In a small mixing bowl, combine tomato paste, water, vinegar, onion powder, garlic powder, mustard powder, cayenne pepper, salt, and black pepper; whisk to combine.
If you want a thicker consistency, add more tomato paste. To thin it out, add more water, 1/2 tablespoon at a time.
Spread half of the prepared ketchup over the top of the meatloaf; reserve remaining ketchup for later.
Bake the meatloaf for 55 minutes.
Remove from oven and spread remaining ketchup over the meatloaf.
Bake for an additional 10 to 15 minutes, or until the middle of the meatloaf reaches 155F on a meat thermometer.
Remove meatloaf from oven and let stand for 15 minutes.
Cut and serve.