Pasta Market Latest News and Forecast by 2029

- Business - January 20, 2023
Pasta Market

The global pasta market size was valued at USD 43.63 billion in 2021. The market is projected to rise from USD 46.84 billion in 2022 to USD 77.83 billion by 2029 at 7.52% CAGR during the forecast period 2022-2029. Fortune Business Insights™ has deep-dived into these insights in its latest research report titled, “Pasta Market2022-2029.”

According to the study, pasta products will be sought-after across advanced and emerging economies, partly due to the trend for the Western diet. Moreover, soaring penetration of ready-to-cook food products has boosted the industry’s growth. However, mixed impact from the COVID-19 pandemic compelled stakeholders to redefine their strategies.

Report Coverage

The report sheds light on quantitative and qualitative assessments to offer a holistic view of the global market. Further, a host of primary interviews has been conducted with opinion leaders, suppliers, and other stakeholders. Primary data has been collated through emails, telephonic conversations, and questionnaires. The secondary sources referred are press releases, SEC filings, and websites. The report highlights bottom-up and top-down approaches to provide a comprehensive view of product mapping.

Major Players Profiled in the Pasta Report:

  • Barilla G. e R. F.lli S.p.A. (Italy)
  • Ebro Foods, S.A. (Spain)
  • TreeHouse Foods, Inc. (U.S.)
  • Unilever (U.K.)
  • The Kraft Heinz Company (U.S.)
  • Nestlé (Switzerland)
  • F.lli De Cecco di Filippo S.p.A (Italy)
  • Armanino Foods of Distinction (U.S.)

COVID-19 Impact

Uptake of Pasta Consumption amidst Pandemic to be pronounced

Industry players witnessed a gradual spike in the product consumption following the tendency of stockpiling. Leading companies upped investment in streamlining food production and consumption across advanced and emerging economies. Meanwhile, factory closures and lockdown measures challenged the growth prospects.

Drivers and Restraints

Rising Footfall of Convenient Food to Underpin Industry Growth

Industry participants expect the trend for ready-to-eat food products to boost the pasta market growth during the forecast period. The Unione Italiana Food and ICE Agency claims that the product consumption surged in Germany, Italy, the U.S., and France during lockdown. Strong consumption of the product amidst the pandemic will foster the business outlook. Notably, the dish has become an invaluable part of diet globally. According to Oxfam, it is regarded as the favorite dish in the world. Current trends suggest leading companies will continue to inject funds into the market landscape.

However, low wheat production along with aversion toward high-calorie food could bring a notable shift in the industry. A notable surge in health-conscious consumers will compel industry players to rethink their strategies.

Regional Insights

Europe to Offer Promising Opportunities with Growing Footfall of Gluten-free Dish

A palpable surge in millennials and the Gen Z population across the U.K., France, and Italy has brought a paradigm shift in the product manufacturing. Prominently, manufacturers have upped investments in gluten-free products. The market in Europe was valued at USD 18.35 billion in 2021 and will witness a similar trend owing to the demand for chilled products.

The Asia Pacific pasta market share will observe an appreciable gain during the forecast period due to the presence of leading companies across China, Japan, Australia, and India. A gradual rise in purchasing power in emerging economies could aid the regional growth. The demand for traditional recipes and methods for cooking the product will be noticeable in the ensuing period.

Industry participants are poise to inject funds into the North America industry following the penetration of online channels and convenience stores. Health-conscious consumers are likely to encourage manufacturers to streamline the supply chain process. Industry participants expect chilled and dried products to gain traction across the U.S. and Canada.

Competitive Landscape

Industry Players to Invest in Product Launches to Grow their Portfolio

Well-established players and emerging companies are predicted to focus on mergers & acquisitions, product launches, technological advancements, and R&D activities. Current trends indicate leading companies to focus on geographical expansion during the forecast period.

Key Industry Developments

  • August 2021: Pasta Plant announced its plans to roll out new gluten-free pasta varieties into the market.
  • September 2021: Italy-based manufacturer, Barilla, announced the expansion of a gluten-free pasta product line composed of chickpea flour.

Read Related Reports:

The global probiotics market size is expected to reach USD 94.48 billion by 2027 while exhibiting a CAGR of 7.9% between 2020 and 2027. This information is publishe by Fortune Business Insights in its report, titled “Probiotics Market, 2020-2027“. The report further mentions that the market stood at USD 48.88 billion in 2019. The growing consumption of nutritional food among the health conscious section of the market is gaining popularity in recent years. For instance, the Nutrition Society of Malaysia has also introduced the Probiotics Education Program to educate consumers on the health benefits of these products.

List of Top 10 Key Players Profiled in the Probiotics Market:

  • Danone S.A. (Paris, France)
  • Lallemand Inc. (Canada)
  • Yakult Honsha (Japan)
  • Nestle S.A. (Vevey, Switzerland)
  • DuPont (Danisco A’S) (Delaware, United States)
  • Chr. Hansen (Horsholm, Denmark)
  • Kerry Inc. (Tralee, Ireland)
  • Post Holdings, Inc. (Missouri)
  • Pepsico, Inc. (New York, United States)
  • Evolve Biosystems, Inc. (Davis, California)

Driving Factor

Rising Awareness of Product through Social Mediums to Surge Demand

The numerous health benefits of the product are augmenting the probiotics market growth. The increasing awareness and advertisement by prominent personalities are creating a demand in the market. Various athletes and yoga instructors are emphasizing the health benefits of nutraceuticals through social media as paid partnerships. Also, a considerable chunk of health-conscious vegan consumers prefers to get their nutrients from nutraceutical sources. The industry is also experiencing heavy investment in research and development for innovation. For example, in February 2020, Amorepacific Group inaugurated its novel green tea probiotics Research Centre for studying lactobacillus found in Jeju organic green tea.

Regional Insights

Rising Awareness of Health Benefits to Aid Growth in Asia Pacific

Asia-pacific to hold the largest probiotics market share due to high consumption in China and Japan. The rising awareness of the health benefits of the product is garnering significant demand from the region. For instance, Yakult Honsha declared the company sales of 9,540 bottles of Yakult every day in Japan.

North America to showcase considerable growth in the forthcoming years. This is due to the well-established food industry in the region. Moreover, a rising preference for a healthy diet owing to the prevalence of lifestyle diseases in the region to incur product demand.

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