News

In the first half of 2025, the global tomato product market continued to experience overcapacity and declining demand. In 2024, global tomato processing volume reached a record high of 45.805 million tons, a year-on-year increase of 3.1%. China, the United States (California), and the European Union (mainly Italy and Spain) contributed 70% of the supply. China's processing volume was 10.678 million tons, accounting for 23.3% of the global total. Although this was lower than the 11.586 million tons in 2023, it was still far higher than the 15-year average (approximately 7.5 million tons). Xinjiang, the main production area of China, contributed over 90% of the national processing volume. Other major producing areas... In some regions, such as California in the US (11.055 million tons) and the EU (10.948 million tons), production surges in emerging producing countries like Iran have become the main drivers of oversupply. High inflation in major European countries has led to inflated prices for consumer goods, resulting in a decline in market demand. European imports have decreased by about 10% compared to 2023. Global tomato processing companies had approximately 5 million tons of unsold inventory in 2023, and an additional 3 million tons are expected to be added in 2024, putting significant pressure on the market. China remains the world's largest exporter of tomato paste, accounting for about 35% of global exports, but its export value in 2024 decreased by about 40% year-on-year. The average export price of Chinese tomato paste fell from around $1200/ton at the beginning of the year to around $700/ton, a drop of over 40%, reaching a nearly 15-year low.