Global Pasta Market - by Source (whole wheat, rice), Type (spaghetti pasta), form (dried and fresh), Functionality (gluten-free) and Region- Forecast to 2023.
Pune, India -- (SBWIRE) -- 11/01/2017 -- Market Overview
Pasta is made up of flour and egg, unleavened dough and produced in a variety of forms, usually served with a sauce which is of Italian origin. Pasta dough is typically made of wheat flour or semolina with durum wheat mainly in the South Italy and soft wheat in the North Italy. Regionally other grains have been used, including those from rice maize, chickpea flours, and others. Pasta are readily available and offers diverse selection to the consumers as they come in multiple brands. Most consumers prefer dried pasta with no added flavor, although colored dried pasta seasoned with spinach, beetroot or tomato are the popular choices. Traditional varieties such as spaghetti, are the most popular forms. Product innovation, value-added product and low cost will contribute to positive growth for dried pasta. Thus due to growing demand from various end users globally, the market for pasta is estimated to grow at the rate of about 5.85 % from 2017 to 2023.
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This report includes a study of strategies used in the market, mergers and acquisitions in pasta, as well as multiple product launch by pasta market players. It further includes product portfolios and developments of leading major players which includes:
- Nestlé SA (Switzerland)
- Ajinomoto Co., Inc. (Japan)
- The Unilever Group (Pot Noodles) (U.K.)
- Campbell Soup Company (U.S.)
- Nissin Foods Co., Ltd (Hong Kong)
- Capital Foods Limited (India)
- ITC Limited (India)
The Global Pasta Market is mainly occupied by some key manufacturers. The competitive environment in this market is estimated to increase, with an increase in product portfolio from current key players. Most of the companies operating in this market are focusing on expanding their operations geographically, augmenting its capabilities and investing in research and development to offer products with better functionality.
Organized foodservice includes chain and licensed standalone players operating across quick service restaurants, lounges, and cafes that majorly relies on pasta as an ingredient to prepare the final dish. Organized foodservice uses majorly pasta, frozen pasta, and others as the key raw material for preparing food for end customers. Pasta is also known as an efficiency food as this helps in saving preparation time, labor and cost with minimum food wastage. All such factors have resulted in a huge demand of pasta in foodservice industry.
The trend of consumption of pasta began in European countries and it spread to other regions rapidly due to globalization. Looking at the economic development at global level, specifically for BRIC countries, the increasing purchasing power of consumers, convenience trends are likely to remain significant. The increasing consumption of pasta is driven by this desire to create more leisure time which means that consumers like to maximize their free time along with their disposable income and spend more time doing the things they value more. These factors will play a key role in the growth of pasta market at the CAGR of 5.85 % during 2017-2023.
By downstream Analysis
Penne and spaghetti holds a promising market as they are popular in various pasta recipes across the globe. In other pasta, lasagna pasta sheets have seen growing demand, as demand for baked pasta dishes has been increasing. Key players are also investing in micro-wave friendly packaged pasta, Due to an increase in the working class population. Whole grain pasta and gluten free pasta have shown highest potential in the market. Moreove rise in number of people following vegan diet, vegan pasta products are are gaining popularity amongst such groups. These aspects will drive the growth of pasta market at the CAGR of 5.85% during 2016-2023.
The global Pasta market is segmented into North America, Europe, Asia Pacific, and rest of the world (ROW). Among these, APAC region is expected to retain its dominance throughout the forecast period. The market is projected to grow at a steady pace in the review period. Europe will be the fastest growing region in the pasta market and high growth in emerging economies such as China, India, Japan and ASEAN countries. Latin American countries, offer ample Expansion opportunities for to major players. There is higher consumption of processed and convenience food products in developing economies such as Asia Pacifica and Latin America
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- Pasta manufacturers
- Raw material suppliers
- End users (food industry)
- Retailers and wholesalers
- E-commerce companies
- Traders, importers and exporters
- Store based segment is anticipated to account the maximum market share in the Global pasta market throughout the forecast period of 2017-2023.
- The spaghetti segment is projected to register the higher growth rate (5.77%) during the forecast period of 2017 to 2023.
- In Europe region Italy dominates the market, and is expected to grow at CAGR of 5.72%