Pasta needs no introduction, winning hearts across the world it has quiescently slide in to people’s life. And has already acquired a special place on the shelves of household stores & grocery stores alike. An Italian cuisine once; jumping across the borders & seas, Pasta has actually become a staple food for many. Especially in India Pasta is vigorously trending and loved & preferred to an extent. This poses India as one of the biggest market for the product.
It’s just not the flavorful &exotic taste of Pasta that attracts people; but also the convince of storing & preparation it offers. Not taking much of time to get cooked it gives freedom to add various ingredients to suit palatals promising a delicious taste every time. Today’s fast life is making people to curtail upon many time consuming activities including cooking. And Pasta, offers cost & time effective cooking solution. This becomes the key reason for its augmented uptake worldwide making its market ever increasing.
Gauging & evaluating the potential of Pasta market to upsurge in the years to come, Market Research Future has recently published a study report asserting that the global Pasta Market will accrue USD 32.78 Billion by 2023, registering a CAGR of 5.85% during the period of 2017 to 2023. Surging demand for the convenience foods coupled with the consumer acceptance & preference is reasoning this exclusive growth.
Additionally, manufacturers are enhancing food’s nutritional value through fortification which is also meeting new target consumer groups focused on healthy foods. Pasta fortified with vitamins, calcium, minerals and Beta carotene in its natural form are growing in demand. Also growing population in developing countries, hectic lifestyles, rising number of working women along with the drive for minimal cooking labour are some of the major drivers encouraging the growth of the global Pasta market.
Other factors such as growing urbanization, changing lifestyles, low product cost, wide variety of flavours and flexibility according to regional taste also help to maintain an unfailing demand for the product worldwide. These factors will support the market growth.
Competitive Analysis:
The market appears to be highly competitive owing to the presence of numerous well-established players having international and global presence. These players are heavily investing to enhance the quality and global expansion. Marketers identify the need for world-class Pasta making and invest accordingly in state-of-the-art facilities to meet the consumers’ expectations.
Industry/Innovation/Related News:
January 18, 2018 – Farmer’s Fridge (US) a leading provider of convenience & ready to eat food out of vending machines, announced addition of two grain-based bowls named as ‘Southwest quinoa bowl’. The bowl offers choices of Pesto pasta, rotini pasta, and a nut-free basil pesto, made with white hominy, tri-color quinoa, black beans, corn, tomato, sharp cheddar cheese, pickled red onions, green onions and avocado crema. A one stop packet for whole day’s nutritional need. The company has also partnered with a technology company to take excess (unsold) food and deliver it to non-profits helping them to develop an algorithm that reduces waste.
December 07, 2017 – Barilla (Italy) a leading global pasta company that invented prototype of 3D pasta printer (2016). Since then the company hosts a competition to create innovative new pastas for their 3D pasta printer. The company along with Desall (an innovation design platform open for all creative people worldwide) announcing Winners of Second 3D Printed Pasta Competition
Market Segmentation:
For the convenience of the report and enhanced understanding; the report segmented in to 6 key dynamics.
By Main Ingredients: Comprises Wheat, Rice, Maize, Chickpea and others.
By Functionality: Organic, Gluten-Free and Vegan.
By Distribution Channel : Non-Store Based and Store Based.
By Form: Dried and Fresh.
By Type: Spaghetti, Penne, Fettuccine and others.
By Regions: North America, Europe, APAC and Rest of the World.
Europe region retaining its dominance will register a CAGR of 5.72% during the review period.
Whereas, Asia Pacific region emerging as the fastest growing market for pasta is expected to register 6.22 % of CAGR attributing to the pervasive growth in the countries like India, China, Japan and ASEAN countries. Growing demand for ready to eat food products especially in China and India will support the market growth during the review period. Similarly, the high consumption of processed and convenience food products in growing economies of Asia-Pacific supports the regional market growth.
Latin American countries, offer ample expansion opportunities for major players owing to the great demand for the fast food & convenience food products.
