Published on : Oct 25, 2016
Tomato ketchup has become the condiment of choice across the world thanks to its instantly palatable taste. It can be consumed with a wide variety of food products, with fast food products being the prime application. Tomato ketchup has also become popular as a base for other sauces due to its appealing and unobtrusive taste. The high profit margin in the tomato ketchup industry, thanks to its relatively easy preparation process, has also enabled rapid growth of the global tomato ketchup market in recent years.
Rising Demand for Fast Food to Ensure Steady Growth of Tomato Ketchup Market
The increasing consumption of fast food across the world is the key driver for the global tomato ketchup market. Fast food has already become popular in developed regions and is exhibiting steady growth in emerging economies as well. The convenience of fast food for urban consumers, who don’t usually have the time to prepare conventional meals, has directly led to a growing demand for tomato ketchup, as it is one of the most popular condiments to be served with most fast food items. The rising adoption of a Western lifestyle in countries in Southeast Asia and the Far East has also been a key driver for the global tomato ketchup market in the last few years.
While fast food has been a major application of tomato ketchup, the use of tomato ketchup is no longer limited to Western fast foods. Due to the widespread popularity of local street food in Southeast Asia, tomato ketchup has become a part of a growing market. Although traditional condiments are often served with local street food, tomato ketchup is becoming a popular choice due to its versatile flavor.
North America, Europe to Retain Dominance despite Rising Demand in Asia Pacific
Despite the promising growth prospects for the tomato ketchup market in Asia Pacific, developed regions are likely to remain key consumers of tomato ketchup in the coming years. The presence of several leading manufacturers of tomato ketchup in these regions has also led to the presence of widespread distribution networks, which has helped cement the presence of the tomato ketchup market.
Leading players in the global tomato ketchup market include Nestle India Ltd., Campbell Soup Company, Premier Foods plc, Lee Kum Kee, H. J. Heinz Company, Tate & Lyle plc, General Mills Inc., ConAgra Foods Inc.