Investing in a tomato paste factory in the Sultanate of Oman represents an investment opportunity during 2022, especially in light of Oman’s Vision 2040 for advancing the national economy, enhancing the components of the non-oil economy, and striving for a distinguished position among global economies.
What is tomato paste?
Tomato paste has been known for decades, and its use became widespread in the 20th century with the development of the food products industry and the increasing ravenous appetite for fast food. The use of tomato paste varies from country to country depending on the customs of its people. Americans are familiar with seedless and skinless concentrated tomato paste, which is served in restaurants with high fructose corn syrup.
European markets prefer tomato paste with salt, and in the British territory of Saint Helena, sweetened tomato paste sandwiches are served at dance parties. Meanwhile, the inhabitants of the Middle East prefer tomato paste as a type of sauce served as a side dish or incorporated into some main dishes in Arab cuisine.
The tomato paste factory offers its products in various sizes suitable for use in restaurants, hotels, and homes. Global statistics indicate that the market value of global tomato paste products reached 7.8 billion US dollars in 2020. The global tomato paste market is expected to grow at a compound annual growth rate of 5.5%, reaching 13.3 billion dollars by 2030.
In 2017, Oman’s tomato production was estimated at approximately 191,597 tons, which increased to 340,228 tons in 2020. It is noted that the cultivated area for tomatoes in 2017 did not exceed 5,828 acres; however, the Sultanate expanded its tomato cultivation, bringing the cultivated area up to 8,343 acres, out of a total cultivated area for vegetables of 69,276 acres.
Mashroo3k Company indicates through a number of precise studies of the Omani market that the continuous increase in tomato production underscores the importance of investing in a tomato paste factory in the Sultanate of Oman. The Sultanate of Oman is considered a promising market for tomato paste products, offering the highest return on investment and the best payback period.
For more details on the latest economic indicators and investment opportunities in the Sultanate of Oman, as well as the prominent funding agencies supporting successful investment projects in the Sultanate of Oman, you can contact the investor services team at Mashroo3k for Consulting.
