LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global pasta market to grow at a CAGR of almost 6% during the forecast period, according to their latest report.
The research study covers the present scenario and growth prospects of the global pasta market for 2017-2021. The market is segmented based on product (dried pasta and chilled and fresh pasta), and distribution channel (supermarkets and hypermarkets, independent and grocery retailers, convenience stores, and discounters). The market is further segmented into geography (EMEA, the Americas, and APAC).
The global pasta market is expected to grow during the forecast period due to the increasing demand for convenient food products like instant pasta and dried pasta. Change in consumer lifestyle, increasing disposable income, increase in health awareness, and rise in demand for convenience food and consumption will a positive impact on the market during the forecast period. Packaged foods are convenient to carry, store, and use. Thus, all these factors together will drive the market.
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Technavio food and beverages research analysts highlight the following three factors that are contributing to the growth of the global pasta market:
- Impact of private labels
- Increased demand for instant pasta
- Increasing usage of pasta across the globe
Impact of private labels
Private label is one of the important and prominent strategies in the retail sector. The market share of private label products is increasing across the world. It varies according to the product segment. National brands and private label products differ in promotion frequency and pricing. Private label brands offer pasta products at prices lower than those of national brands and without promotions.
Manjunath Reddy, a lead food research analyst at Technavio, says, “Price-sensitive consumers are switching from branded products to low-priced private label products. In Canada, leading retailers like Costco, Safeway, Auchan, Carrefour, Tesco, and Walmart offer private label pasta products. The demand for private label pasta products is expected to rise in the coming years as price-sensitive consumers look for quality products at competitive prices.”
Increased demand for instant pasta
Instant pasta can be rehydrated in approximately five minutes after mixing it with boiling water. It is usually present with a dehydrated sauce that is mixed before or after cooking. Instant pasta is ideal for the "on-the-go" generation, who demand convenience foods. The newer generation has redefined the traditional way of cooking and eating. Convenience foods like instant pasta fulfill their needs by reducing the preparation time.
“The market demand is also increasing due to increase at-home cooking. Increasing health awareness and growing concerns about the hygiene and quality of outside food have led to an increased preference for home-cooked food. Consumers now look for convenient options such as pasta, which can be cooked with minimal demands on time and effort,” adds Manjunath.
Increasing usage of pasta across the globe
Pasta has become one of the most popular foods across the globe. Studies have shown that the popularity of pasta has surpassed the popularity of meat and rice. Low cost, versatility, and convenience have increased the sales of pasta across the world. Pasta is the most consumed food product in southern Italy. In Italy, it is served in small quantities, while in North America, it is served as a main course.
Some of the leading pasta-consuming nations are Italy, the US, Brazil, Germany, France, Russia, Australia, the UK, Japan, Canada, and Mexico. The market is gaining momentum in Asian countries like China and India due to improving economic conditions, increase in disposable income, and growing demand for convenience foods.
Top vendors:
- Barilla
- De Cecco
- Ebro Foods
- Nestlé
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