Pasta Market Expected to Grow at CAGR 5.85% During 2017 to 2023

Market Scenario:

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. The constituents of pasta may vary according to the region of its manufacture, this may include rice, maize, chickpea and other flours. The trend of consumption of convenience food began in western world and spread to other regions rapidly.

Consumers look for convenience food as it is easily available, and possess nutritional value due to fortification, variety and product appeal. Due to changing lifestyles, consumers are spending less time planning and cooking meals at home as they consider preparing food time-consuming chore. Pasta is considered convenient as there is no need to put in efforts in cooking & chopping vegetables, this factor will support the growth of this market. Globally the market (value) for pasta is estimated to grow at the rate of about 5.85% from 2017 to 2023.

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Key Players:

The key players profiled in the pasta market are Nestlé SA (Switzerland), Ajinomoto Co., Inc. (Japan), The Unilever Group (Knorr) (U.K.), Campbell Soup Company (U.S.), Nissin Foods Co., Ltd (Hong Kong), Capital Foods Limited (India), ITC Limited (India).

Regional Analysis:

The global Pasta market is “Spread across” can be used to increase the readability. North America, Europe, Asia Pacific, and rest of the world (ROW). Among these, Europe region is expected to retain its dominance throughout the forecast period and will grow at a CAGR of 5.72%. APAC will be the fastest growing region in pasta market, market value will grow at a CAGR of 6.22 % and high growth in emerging economies such as China, India, Japan and ASEAN countries. Latin American countries, offer ample expansion opportunities for major players. The high consumption of processed and convenience food products in growing economies of Asia-Pacific and Latin America and growing demand for ready to eat food products especially in China and India will support the market growth during the review period.

Market Segments:

Pasta market has been segmented on the basis of sources which comprises of whole wheat, rice, maize, chickpea, and others. Among all the segments, wheat pasta accounts for the highest market proportion over the past few years and 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.

Pasta has been segmented by type spaghetti pasta, penne pasta, fettuccine pasta, rotini pasta and others. Fettuccine pasta segment will witness higher growth rate during the forecast period.

Pasta has been segmented on the basis of distribution channel which comprises of store based and non-store based.

Pasta is segmented on the basis of by functionality that includes gluten-free, vegan and organic. Organic pasta will dominate the market, as the demand for chemical free food beverages products has been increasing in recent years from the health cognizant consumers.

Target Audience:
Pasta manufacturers
Raw material suppliers
End users (food industry)
Retailers and wholesalers
E-commerce companies
Traders, importers and exporters

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Key Findings:

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%

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This release was published on openPR.