Market Size of Tomato Industry
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 207.17 Billion |
| Market Size (2029) | USD 261.41 Billion |
| CAGR (2024 - 2029) | 4.76 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Asia-Pacific |
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Tomato Market Analysis
The Tomato Market size is estimated at USD 207.17 billion in 2024, and is expected to reach USD 261.41 billion by 2029, growing at a CAGR of 4.76% during the forecast period (2024-2029).
The repeated imposition of lockdown across the world hampered the prices of tomatoes. The closed markets have resulted in a price crash in a few markets, while in others, there was an increase in prices. However, the interest in wellness and immunity has spiked as a result of the COVID-19 pandemic, leading to a higher demand for fruits and vegetables, including tomatoes.
Tomatoes in industries, such as home, food processing, and snack foods, are driving the tomato market. They're also popular in the foodservice industry and used in hotels, restaurants, and fast-food outlets. The fast-food business is growing across the world, propelling the market forward. The expanding organized retail sector is also contributing to market expansion.
Further, government initiatives with extensive financial and political support for enhanced agricultural production in the countries through technological innovation are anticipated to raise the production level of tomatoes during the forecast period. In 2021, the Government of Ghana commissioned the Weddi Africa Tomato Processing Factory in the town of Domfete under the 1-District-1-Factory initiative. The government facilitated a loan of USD 16 million to support the establishment and operations of the factory. As Domfete is a major center for the cultivation of fresh tomatoes, the factory is anticipated to process 40,000 metric tons of fresh tomatoes annually.
Major exporting countries for tomatoes are Mexico, the Netherlands, and Spain, followed by Morocco and Canada. The United States is the leading importer of tomatoes from Mexico. According to a United States Department of Agriculture report, tomato production in Mexico is highly concentrated, with six states producing 53% of the total production in 2020. Sinaloa is the largest tomato-producing state in Mexico.
