Pasta Market Overview
The pasta market is expected to grow at a 5.77% CAGR and reach USD 82.3 Billion during the forecast in 2030. Pasta consumption has risen dramatically in recent years because of busy lifestyles and changing purchasing patterns. Pasta originated in Italy, but due to its quick cooking quality, it quickly acquired popularity around the world. Pasta demand is rising in the Asia Pacific developing economies because of urbanization and western influence. The demand for pasta is being driven by a shift in the young generation's nutritional preferences. Furthermore, increased demand for various pasta types such as fusilli, vermicelli, spaghetti, macaroni, and penne have a beneficial impact on the vegan pasta brands market's growth. The growing trend of eating healthy, organic, and gluten-free foods has given rise to new types of pasta.
Consumers in many areas are increasingly focusing on including healthier food options in their diets, and the nutritional benefits and variety of pasta are helping to grow the global market. Because of the prevalence of hectic lifestyles in urban regions, the desire for convenience foods has increased at a rapid rate. The exceptional expansion seen in the foodservice industry is expected to be a key driver of pasta market demand throughout the forecast period. The pasta market is expected to develop in the future due to the ease of access to pasta products and their simple production process, even on a large scale.
COVID-19 Impact Analysis
The COVID-19 outbreak has had a significant impact on the grain-based food business. Lockdowns in several countries have been discovered to have bolstered estimates for significant demand from pasta lovers in various parts of the world. Customers overstocked commodities like pasta, crackers, wheat, and cereal because of the coronavirus, which caused a drop in output in notable markets. The adverse weather is expected to affect durum production in Italy, the world's largest pasta user. The global demand for pasta is expected to continue to rise, and countries in the European region are experiencing lower harvests and are purchasing to meet increased consumption. Because of the product's lengthy shelf life, it's a popular choice among consumers considering stockpiling if stay-at-home orders are expected to last more than a few weeks.
Analyses by Region
Throughout the projected period, the European pasta market is expected to develop a leading position in the pasta market. In 2019, the region accounted for 36.34 percent of the market. Italy is one of the major contributors to the pasta market's expansion. During the projection period, the market in the region is expected to grow at a notable CAGR of 5.05 percent. Pasta is one of the most common basic dishes in Europe. Its progress is fueled by rapid population growth and rising per capita disposable income. Furthermore, the region's pasta market is growing because of rising global tourism and the overall changing characteristics of the country's economy, which impact the HoReCa sector's development.
China and India, two growing markets whose growth rates have outpaced that of the rest of the globe, have proven difficult to penetrate. In India and China, per capita sales of pasta are low due to lower-cost regional staples such as rice and noodles. Aside from a lack of cost and cultural sensitivities, another problem impeding Asian market expansion is the abundance of pasta. However, rising per capita income in emerging economies, particularly India and China, may tip the scales in the future. This, combined with increasing urbanization, is expected to drive significant growth in the foreseeable future.
Key players in the pasta market include the Unilever Group, Capital Foods Limited, and ITC Ltd., among others.
Based on distribution method and source, the pasta market trends research is divided into distinct market segments.
Maize, multigrain, rice, soy, wheat, and others make up the distribution channel sector. Because multigrain is a good source of dietary fibres, it is expected to grow at the fastest rate of 5.90 percent during the projection period.
In addition, the global market is divided into store-based (supermarkets hypermarkets, convenience stores, and others) and non-store-based segments, depending on the source. By the end of 2026, the store-based category is expected to command the global pasta market, with a value of USD 47.74 billion. The non-store-based market, on the other hand, is predicted to grow at a 5.53 percent CAGR throughout the assessment period.
NOTE: Our Team of Researchers is Studying Covid19 and its Impact on Various Industry Verticals and wherever required we will be considering Covid19 Footprints for Better Analysis of Market and Industries. Cordially get in Touch for More Details.
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