LONDON--(BUSINESS WIRE)--The global pasta market is expected to post a CAGR of over 5% during the period 2019-2023, according to the latest market research report by Technavio.
A key factor driving the growth of the global pasta market is the new product launches by regional and international players. Pasta manufacturers are adopting innovative strategies to increase the market share of their products. The success of new product launches is expected to accelerate players' business growth as well as the global pasta market. For instance, on September 2018, Barilla launched a range of legume-only pasta made from single ingredients such as chickpeas and lentils. The new Red Lentil Rotini, Red Lentil Penne, Chickpea Rotini, and Chickpea Casarecce are all certified as gluten-free, the company also launched its new organic Barilla pasta in May 2016. Therefore, with many such launches, the market is expected to have a positive outlook during the forecast period.
This market research report on the global pasta market 2019-2023 also provides an analysis of the most important trends expected to impact the market outlook during the forecast period. Technavio classifies an emerging trend as a major factor that has the potential to significantly impact the market and contribute to its growth or decline.
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In this report, Technavio highlights the prominence of health and wellness pasta as one of the key emerging trends in the global pasta market:
Global pasta market: Prominence of health and wellness pasta
Health and wellness pasta include high-fiber, fortified, reduced carbohydrate, and gluten-free pasta. Increasing health concerns among consumers and the subsequent demand for nutritious products have fueled the need for health and wellness pasta products. Consumers are also willing to pay higher prices for health and wellness pasta varieties. For instance, in the US, Italy, France, and Germany, consumers purchase health and wellness pasta varieties at higher prices than dried pasta and this consumption pattern is expected to continue through the forecast period. Therefore, the trend of offering health and wellness pasta is expected to continue during the forecast period.
“The growing presence of supermarkets, hypermarkets, and specialty stores worldwide is indicative of the proliferation of the organized retail sector. As pasta is primarily sold by large organized retailers, this implies that vendors operating in the market compete for the limited shelf space available in such large retail stores. Given consumer’s hectic lifestyles, convenience and value for money are critical parameters, and organized retailers enable both by stocking a wide assortment of products under one roof. Thus, consumer shopping patterns have shifted toward supermarkets and hypermarkets and enhanced the growth of the global pasta market,” says a senior analyst at Technavio for research on food.
Global pasta market: Segmentation analysis
This market research report segments the global pasta market by product (dried pasta, chilled/fresh pasta, and canned/preserved pasta) and geographical regions (APAC, EMEA, and the Americas).
The dried pasta segment led the market in 2018 with a market share of over 85%, followed by chilled/fresh pasta, and canned/preserved pasta respectively. However, during the forecast period, the chilled/fresh pasta segment is expected to register the highest incremental growth, followed by the canned/preserved pasta segment.
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Some of the key topics covered in the report include:
Market Landscape
- Market ecosystem
- Market characteristics
- Market segmentation analysis
Market Sizing
- Market definition
- Market size and forecast
Five Forces Analysis
Market Segmentation
Geographical Segmentation
- Regional comparison
- Key leading countries
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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