The tomato powder market is projected to achieve a revenue of USD 1842.15 million, with a compound annual growth rate (CAGR) of approximately 3.77% During the estimated period of 2020-2027.
Tomato powder is a powdered form of tomatoes. The product is made by turning fresh tomatoes into a slurry and then spray drying the same to create a fine powder with uniform level of consistency. It helps add tomato flavor to different types of dishes and recipes. Tomato powder can be used as a direct substitute of tomato paste and boasts a longer shelf life as compared to the former. The consumption of tomato helps with numerous health benefits like improving eyesight, reduce the risk of heart diseases and cancer, reduce blood pressure instances, and so on. The vast array of health benefits of tomatoes helps contribute to the growth of the market. The global Tomato Powder Market Outlook is projected to grow at a CAGR of 3.6% during the forecast period of 2017 to 2023. Due to its wide-range of applications in the FB industry as a flavoring attribute, the demand for the market is expected to grow in the coming years. Additionally, changing consumer lifestyle coupled with the growing consumption of processed foods are also causing an upward growth movement of the market. However, the presence of lycopene in tomatoes causes allergies to various consumers, which can thereby hamper the growth of the tomato powder market in the forthcoming years.
Market Segmentation
The global Tomato Powder Market Insights are segment is divided on the basis of process and application.
By process, the market includes cold break, hot break, and warm break. The hot break segment dominates the market and is expected to grow the fastest among the other segments. This is because it produces a denser and much more viscous product as and when it is reconstituted and has its application in food and nutrition.
By application, the market includes soup mixes, curries and gravies, seasoning and savories, baby foods, snack foods, and others. The seasonings and savories segment is the market dominator and is expected to hold on to its standings in the coming forecast period as well. The growth of the segment can be attributed to the rising consumption of seasonings and savories in the global market.
Regional Analysis
The regional analysis of the global tomato powder market covers the following regions: Asia Pacific, Europe, North America, and the Rest of the World (RoW).
The tomato powder market is dominated globally by the Asia Pacific region followed by North America. In Asia Pacific, both India and China, the economic giants of this region, are the major consumers of tomato powder. This is due to the growing consideration and consumption of tomato as a major food ingredient in various products. The North American region stands second in terms of the market share of tomato powder. This is because of the ameliorating importance of tomato as an integral diet component in Americas and is consistently used in various recipes therein. It is also worth noting that the US accounts for the largest market share holder of tomato powders in this region.
Europe is reported to also experience somewhat growth in the tomato powder market due to the changing consumer lifestyle and consumption patterns. Regions like Netherlands and Spain contribute majorly to the region’s growth potential with increasing production of tomatoes therein. Lastly, it is believed that increasing focus on RD activities can contribute to the market growth of tomato powders in the Rest of the World region.
Competitive Landscape
Some of the major players in the global tomato powder market include companies like Garlico Industries Ltd. (India), Lycored (U.K.), Grupo Empresarial Agraz, S.L. (Spain), Hangzhou Qincheng Trade Co. Ltd (Beijing), Bata Food (Turkey), Aarkay Food Products Ltd. (India), Cmec Xinjiang Foodstuff Co. Ltd. (China), and others.
Feb 28th, 2019, a study conducted by Xiang-Dong Wang in the Nutrition and Cancer Biology Lab revealed that the high consumption of tomatoes can help reduce the risk of liver cancers. The study stated that tomatoes are rich in antioxidants, which can help reduce or prevent fatty liver diseases, inflammation, and liver cancer.
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