The Pasta Market is expected to disclose a substantial upturn with a CAGR of 7.52% during the forecasted period of 2022 to 2030. As per experts, the Pasta Market is expected to witness a significant growth by 2030.
Product Description
Pasta refers to be a type of food item typically made by mixing wheat flour with eggs, water, vegetable and oil in to a dough form which later are converted into different shapes and sizes which are either baked or boiled before consuming. This is typically considered to be the staple or traditional food item under Italian cuisine.
The pasta dough is kneaded into various shapes and sizes which are known as penne, spaghetti, farfalle, fettuccine, barbine, etc.
Pasta has several health benefits owing to high concentration of vitamins and minerals.
Pasta is divided in two main categories as dries (pasta secca) and fresh (pasta fresca).
Market Description
Market growth, is associated with factors such as growing demand, earnings from the trade, economic state of that particular region, supply chain and others.
Pasta market is gaining immense popularity in India, particularly in millennial generation. Another reason for the market to progress is the changing lifestyle of people and demand for ready-to-eat products. Additionally, growing disposable income of people and growing women employment rate is influencing the market.
Market Overview
The Pasta Market is valued at USD 46.84 Billion in 2022; however, it is anticipated to show a noteworthy progress of USD 77.83 Billion by the year 2030.
Globalisation coupled with growing western influence has popularised Italian cuisine, not only in India but other parts of the world. This popularity is driving the market. Moreover, shifting food habits coupled with hectic schedules and growing disposable incomes has led to rise in demand for easy to cook food, which has influenced the market.
Additionally, rising awareness about healthy food habits in public and demand for nutritious food including whole-wheat pasta, quinoa, and gluten-free recipes is fuelling the progress. Moreover, foodservice companies are now providing several different options of nutritious and gluten-free products. Besides, the food companies are also discovering newer recipes which offer a combination of Italian and Indian mixture for tracking broader customer base across the globe. Combined cuisine, broad range of options etc. are fuelling the market.
Customers are seeking organic food items with healthier ingredients, which has contributed to an increase in the market for whole-wheat and quinoa pasta. The longer shelf life and ease of preparation of pasta is also providing a positive impetus to the market growth. The leading type of pasta is the dry pasta, whereas the semolina is the dominating raw material in the pasta market.
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Market Segmentation
The Pasta Market is segmented into Product, Raw material, Distribution channel
Product
Based on Product the market is further segmented into
- Canned
- Chilled
- Dried
The Dried form is popular than the canned or chilled one, as it is readily available in various shapes and sizes.
Raw Material
Based on Raw Material the market is further segmented into
- Wheat
- Gluten-free
The Wheat flour or semolina is more popular as it is mostly used for producing the best quality and variety of products. The elasticity makes it more flexible for the specific shape and size.
Distribution channel
Based on Distribution Channel the market is further segmented into
- Convenience Stores
- Supermarkets or Hypermarkets
- Online Stores
- Others
Online stores are considered to be a more convenient buying option and thus holds a highest position in market in terms of revenue share.
Regional Analysis
Based on the regional analysis the market covers following regions as North America, Europe, Asia Pacific, Middle East and Africa, Latin America. Europe region accounts for the largest consumer share and is expected to dominate the market during the forecasted period.
Covid-19 impact on the market:
The recent contagion that invaded the world led to devastating effects on the economy and human life. It was an unprecedented challenge to economy as a whole. This pandemic had led to closure of workplaces, travel restrictions, remote work options for almost all employees across globe which created challenges for businesses to operate.
The virus had spread across the globe at an alarming speed, tainting millions. The unprecedented lockdowns across the globe had resulted into monetary fall, besides, people were subjected to confinement which affected the global labour enforcement. This had majorly affected the Pasta Market.
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Market Key players
The key players of any market comprise of investors and intermediaries. Pasta Market has majorly driven the demand for ready to cook food and wide range of available options. Businesses are analysing the process that identifies direct competitors to accomplish their mission and vision. Many leading corporations are undertaking acquisitions and development activities to sustain the competition. The market is highly competitive and has witnessed growing competition between vendors. Some of the key players are recorded as
- Ebro Foods, S.A.
- CAMPBELL SOUP COMPANY
- TreeHouse Foods, Inc.
- Unilever
- The Kraft Heinz Company
- BORGES INTERNATIONAL GROUP
- Nestlé
- lli De Cecco di Filippo S.p.A
- Armanino Foods of Distinction
- Others
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