Asia Pacific Tomato Ketchup Market was worth USD 0.62 billion in 2022 and estimated to be growing at a CAGR of 4.71%, to reach USD 0.78 million by 2028.
Tomato Ketchup is a highly popular table sauce which is made from tomatoes, vinegar, salt and sweeteners. It is used as a condiment to dishes which are served hot, such as hamburgers, hot sandwiches and hot dogs among others. It is also used as an ingredient in the preparation of other sauces and dressings.
In the beginning, tomato ketchup was sold locally by farmers. Slowly the trend of selling tomato ketchup in bottles began. Today, Heinz is the largest selling brand of tomato ketchup. As of 2012, 650 million bottles were sold every year in the world. Before the introduction of Heinz ketchups, tomato ketchups which were available commercially were watery and thin due to the use of unripe tomatoes and also had less vinegar than today’s ketchups.
Drivers and Restraints:
The driving factors of Asia Pacific tomato ketchup market are rising demand for fast foods, rising adoption of western eating habits in other parts of the world, convenience offered by fast food, availability of regional variants which is suitable for regional foods and rising disposable incomes among others. Among the factors which are restraining the growth of this market are usage of barbecue and mustard sauces. The success of tomato ketchup in some regions led to the preparation of other sauces and condiments which are alternatives to the usage of tomato ketchup.
Asia Pacific Tomato Ketchup Market Segmentation Analysis:
The Asia Pacific tomato ketchup market is segmented based on application into direct family consumption, food services and other food applications. Direct family consumption accounts for the largest share in the segment. By distribution channel, the market is segmented into online stores, speciality stores, super markets, departmental stores, convenience stores and other distribution channels.
The Asia Pacific tomato ketchup market is divided based on geography into India, China, Japan, Australia and other parts of the region. Asia Pacific has the third largest market in the world by share and is the fastest growing market. Factors such as rising consumption of fast food and adoption of western foods worldwide is expected to drive the market growth in the region.
Key Players in the Market:
Major key players in the Asia Pacific Tomato Ketchup Market are
Some of the major players in the market are H. J. Heinz Company, Campbell Soup Company, Nestle India Ltd., Tate & Lyle plc, Lee Kum Kee, General Mills Inc., ConAgra Foods Inc. and Premier Foods Plc.
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