According to a new report, published by KBV research, The Global Tomato Powder Market size is expected to reach $3.7 billion by 2031, rising at a market growth of 11.6% CAGR during the forecast period. In the year 2023, the market attained a volume of 41,459.3 tonnes, experiencing a growth of 5.4% (2020-2023).
The Beverage segment is anticipating a CAGR of 11.4% during (2024 - 2031). In beverages, tomato powder is often used in the production of juices, health drinks, and instant soups. Its long shelf life and convenience make it appealing for beverage producers, particularly in the development of functional drinks that offer vitamins and minerals, including the powerful antioxidant lycopene found in tomatoes. Its use in the growing demand for clean-label and organic products also contributes to its popularity, as consumers seek natural ingredients over synthetic additives.
The Conventional segment is leading the Global Tomato Powder Market by Product Type in 2023; thereby, achieving a market value of $2.4 billion by 2031. Conventional tomato powder is widely used in the food processing and service industries, particularly in developing regions with high price sensitivity. Its lower production costs and widespread availability make it a cost-effective option for bulk buyers, such as large-scale food manufacturers and catering businesses. The demand for conventional tomato powder is fueled by its adaptability, as it is utilized in a diverse array of applications, including ready-to-eat meals, sauces, and snacks. Consequently, it has maintained its position as a significant market participant.
The Convenience Stores segment is registering a CAGR of 11.3% during (2024 - 2031). Convenience stores benefit from their widespread locations, especially in urban and suburban areas, providing quick and easy access to essential food items like tomato powder. Consumers tend to purchase tomato powder from convenience stores for small, immediate needs due to their proximity and longer operating hours. The convenience factor makes these stores a popular choice for on-the-go consumers or those looking for smaller quantities.
Full Report: https://www.kbvresearch.com/tomato-powder-market/
The North America region dominated the Global Tomato Powder Market by Region in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $1.4 million by 2031. The Europe region is experiencing a CAGR of 11.4% during (2024 - 2031). Additionally, The Asia Pacific region would exhibit a CAGR of 12.2% during (2024 - 2031).
By Product Type (Volume, Tonnes, USD Billion, 2020-2031)
By Application (Volume, Tonnes, USD Billion, 2020-2031)
By Distribution Channel (Volume, Tonnes, USD Billion, 2020-2031)
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