chains often offer ketchup as the default condiment, which ingrains its use in consumer behavior. Along with this, manufacturers are capitalizing on the emerging convenience food trend by producing easy-to-use ketchup packets and squeeze bottles designed for on-the-go consumers, thereby synergizing with the overarching demand for convenience.
The rapid globalization of cuisines
The rapid globalization of cuisines is a major driver for the tomato ketchup market growth. Barriers between countries are continuously diminishing owing to the advent of digital technology and the unprecedented mixing of culinary traditions. In line with this, Western fast-food culture, comprising burgers, fries, and hot dogs, has permeated diverse geographies, bringing with it the widespread adoption of tomato ketchup.
Additionally, this globalization effect is further amplified by media and the ease with which recipes and food trends are shared online. Television shows, food blogs, and social media platforms are increasingly contributing to the global palate, making regional dishes and their accompanying condiments popular across the globe. Furthermore, tomato ketchup manufacturers are capitalizing on this trend by creating region-specific flavors to cater to localized tastes while maintaining the ketchup’s essential characteristics.
The growing brand loyalty and strategic marketing initiatives
Brand loyalty and strategic marketing initiatives are significantly impacting the tomato ketchup market growth. Brand loyalty is often built through effective marketing campaigns that create an emotional connection with the consumer or position the brand as a trusted, high-quality option. Besides this, companies invest substantially in advertising, sponsorships, and even community events to keep their brand at the forefront of consumers’ minds.
In addition, the advent of digital marketing allows for highly targeted campaigns that reach the ideal customers effectively. Moreover, the incorporation of innovative packaging designs, collaborations with celebrities or influencers, and limited-time promotions are some of the tactics used by companies to engage customers and maintain brand loyalty. Through these well-strategized marketing efforts, tomato ketchup brands not only retain their customers but also attract new consumers, thus driving the market forward.
Regional Insights
Ketchup has long been a staple condiment in North American cuisine, and it is commonly used on a wide variety of foods, including burgers, hot dogs, fries, and more. This cultural preference for ketchup has driven high levels of consumption in the region. Furthermore, the region hosts some of the most well-established and iconic ketchup brands, which have a long history and strong brand recognition, contributing to their dominance in the market.
Besides this, North America has a thriving food service industry, including fast-food chains, restaurants, and diners, which use ketchup extensively as a condiment. Apart from this, ketchup is used in various culinary applications beyond traditional condiment use. It serves as a base for sauces, marinades, and dressings in North American cuisine, further increasing its consumption. Moreover, top ketchup brands in North America have invested heavily in marketing and advertising campaigns, contributing to their brand visibility and consumer loyalty.
Competitive Landscape:
Leading companies are continuously innovating to offer new flavors, variants, and healthier options to cater to changing consumer tastes. This includes introducing organic, low-sugar, and no-sugar-added ketchup products to meet health-conscious consumer demands. Furthermore, they are focusing on sustainability initiatives, such as reducing plastic packaging, using recyclable materials, and implementing environmentally friendly production processes.
They are also working on reducing food waste through packaging innovations, such as squeeze pouches and upside-down bottles. Besides this, several key producers are investing in marketing and branding activities, such as advertising campaigns, promotions, and partnerships with food-related events or organizations, to maintain and strengthen their market presence.
Additionally, they are focusing on reducing sodium content and eliminating artificial additives from their ketchup products to meet rising consumer demand for healthier products.
The report has provided a comprehensive analysis of the competitive landscape in the market. Detailed profiles of all major companies have also been provided.
Key Questions Answered in This Report
- What was the size of the global tomato ketchup market in 2022?
- What is the expected growth rate of the global tomato ketchup market during 2023-2028?
- What are the key factors driving the global tomato ketchup market?
- What has been the impact of COVID-19 on the global tomato ketchup market?
- What is the breakup of the global tomato ketchup market based on the type?
- What is the breakup of the global tomato ketchup market based on the packaging?
- What is the breakup of the global tomato ketchup market based on the distribution channel?
- What are the key regions in the global tomato ketchup market?
- Who are the key players/companies in the global tomato ketchup market?
Some of the key players in the market include:
- Bolton Group S.r.l.
- Campbell Soup Company
- Conagra Brands Inc
- Del Monte Food Inc.
- General Mills Inc.
- Lee Kum Kee Company Limited
- Nestle S.A.
- Premier Foods plc
- Sky Valley & Organicville (Litehouse Inc.)
- Tate & Lyle plc
- The Kraft Heinz Company
- Unilever Plc
For more information about this report visit https://www.researchandmarkets.com/r/dexwvq
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