“Pasta Market is predicted to grow at CAGR 5.85% by 2023, Global Pasta Market is segmented by Main Ingredients, Functionality, Distribution Channel, Form, Type and Region “
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Market Insights:
The increasing demand for convenience food is likely to influence the expansion of the global pasta market positively over the next couple of years. It has been highlighted in the observation put forward by Market Research Future (MRFR) that the global pasta market is set to expand at 5.85% CAGR across the projection period 2017 to 2023. In addition, it has also been revealed that the market’s valuation is poised to surpass USD 32 Bn mark by 2023.
One of the factors impacting the expansion of the pasta market positively is the rising working women population. In addition, the introduction of clean label products is also poised to create awareness about the health benefits of the product. This, in turn, is prognosticated to encourage the growth of the pasta market in the years to come.
Lifestyle changes, coupled with rising disposable income, is likely to contribute substantially to the development of the pasta market over the next few years. In addition, the investments in the production of different products according to changes in consumer behavior such as gluten-free, organic, etc. is set to accelerate revenue creation for market players. However, strict regulations are prognosticated to restrict the growth of the pasta market in the nearby future.
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Competitive Dashboard:
Nestlé SA (Switzerland), The Unilever Group (Knorr) (U.K.), Ajinomoto Co., Inc. (Japan), Campbell Soup Company (U.S.), Capital Foods Limited (India), Nissin Foods Co., Ltd (Hong Kong), and ITC Limited (India) are the key players profiled in the share analysis of the global pasta market in this report.
Product innovation is one of the common growth strategies opted by the market participants to gain an edge over competitors. In addition, the competitive landscape of the market demonstrates healthy competition owing to the adoption of new and innovative flavors for creating an identity for the product. In addition, quick response to shifts in consumer behavior pattern is anticipated to keep the expansion of the pasta market going at a healthy pace in the upcoming years. Other growth strategies of the market players include mergers & acquisition, supply chain management, increase in production levels, investments in packaging, etc.
Market Segmentation:
The main ingredients of pasta identified in this MRFR report are wheat, maize, rice, chickpea, and others.
On the basis of functionality, the segments of the pasta market include gluten-free, organic, and vegan.
By form, the global pasta market has been bifurcated into dried and fresh.
Different types of pasta assessed in this report for the segmental analysis of the pasta market are penne, spaghetti, fettuccine, and others.
Non-store based and store-based the two key distribution channels of the pasta market.
Regional Analysis:
The geographical assessment of the Global Pasta Market spans across four regions – Asia Pacific, North America, Europe, and the Rest of the World (RoW). Asia Pacific is projected to maintain its standing at the forefront position over the next couple of years. Increasing population, in conjunction with rising demand for convenience food, is expected to drive the expansion of the regional pasta market over the next few years. China, India, and Japan are the most prominent country-level markets in the region. Europe, on the other hand, is forecasted to register a relatively higher CAGR across the review period.
Latest Industry Developments:
In July 2019, Modern Table, which focuses on high protein pasta, has announced the launch of its latest line of veggie pasta with the introduction of Beet Rotini.
In July 2019, Saclà Italia, an Italian pesto and pasta sauce brand, has announced the launch of its new vegan white sauce for pasta and lasagna.
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Source: MarketersMedia
Release ID: 88903358
