Published By : 07 Apr 2016 | Published By : QYRESEARCH
Tomato ketchup is a sweet and tangy sauce that is majorly made up of tomatoes, a sweetener, vinegar, and other assorted spices and seasonings. Tomato ketchup is widely used and loved by people of every age. The marketing strategies used to increase the sales figures and the huge amount being spent on advertising are boosting the demand for tomato ketchup in the near future. Tomato ketchup has been in high demand and is consumed substantially in the fast food industry across the globe. It is mostly used as an accompaniment with several food items such as burgers, chips, french fries, sandwiches, and as a base for other sauces. As a result, the global market for ketchup is growing rapidly and projected to register a high growth rate in the next few years.
The increasing adoption of the Western lifestyle, increasing consumption of different flavors, awareness regarding product innovation, and a multitude of cuisines and gourmet varieties are some of the major factors that are expected to fuel the growth of the global market for tomato ketchup in the next few years. In addition, the consumer preference towards cooking at home rather than eating outside food, changing lifestyle, and increasing demand for packaged food and semi-prepared food are the other factors driving the growth of the market.
On the other hand, increased unorganized local manufacturers, increasing usage of substitute products, and constantly changing consumer choices and tastes are the major factors that are expected to hamper the growth of the market in the coming years.
The increasing demand for tomato ketchup has attracted several players to participate in the market and gain the competitive advantage. The major players are taking constant efforts to introduce new flavors in order to attract consumers and increase the sales figures. Several local manufacturers of tomato ketchup hold a substantial share in the global footwear market.
Some of the major players operating in the global market for tomato ketchup are H. J. Heinz Company, Nestle USA, Inc., Kikkoman Corporation, Nestle India Limited, General Mills, Inc., GraceKennedy Limited, Tate & Lyle PLC, Lee Kum Kee, Kagome Co., Ltd., ConAgra Foods, Inc., Premier Foods Plc, and Campbell Soup Company.