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23 July 2014 | Gurjit Degun
The price of tomato concentrate has decreased after high levels at the start of 2014.
According to Mintec, the price has dropped by 9 per cent since a peak in April. The current price is €0.89 (71p) per kilogram, in April this was €0.99 (78p) per kilogram.
“European plantings have increased, which has resulted in higher yields for tomato crops in Europe, up 23 per cent, to 8.9 million tonnes compared to 2013,” said Mintec. Europe produces 24 per cent of the world’s processed tomatoes.
Tomato concentrate is made from crushed tomato pulp that has been cooked and reduced and is a staple in Mediterranean-type pasta and pizza sauces to enhance the tomato flavour.
Mintec also said global tomato production for the 2014/15 season is forecast to be 39 million tonnes, up 19 per cent year-on-year.
“This is driven by the US, with the main growing state of California expected to increase the harvest acreage by 10 per cent,” said Mintec. “Prices initially peaked in the EU, up 19 per cent from the start of 2013 to the end of 2014, due to severe frost damaging crops.”