Tomato Powder Price Forecast Report 2024-2025 | Price Trend, Latest Prices, Market Analysis, News, Chart, Demand, Extensive Forecast, Historical and Forecast Data

Tomato Powder Price Forecast

In 2024, the U.S. tomato powder market is poised for significant fluctuations due to potential tariffs on Mexican tomato imports, which dominate over 90% of the U.S. tomato market. The North American price forecast for tomato powder and its related commodities was thus altered by this imposition. The U.S. Department of Commerce is considering tariffs to counteract Mexico's long-standing practice of selling tomatoes at up to 30% below fair market prices, attributed to Mexican government subsidies. If imposed, these tariffs could raise the average price of Mexican tomatoes by 21%. The tariffs' implementation would affect not only fresh tomatoes but also processed products like tomato powder, reflecting the complexities of international trade and its implications on domestic agriculture and consumer costs. Consequently, consumers and businesses reliant on tomato powder are also expected to bear the consequences of elevated prices and potential supply chain adjustments.

Market Dynamics

Morocco has emerged as a significant player in the European tomato market, experiencing a notable increase in tomato exports to countries like the UK, France, and Spain, easing the production pressure and facilitating the stabilization of the tomato powder price outlook. However, this surge in exports has triggered tensions with European farmers' associations, who accuse their governments of favoring Moroccan produce, as it might lead to a significant rise in competition and subsequent decline in the prices of related commodities such as tomato powder. However, this success has also led to price declines in certain European regions, sparking protests. Despite these challenges, Moroccan tomato exports continue to reshape the European tomato market dynamics, with Moroccan tomatoes increasingly competing with those from traditional European suppliers like Spain.

Annual Outlook for the Tomato Powder Industry

In 2024, the tomato powder market faces a challenging landscape due to rising costs, uncertain inflation rates, and shifting consumer preferences. The food and beverage companies are struggling with moderated consumer spending and increased scrutiny on discretionary spending, leading to reduced demand for food products, including tomato powder. Additionally, supply chain disruptions from climate-related issues and geopolitical tensions further complicate operational efficiency and price forecasting. Despite easing inflation, some food commodity prices, including tomatoes, remain elevated, putting pressure on manufacturers to cut prices and challenging profitability. On similar lines, California's tomato processors report contracts for 11.6 million tons in 2024, a 10% decrease from 12.9 million tons forecasted in August 2023, with contracted production coming from 232,000 acres, down 9% from 2023, projecting a bleak market and price outlook for tomato powder in 2024.

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