Pasta Market to Reach Valuation of USD 64.25 Billion by 2028 - Hectic consumer lifestyle across the globe to Drive the Market Growth

From the period 2022 to 2028, the Global Pasta Market is expected to reach USD 64.25 Billion in terms of revenue, growing at a Compound Annual Growth Rate (CAGR) of 7.20%.

Consumers are shifting towards easy-to-cook food items that require minimal cooking time and skills as a result of rapid urbanization, hectic lifestyles, and western influences. Pasta consumption is rising, notably for vermicelli, fusilli, and macaroni, due to its convenience and health benefits. Aside from that, a number of regional and global producers are introducing a diverse selection of Pasta in new and potential markets in order to match changing consumer tastes and preferences. To entice customers, they are experimenting with diverse components such as carrot, spinach, beet juice, and herbs, as well as offering unique Pasta varieties such as organic, vegan, and gluten-free spaghetti. The increased popularity of low-carbohydrate diets, on the other hand, may represent a danger to industry growth. Increased urbanization, changing lifestyles, and rising demand for ready-to-eat foods are the main factors driving the market's growth in India. The sector is also fueled by a rise in women's employment rates, as well as an increase in discretionary income. Customers are also looking for organic foods with healthier components, which has resulted in a rise in the market for whole-wheat and quinoa pasta.

Key Highlights from the Report

• On the basis of Type, the market is segmented into Dry Pasta, Instant Pasta and Fresh Pasta. The dried form is preferred over chilled or canned form because it comes in a variety of shapes and can be stored easily. Furthermore, chilled and canned products have a shorter shelf life than dry products, making long-term storage difficult. Furthermore, dried products absorb sauces and ingredients better than other forms, making them an excellent choice for a wide range of recipes. In recent years, consumer demand for chilled forms has skyrocketed. Industrially manufactured dried items lack essential nutrients because they are handled at high temperatures during the manufacturing process.

• On the basis of distribution channels, the market is segmented into Institutional, Convenience Stores, Hypermarket/supermarkets, and E-Retailing. Consumers have the option of picking items through proper inspection of nutritional features and making an informed purchasing decision, therefore the supermarkets/hypermarkets segment is predicted to have the biggest revenue share. Supermarkets also offer more accessibility and ease when it comes to selecting products from a diverse range of options. During the projected period, other distribution channels, such as online stores, are expected to rise rapidly. Because these channels allow consumers to purchase things from the comfort of their own homes, consumer adoption of these channels is projected to skyrocket.

• Asia Pacific is the fastest regional segment in terms of growth. The Asia Pacific will increase at the quickest rate during the predicted period. Demand for such items is fast increasing in China, India, Japan, Korea, and Southeast Asian countries as the number of people adopting Western diets rises. Furthermore, as the working population and disposable income in the region have grown, the demand for convenience foods has expanded dramatically. Furthermore, traditional ways and recipes for cooking them exist in China and Japan. These elements contribute to the region's industry's growth.

Some of the key players in the Pasta Market include Nestle India Limited, ITC Limited, Bambino Agro Industries Limited, Del Monte Foods, MTR Foods Private Limited and others.

Market Dynamics:

Increasing Demand for Convenient Food Products to Sustain the Market

The demand for ready-to-eat foods has risen dramatically in recent years. More people are leading a stressful lifestyle as their employment levels climb. As a result, demand for ready-to-cook foods increased dramatically. Because of the rising demand for ready-to-cook food among consumers, the primary exporting countries of these products saw a boom. Furthermore, these items are less expensive and easier to prepare, making them a popular choice among working people.

The popularity of ready-to-cook food products as an integral part of diet is expected to positively influence market growth

For centuries, these products have been a staple of cuisine in a variety of countries. Different countries have developed their own product, which contributes to the global increase in consumption. It is regarded as the world's favorite dish. Furthermore, high-end multi-cuisine restaurants are offering new dishes based on such products, increasing their market appeal and contributing to market growth.

Europe is expected to have the largest market share in 2021, with a share of 38.10 percent. Europe is the largest consumer and is expected to maintain its lead throughout the forecast period. It has long been a staple of traditional feasts, especially in Italy and Greece. The market for high-carbohydrate foods has declined in recent years as customers have become more health-conscious. As a result, to meet changing consumer tastes, manufacturers are introducing new gluten-free product types in a variety of shapes and forms. The availability of wheat for manufacturing such items has been significantly impacted in recent years by an increase in poor climatic conditions in key durum wheat-growing countries, resulting in an increase in wheat price and end product availability.