DEC 2017
Ketchup Market Insights
The global ketchup market was valued around USD 4.15 billion in 2015 and is expected to reach USD 5.9 billion by 2023, at a CAGR of 3.8%. Currently, the ketchup market is highly influenced by the quick services restaurants (QSRs) popularity. The American lifestyle and culture have been adopted quite rapidly in the developing regions, such as Asia-Pacific, and the Middle East and Africa. Such cultural adoption has paved the way for global acceptance and consumption of different types of ketchup, thus boosting the growth of the ketchup market. Fast food manufacturing giants are making the most of this trend by expanding their business, thus boosting the demand for ketchup in developing markets. Nowadays, ketchup is a regular accompaniment to fast foods, side dishes, and snacks, which is further driving the ketchup market, globally.
Ketchup Market Dynamics
The ketchup market is driven by a few major drivers such as changing dietary habits, inclination towards western lifestyle & culture, and increased consumption of exotic flavors of ketchup. Even though, the ketchup market is growing at a good pace, a few factors are restricting the market, such as the presence of numerous ketchup alternatives in the market and low consumption of foods containing sugar. However, ketchup has good opportunities in the food market, such as rising popularity of quick-service restaurants and introduction of innovative ketchup made with organic products.
Ketchup Market Segmentation
The ketchup market can be broadly segmented into four major segments, such as product ingredient type, application, distribution channel, and geography. Regarding product ingredient type, ketchup market can be classified into tomato ketchup, mushroom ketchup, mustard ketchup, fruit & nut ketchup, and others. Regarding application, the ketchup market is divided into food services market, direct family consumption and home cooking. By distribution channel, it can be segmented into hyper markets, super markets, convenience stores, departmental Stores, specialty stores, and online purchase. Geographically, the ketchup market has been segmented into North America, South America, Europe, Asia-Pacific, and Africa.
Ketchup Market - Regional Analysis
The global ketchup market is dominated by North America, with a 37% share of the total market value. It is followed by Europe, Asia-Pacific, South America and Africa. North America is the largest consumer of ketchup, especially tomato ketchup, and the USA is the largest consumer of ketchup, globally. Some parts of Europe, like the UK, France, Germany, and Italy, are significant markets for the consumption of ketchup. In the Asia-Pacific region, China, Japan, and India are the largest consumers of ketchup. Consumption of ketchup is increasing steadily in the developing countries of Africa, South America, and Asia-Pacific.
Ketchup Market Competitive Environment
Competition in the ketchup market is reported to be huge, mostly in the developed countries. The global ketchup market is a concentrated market, with around 90% of the share controlled by seven major players. “Heinz” is the largest player in the industry, with a market share of 80% and 60% in Europe and the USA, respectively. Such broad presence and market control make Heinz the global leader, currently. Tomato ketchup is the most popular type; hence all big players are highly active in this market segment. Product launches, innovative ketchup flavors, and mergers and acquisitions with smaller level players have been the strong business strategies for ketchup market growth.
The major players of global ketchup market includes ConAgra Foods, Del Monte Foods, HUL and Kraft Heinz amongst others.
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