Overview
Pasta is a mixture of unleavened dough made from flour and eggs and produced in a variety of forms. Consumption of refined pasta and whole-grain pasta has takers among the masses due to the rise of convenience foods. The global pasta market report by Market Research Future (MRFR) estimates the market size and revenue projections for its segments for the period of 2017 to 2023 (forecast period).
Market Scope
The global pasta market can reach a valuation of USD 32.78 billion by 2023. It is predicted to expand at a CAGR of 5.85% over the forecast period. The need for convenience foods is the major driver of the market. Change in lifestyles and preference of takeaway meals is likely to bode well for the market. The recent outbreak of the COVID-19 pandemic has led to mass purchases of different types of pastas. Manufacturers have been running their units overtime t cover the demand-supply glut. Automation of flour mixing and packaging has eased the production process to a certain degree.
But lack of transportation facilities for distribution of pastas to outlets can hamper its growth.
Competition Outlook
Campbell Soup Company, Nissin Foods Co., Ltd, Nestlé SA, The Unilever Group (Knorr), Capital Foods Limited, ITC Limited, and Ajinomoto Co., Inc. are key players of the global pasta market. Development of new production techniques such as cold pressing and accumulation of pasta recipes which blend tradition and innovation can bode well for the market.
Segmentation
Pasta market research report has been segmented on the basis of sources which comprises maize, whole wheat, chickpea, rice, and others. Among all the segments, wheat pasta accounts for the highest market share over the past few years. It is projected to dominate the pasta market during the forecast period. However, maize pasta segment will expand at a high growth rate during the forecast period.
By type, it is segmented into rotini pasta, spaghetti pasta, fettuccine pasta, penne pasta, and others. Fettuccine pasta segment will witness higher growth rate during the forecast period.
By distribution channel, the market is divided into store based and non-store based.
By functionality, the market is segmented into vegan, gluten-free, and organic. Organic pasta will dominate the market, as the demand for chemical-free foods will influence the segment growth.
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Regional Analysis
North America, Europe, Asia Pacific (APAC), and Rest-of-the-World (ROW) are regions taken into consideration with respect to the global pasta market.
Among these, Europe region is expected to retain its dominance by growing at a CAGR of 5.72% throughout the forecast period. North America is expected to contribute to the global market revenue owing to consumption of convenience foods by consumers. The outbreak of COVID-19 has led to initiatives such as Pasta it Forward for feeding pasta to the homeless. This will drive the demand for pasta till 2023.
APAC will be the fastest growing region in the pasta market. Its value will grow at a CAGR of 6.22% over the forecast period due to high spending power in emerging economies of China, India, Japan and ASEAN countries. Online grocery platforms and other hyperlocal stores are likely to ramp up the revenues for the global pasta market trends owing to customer preference of ordering food in.
Latin America is likely to offer ample expansion opportunities for major players. The high consumption of processed and convenience food products in growing economies of APAC and Latin America will lead to setup of production facilities in the region.
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