Global Tomato Ketchup Market to Reach US$3.3 Billion by 2015
The steadily growing population and the changing eating habits stand out as strong market fundamentals that nail down growth patterns across regional markets worldwide.
Jul 16 2010 --- Tomato ketchup, an effervescent segment within the condiments industry, has managed to wrest a tight hold on the taste buds of consumers across the globe with its ability to create mouth-watering dishes. Tomato Ketchup is a table product used with snack food items, sandwiches, and certain vegetarian/ non-vegetarian dishes. Ketchup has shelf life of up to 12 months and is extensively used in households, food eateries, and institutions. The industry garnered impressive sales not only in the seemingly mature US and Europe but also in the growing regions of Asia-Pacific and Middle East. With globalization of brands and products, consumers in the developing world have caught up with their western counterparts.
Changes in lifestyle coupled with a lithesome approach towards career have fuelled the consumption of fast food. With the fairer sex becoming extremely nurturing over successful careers, the paucity of time has taken its toll on traditional food eating habits, bringing to fore the advantages of tomato ketchup. The wide palate of ketchup caters to different taste buds with a host of flavors. Spanning from reduced sugar/no salt added options to organic variety, the range of ketchup quells the hunger of consumers with different health requirements. The tomato ketchup industry is witnessing tremendous growth worldwide with consumers across different nationalities and cultures preferring different flavors.
Although, the current global recession throws a temporary dampener on growth patterns, a recovery in the financial scenario in the immediate future will push the market’s growth fundamentals back into the fore. The steadily growing population and the changing eating habits stand out as strong market fundamentals that nail down growth patterns across regional markets worldwide. The recession induced change in eating habits has created a shift away from restaurants towards cooking at home, thereby creating demand for semi-prepared, packaged food products such as tomato ketchup.
As stated in the new market research report, US and Europe collectively account for a major share of the global Tomato Ketchup market. Little opportunity for volume growth exists in the developed markets, as the industry is characterized by a high level of maturity. Sales has grown, primarily due to higher pricing and more sophisticated products. While developed markets continue to stagnate, emerging markets such as China, Eastern Europe, Middle East & Africa, and Latin America offer manufacturers better opportunities for growth.
Key players in this marketplace include Campbell Soup Company, ConAgra Foods Inc, General Mills Inc, GraceKennedy Limited, H J Heinz Company, Kagome Co Ltd, Kikkoman Corporation, Lee Kum Kee, Nestle USA Inc, Premier Foods Plc, and Tate & Lyle PLC, among others.
