Pasta Market Lucrative Opportunites By 2024
To entice consumers, small and large manufacturers are now experimenting with different ingredients ranging from chickpea flour and rice flour to tomato, spinach, carrot, or beet juices and different herbs and spices for enhanced flavor and color.
The global market for pasta can be classified into spaghetti, macaroni, and noodles. It can also be bifurcated into fresh and dried pasta. While the former is prepared from a simple dough of eggs and flour, the latter is made from finely ground semolina flour and water, sans egg mostly.
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Fresh pasta has a comparatively shorter shelf life than dried pasta and hence it is more expensive. Dried pasta generates accounts for a dominant share vis-à-vis sales in the global market for pasta. The overall global pasta market is expected to grow moderately in the upcoming years.
Global Pasta Market: Trends and Opportunities
By dint of being an easy dish that can be prepared without much effort, pastas have become popular worldwide. This, coupled with their longer shelf life, has driven the growth of this market so far.
Other factors providing a tailwind to the market are the high nutritional quotient of pastas and solid distribution channels such as supermarkets/ hypermarkets and departmental stores.
To further improve margins, astute players are manufacturing pasta not just with added flavors but also with added value such as more fiber, less carbohydrate, gluten-free, and fortified.
Some of the big ticket companies have also gone on to announce the use of only natural additives in their products. This recent trend to manufacture healthier varieties of pasta is expected to boost growth substantially in the coming years.
However, branded pasta companies – like many other staples – are finding it tough to safeguard their market share from private labels, especially in consolidated markets. Private labels steal a march with more or less decent quality goods that are priced lower.
Global Pasta Market: Regional Outlook
Geography-wise, the global market for pasta has been segmented into Asia Pacific, Europe, North America, and the Rest of the World. Among them, Europe accounts for maximum percentage share in terms of consumption and North America comes next.
Markets in China and India, emerging economies whose growth rate has surpassed that of all other countries in the world, have proved to be tough ones to crack. Per capita sales of pasta is low in India and China on account of lesser priced regional staples such as rice and noodles.
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Besides the lack of affordability and cultural preferences, the abundant availability of pasta is another factor hobbling the growth of the Asian markets.
Going forward, however, tables might likely turn due to rising per capita income in emerging economies, particularly India and China. This, coupled with rising urbanization, is anticipated to push substantial growth in the near future.
Companies Mentioned in the Report
To study the vendor landscape of the market, the report has profiled companies such as American Italian Pasta Company, Armanino Foods of Distinction Inc., Campbell Soup Company, Nissin Foods Holdings Co., Ltd., Fiori-Bruna Pasta Products, ConAgra Foods, Inc., Strom Products Ltd., and General Mills. Their recent developments and historical roadmap have been studied in the report in detail.
Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
TMR’s data repository is continuously updated and revised by a team of research experts so that it always reflects the latest trends and information. With extensive research and analysis capabilities, Transparency Market Research employs rigorous primary and secondary research techniques to develop distinctive data sets and research material for business reports.
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