Increasing disposable income boosts consumer buying power and increases their willingness to pay. Asia Pacific and other developing regions serve as the engine of global growth and exhibits an excellent further growth prospects for the global pasta market. Healthy growth and climbing income levels will continue to boost demand for pasta and the product innovation thereafter. Rising middle class population in emerging markets such as Asia Pacific and Latin America are raising the customer expectations, resulting in resetting strategic imperatives for industrial manufacturers in these regions. These factors will support the growth of pasta markets, and will grow at a CAGR of 5.85%
The emerging market opportunities for pasta appear to be conducive for the acceptance of convenience food in Middle East and Latin America. It is principally useful in the challenging environments, some of the challenging environments mainly insufficient resources, water scarcity and difficulty in cultivation paves way for an increased demand for convenience food products in Middle East and Latin American regions. The trend of consumption of pasta began in European countries and it spread to other regions rapidly due to globalization. Looking at the economic development at global level and specifically for BRIC countries and the increasing purchasing power of consumers, convenience trends are likely to remain significant. The increasing consumption of pasta is driven by this desire to create more leisure time which means that consumers like to maximize their free time along with their disposable income and spend more time doing the things they value more.
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Key players in the global pasta market are strategizing to enhance their investment in product development in order to extend the product line. Some of the companies are also inclined to increase their footprint across the world by acquiring local and regional players. Apart from that, the companies are also introducing their products in the developing economies in order to penetrate in the untapped market.
APAC is projected to grow at the fastest rate in the coming years owing to increasing demand for pasta from the working class population. Due to cheap raw materials & low production costs as well as less stringent environment regulations Asia-Pacific region is in a better position to produce starch at more competitive prices than the developed countries in European and North American region.
Major Key Players:
This report includes a study of strategies used in the market, mergers and acquisitions, as well as multiple product launches by pasta market players. It further includes product portfolios and developments of major players which includes:
- Nissin Foods Co., Ltd (Hong Kong)
- Capital Foods Limited (India)
- ITC Limited (India)
- Nestle SA (Switzerland)
- Ajinomoto Co., Inc. (Japan)
- The Unilever Group (Pot Noodles) (U.K.)
- Campbell Soup Company (U.S.)
Pasta Market is dominated by key manufacturers and very few new players are entering in pasta market due to high investment cost required for pasta food safety testing, certification, and pasta processing. The global pasta industry is expected to witness increase in mergers, acquisition and strategic alliance in upcoming years.
- 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.
- 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.
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- Retailers and wholesalers
- E-commerce companies
- Traders, importers and exporters
- Pasta manufacturers
- Raw material suppliers
- End users (food industry)
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