There is a large potential in Europe for valorization in the vegetable food supply chain. For example, there is occasionally overproduction of tomatoes for fresh consumption, and a fraction of the production is unsuited for fresh consumption sale (unacceptable color, shape, maturity, lesions, etc.). In countries where the facilities and infrastructure for tomato processing is lacking, these tomatoes are normally destroyed, used as landfilling or animal feed, and represent an economic loss for producers and negative environmental impact. Likewise, there is also a potential in the tomato processing industry to valorize side streams and reduce waste. The present paper provides an overview of tomato production in Europe and the strategies employed for processing and valorization of tomato side streams and waste fractions. Special emphasis is put on the four tomato-producing countries Norway, Belgium, Poland, and Turkey. These countries are very different regards for example their climatic preconditions for tomato production and volumes produced, and represent the extremes among European tomato producing countries. Postharvest treatments and applications for optimized harvest time and improved storage for premium raw material quality are discussed, as well as novel, sustainable processing technologies for minimum waste and side stream valorization. Preservation and enrichment of lycopene, the primary health promoting agent and sales argument, is reviewed in detail. The European volume of tomato postharvest wastage is estimated at >3 million metric tons per year. Together, the optimization of harvesting time and preprocessing storage conditions and sustainable food processing technologies, coupled with stabilization and valorization of processing by-products and side streams, can significantly contribute to the valorization of this underutilized biomass.