Pasta Market Size, Future Growth, Key Players, Segmentation, Share and Forecast by 2029
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 Market, 2022-2029.”
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.
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 poised 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 are slated to focus on geographical expansion during the forecast periods
Browse In-depth Summary of This Research Insight:
https://www.fortunebusinessins....ights.com/pasta-mark
