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Euromonitor 2023: the Asia-Pacific Market

26/04/2024 - François-Xavier Branthôme - Lire en français
According to data collected by Euromonitor, the annual value of retail sales of tomato products (or items that may contain tomato products) in Asia-Pacific markets reached just over EUR 44.3 billion in 2022, and was expected to rise to EUR 45.6 billion in 2023.
As in the European, American, African and Middle Eastern markets that we have already presented, the breakdown of sales between the retail and foodservice (Horeca) channels is clearly in favor of the retail sector, which accounts for an average 83% of sales volumes. In view of the expected shift in the balance between the various distribution networks, it can be estimated – in the absence of detailed data from Euromonitor for the total value of products sold in the foodservice network – that the total Asia-Pacific market for tomato products (including some items that may or may not contain tomatoes) should be worth around EUR 62 billion in 2027 (EUR 53 billion in 2022). The average annual growth rate (CAGR) in value terms over the 2022-2027 period should be around 3.4%.
With a share of 64% in volume and 71% in value, ready-meals unquestionably dominate the Asia-Pacific market. In 2022, sales volumes amounted to 5.56 million tonnes of prepared dishes on this market. At the same time, cumulated sales of liquid sauces (862,000 t), pasta sauces (261,000 t) and ketchup (777,000 t) amounted to "only" 1.9 million tonnes, while the other sectors (dehydrated sauces, soups, canned tomatoes, pastes and pizzas) accounted for around 1.23 million tonnes.

Sales of tomato products (or products that may contain tomato-based ingredients) were only slightly affected by the anti-Covid measures introduced in 2020 in the countries of the Asia-Pacific region. Sales in the foodservice sector did indeed slow sharply in 2020, largely offset by purchases shifting toward the retail sector. Despite this temporary upturn, trends identified by Euromonitor point to a positive development of the foodservice networks by 2027, while the share of retail sales could decline slightly. In a context where the average annual growth rate (CAGR) is forecast to be over 3% between 2017 and 2027, the foodservice/retail sales ratio recorded at 17%-83% in 2017 should be close to 19%-81% in 2027.
In detail according to product category, retail marketing networks unquestionably dominated the market for ready-meals, soups, dehydrated sauces, pizzas, etc. over the 2017-2022 period. Sales of pastes were almost equally divided between the two types of sales channels, with only liquid sauces recording higher sales in the foodservice sector than in the retail trade. According to Euromonitor, the period 2022-2027 should see an increase in the importance of foodservice sales of liquid sauces, tomato pastes and prepared dishes. Conversely, sales of ketchups, canned tomatoes, pizzas, dehydrated sauces and soups are likely to shift more towards retail outlets.

The development outlook for the Asia-Pacific market over the period 2022-2027 is based on a series of positive growth prospects in a number of categories, with the exception of pizzas. With annual volumes already low in 2022 (less than 77,000 tonnes), sales in the region's least active category are set to fall further, to around 71,000 tonnes in 2027. Conversely, several categories are recording impressive annual growth rates, such as dehydrated sauces (8%), ketchup (6%), tomato paste (6%) and liquid sauces (5%). According to Euromonitor, the strongest growth in volume is expected to come from ketchup and dehydrated sauces, as well as ready-meals, whose modest growth rate of 1.8% applies to a market that is already very large in volume terms, and should see an increase of around 530,000 t between 2022 and 2027. 
The combination of the various developments expected in the Asia-Pacific market should produce average annual volume growth of around 3% over the 2022-2027 period, comparable in every respect to the 2017-2022 period.

Some complementary data
Ready-meals: This is the aggregation of shelf-stable, dried, chilled and frozen ready meals. They have a high degree of readiness and convenience. In most instances they are ready-to-heat or ready-to-eat. Ready-meals are generally accepted to be complete meals that require few or no extra ingredients. However, in the case of shelf-stable ready meals, the term also encompasses meal 'centers’.
For other definitions of products,
click here.

Comparative patterns in terms of volume and value for different regional markets.

Source: Euromonitor
Definition products
List Region Countries
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