The ketchup concentrates market is forecast to experience a growth of 4% CAGR over the estimated period, as per FMI’s analysis. The industry’s size is predicted to reach a market value of US$ 532 million in 2023.
The steady growth of the ketchup concentrates industry is projected to be driven by factors like the availability of multiple products, like mango concentrate, tomato concentrate, blueberry concentrate, peach concentrate, and others. Consumers are seeking convenient solutions to cater to their gastronomic urges, thus fueling the demand for ketchup concentrates.
Ketchup is used as a staple in modern as well as traditional food. It is consumed by people all across the globe, with millennials forming a large proportion of consumers. Moreover, the surging popularity of international cuisines, such as Italian, Mexican, Thai, and other foods, is also projected to ramp up the sales of diverse ketchup variants.
Ketchup concentrates are available in conventional, natural, and organic forms. Surging demand for organic and clean-label food products is catalyzing the demand for ketchup concentrates.
The market might suffer owing to authority bodies introducing several rules and regulations on processed food products. However, with the constant activities in the research and development sector, novel product launches by leading players might expose new business opportunities.
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Top Highlights from the FMI’s Analysis of the Ketchup Concentrates Market:
- The United States ketchup concentrates industry gained a leading share of 19.8% in the market in 2022.
- The German ketchup concentrates industry is expected to gain beyond 9.9% share of the market in 2023.
- The Japanese ketchup concentrates industry is expected to acquire a value share of more than 1.6% of the global market in 2023.
- The Australian ketchup concentrates industry is anticipated to obtain more than 0.7% market share in 2023.
- The China ketchup concentrates industry is anticipated to pace at a CAGR of 3.4% over the forecast period.
- The India ketchup concentrates industry is anticipated to register a CAGR of 5.4% in the estimated time.
- The United Kingdom’s ketchup concentrates industry is projected to record a CAGR of 4.1% over the stipulated period.
- Based on nature, the natural segment got a 23.5% market share in 2022.
- Under the product type category, the tomato segment achieved a 57% value share in 2022.
- Based on the distribution channel, the direct sales segment attained a 68.70% market share in 2022.
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Leading Players’ Winning Strategies to Stay Competitive
Top players in the market are implementing strategies like product approvals, product launches, and events and patents. Growth strategies like partnerships, acquisitions, and collaborations. These activities have opened avenues for businesses to expand and acquire new customers.
With the surging demand for ketchup concentrates, the top players in the ketchup concentrate industry are projected to observe lucrative opportunities over the forecast period.
- Kraft-Heinz, Inc. introduced a line of new cold ketchup in Canada in June 2022. It is the exact slow-pouring, iconic ketchup with a label that transforms into icy blue when perfectly chilled. Heinz’s new launch has been limited to Wendy’s locations in Canada and at certain grocery stores in specially-marked display fridges.
- Kraft-Heinz, Inc. teamed up with Pulpex in May 2022 to innovate a paper-based, recyclable, renewable bottle composed of 100% sustainably sourced wood pulp. HEINZ is the foremost sauce brand to test the potential of sustainable paper bottle packaging of Pulpex for its portfolio of world-renowned condiments.
- Kraft-Heinz, Inc. introduced a new ketchup, i.e., Marz Edition, in November 2021. It is made of tomatoes grown under the Martian soil condition. The firm states that the tomatoes used in the Marz Edition ketchup were grown in soil conditions and extreme temperatures akin to that of Red Planet.
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Key Segments Profiled in the Ketchup Concentrates Industry Survey
By Nature:
- Natural
- Organic
- Conventional
By Product Type:
- Tomato
- Mango
- Peach
- Blueberry
- Other Fruit
By Distribution Channel:
- Direct Distribution Channel
- Retail Sales Distribution Channel
- Hypermarket/supermarket
- Convenience stores
- Online retailers.
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- The Middle East and Africa (MEA)
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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