Global Tomato Juice Market: Rapid Urbanization And Westernization Of Diet In Asia To Shape Market Growth

IndexBox has just published a new report "World - Tomato Juice - Market Analysis, Forecast, Size, Trends and Insights". Here is a summary of the report's key findings.

In 2017, the global tomato juice market amounted to 5.7M tonnes, remaining relatively stable as in the previous year. After a moderate decline in the volume of consumption from 2007 to 2009, consumption then regained an upward trend, increasing strongly through to 2013 and then levelling off over the next four years. Overall, the market volume increased at an average annual rate of +1.3% over the period from 2007 to 2017.

In wholesale prices, global tomato juice consumption stood at $4.2B in 2017, an increase of 2.3% against the previous year (IndexBox estimate). This figure reflects the total revenue of producers and importers (excluding logistics costs, retail marketing costs, and retailers’ margins, which will be included in the final consumer price). The value of the global tomato market as a whole was marked by an upward trend pattern over the period from 2007 to 2017. However, the trend pattern remained inconsistent: there were notable fluctuations in certain years. Overall, it increased by an average +3.4% per year over the last ten years. In 2017, the market rebounded, attaining its peak figure.

Tomato juice is a drink obtained by processing tomatoes: by pressing and condensing liquid fractions of tomatoes from solid residues. Tomato juice can be produced either directly from tomatoes, without much condensation, or be reconstituted from concentrated industrial tomato paste by adding water, salt and sometimes other food additives. As a result of the improved availability of tomato paste, due to modern aseptic packing technologies, tomato juice is now more affordable across the world, with local brands available in major consuming countries.

China Accounts For Approx. 30% Of Global Tomato Juice Consumption

In 2017, China (1.7M tonnes) was the largest consuming market for tomato juice, occupying 30% of global consumption. The U.S. (12%), Indonesia (5%), Brazil (4%), Nigeria (4%) and Bangladesh (3%) appear as the next largest consumers of tomato juice in the world, together accounting for approximately 27% of global consumption. Nigeria (+2.1% per year) and the U.S. (+1.6% per year) indicated the highest annual rates of growth in terms of tomato juice consumption from 2007 to 2017. In Indonesia, China and Brazil, consumption grew modestly over the same period.

The highest average rate of annual growth in terms of tomato juice consumption from 2007 to 2017 was recorded in the U.S. (2.0 kg per year), while the per capita consumption of the other countries did not lag very far behind.

Tomato Juice Consumption Is Expected To Accelerate Against Rising Demand Worldwide

Tomato juice is a common product in both North America and Europe, where the market is well established: tomato products here are widely popular with consumers. Since tomato juice is already a popular food product in the developed countries of the West, no prerequisites for a sharp growth in consumption are currently forecast. Therefore, population growth remains a key development driver here, combined with increases in disposable income, which in turn will contribute to enhanced consumer spending. Another impetus is to come from increasing consumer awareness regarding sugar intake and rising preferences for healthy products and increasing health awareness is fueling the demand for vegetable juice, against other sugar-based soft drinks or sweet fruit juices.

It should, therefore, be expected that the developed European economies, as well as the USA and Canada, would buoy overall stability on the global tomato juice market and to some extent, contribute to the overall growth of the global market. On the other hand, a key impetus for further global market growth currently comes from the rapidly developing Asian countries. The per capita consumption of tomato juice in Asia remains tangibly lower than in the USA, Europe and Japan, where it is a well-known product. This indicates a weak market saturation and a simultaneous robust potential for growth.

Because of the rapid urbanization process and the increasing popularity of Western-style cuisine and fast food in Asia, the urban middle-income and high-income classes, who can be considered as key consumer groups for tomato juice, are growing rapidly in the emerging markets. Moreover, increasing incomes has allowed general health awareness by customers in Asian countries regarding their diets to increase. Because of its relatively low sugar content, tomato juice is considered a healthier alternative to sugar-based soft drinks and sweet fruit juices; therefore, this increasing health awareness is also set to promote market growth. All this will determine the future of the tomato juice market across South-Eastern Asia and will remain a major driver of the growth of the global tomato juice market. China will continue to lead the globe in terms of market growth, given a large and growing population, increasing consumer incomes and sufficient production of tomatoes for processing.

As for an upstream industry, tomatoes stand amongst the key global crops: as a product, they enjoy robust demand in both their fresh and processed form in various types of cuisine worldwide. In addition, the sustained demand for tomato paste will continue to make a significant contribution to market growth; tomato paste production will also support the tomato processing sector. The demand for processed tomatoes is set to increase in both the traditional regions and countries of consumption, such as the USA, Canada and Europe, and in Asia. Because of the rapid urbanization process and the increasing popularity of Western-style cuisine and fast food in Asia, the ongoing use of both fresh and processed tomatoes for sandwiches, pizza and other products in "fast food" establishments should promote the growth of the tomato market. All this should promote the expansion of the tomato industry, which will in turn support the growth of tomato juice market and its availability across the world.

Driven by an increasing demand for tomato juice worldwide, the market is expected to continue an upward consumption trend over the next eight years. As forecast by IndexBox, market performance is forecast to retain its current trend pattern, expanding with an anticipated CAGR of +2.1% for the eight-year period from 2017 to 2025, which is projected to bring the market volume to 6.7M tonnes by the end of 2025.

Do you want to know more about global tomato juice market? Get the latest trends and insight from our report. It includes a wide range of statistics on:

• tomato juice market share
• tomato juice prices
• tomato juice industry
• tomato juice sales
• tomato juice import
• tomato juice export
• tomato juice market forecast
• tomato juice price forecast
• key tomato juice producers

All data provided in this article covers the following product: HS 200950 - Tomato Juice.

Source: IndexBox AI Platform