Growing demand of Pasta Sauce: Changing consumer taste and increasing preference for Pasta Sauce
Category: Food & Beverages Published Date : June 2022 ID: CVC-00137-FNB Format: PDF Pages: 308
Pasta Sauce Market Size Analysis
According to a research survey conducted by ChemView Consulting, in 2022, the Global Pasta Sauce Market was worth US$ 15.0 Bn and is expected to grow at a CAGR of 6.2% over the forecast period. The market is expected to hit US$ 24.3 Bn by 2030 end.
Pasta sauces are savory agents and mixtures of ingredients that enhance pasta’s overall taste, flavor, aroma, and texture. Pasta sauce consumption is increasing as the demand for pasta increases. Because of its delectable taste, pasta sauce is in high demand.
Pasta sauce has been widely adopted in major markets such as the United States, Canada, and Germany while emerging markets such as China, Brazil, and India are swiftly catching up.
What factors are driving the increase in demand for Pasta Sauce?
In the projected 2022-2030, increasing preferences for intercontinental cuisines will be a significant factor in the pasta sauce market.
Increasing demand from restaurants, hotels, and other institutions, expanding fast food industry growth, changing consumer tastes, and rising disposable income will likely boost the development of the pasta sauce market during the forecast period.
What are the opportunities in the Pasta Sauce Market?
The expansion of the retail sector and the availability of foreign pasta brands will provide chances for the growth of the pasta sauce market over the projected period.
The sector is predicted to grow as demand for western meal dishes such as numerous types of pasta grows, as does the popularity of fast food among the youth.
What are the biggest hurdles that the Pasta Sauce Market faces?
The easy availability of frozen and ready-to-eat pasta and fluctuation in raw material prices act as market limitations for the expansion of the pasta sauce throughout the projection period. Increasing government regulations regarding preservatives will be the most difficult hurdle to the market’s growth.
The COVID-19 pandemic damaged the fast-food business as a whole. During the epidemic, rigorous government regulations caused the entire suspension of numerous companies, and transportation limitations disrupted the supply chain. Countries close their borders during the lockdown.
Producers and exporters faced intense competition when exporting their goods. Because Pasta sauce is not a primary basic necessity, the industry shuttered during the lockdown. All hotels, restaurants, and fast food outlets were closed for an extended period. These variables had a detrimental impact on market growth.
Why is Tomato Pasta Sauce expected to grow at the fastest CAGR?
The Tomato sauce sector generated the most revenue in 2019 and is predicted to continue in the future. It can be attributed to its distinct flavor and versatility in various recipes.
Tomato-based and marinara sauces accounted for more than 25.5% of all sales in 2019. The sauce has become a part of many cuisines worldwide, and a regional version of the recipe has evolved in the last few years, enhancing its global adoption.
Why is Alfredo Pasta Sauce predicted to grow at the highest CAGR?
Because of the expanding popularity of Alfredo pasta, the Alfredo sauce category is predicted to develop at the fastest CAGR throughout the projection period.
Why is the online distribution channel expected to grow rapidly over the projected period?
The online store market is predicted to grow the fastest with a CAGR of 4.3% from 2020-2030. Thanks to increased internet penetration and greater usage of smartphones for online shopping, which allows consumers to compare products in real-time and make informed decisions? It is more convenient than going to a physical store. The trend has grown even more valuable in the context of COVID-19 when social distance has become the new norm.
Most e-commerce sites offer virtual assistants who provide automated responses to most customer inquiries. The employment of chatbots aids in the resolution of product buying concerns.
Why is the supermarket category expected to account for most of the market share?
In 2019, hypermarkets and supermarkets accounted for more than 50.0% of global revenue. Various distribution channels provide clients with options such as deals and discounts.
Why is the North American region cementing its global dominance in the Pasta Sauce Market?
The most important geographic market is North America. It can be linked to the highly evolved retail system and increased pasta sauce uptake due to aggressive advertising and celebrity brand endorsement.
Higher consumer spending on fast food and ready-to-eat food as a fashion statement also contributes to the popularity of pasta sauce in this region. Major players are working hard to make their mark in the North American region.
Why is Europe such a large market for Pasta Sauce?
In 2019, Europe dominated the pasta sauce industry, accounting for more than 32.0% of the worldwide revenue.
Why does Asia-Pacific have promising opportunities in the Pasta Sauce market?
Asia-Pacific is expected to grow with the highest CAGR throughout the forecast period, owing to the rapidly growing influence of western food culture and the increasing disposable income of consumers in this region.
From 2022 -2030, Asia Pacific is expected to have a CAGR of 4.9%. Food globalization has made pasta and pasta sauce available in the region. Fast-food restaurants have also aided in the growth of pasta penetration. Pasta sauce has grown in popularity since pasta has become a diet staple.
The pasta sauce market is fragmented. The increasing entry of pasta sauce makers into developing nations, unique product releases, the availability of high-quality certified products, and appropriate product distribution have resulted in a more competitive pasta sauce industry.
To boost profitability and strengthen market position in the pasta sauce industry, competitors in the market have embraced acquisition and growth as important development strategies. Significant firms have also used product launches to improve their portfolio and stay relevant in the global market.
Some of the key developments that have taken place in the Pasta Sauce Market include:
A list of some of the critical suppliers present in the market are:
Market Segments Covered in Report
By Product Type:
By Distribution Channel:
By Region and Country:
Global Pasta Sauce Market 2022-2030: Report Coverage and Highlights
|Historical data available for||2017-2021|
|Market analysis||USD Billion for Value and Tons for Volume, and CAGR from 2022 to 2030|
|Key regions covered||North America, Latin America, Europe, Asia-Pacific, Middle East, and Africa|
|Key countries covered||US, Canada, Brazil, Mexico, Germany, Italy, France, UK, Spain, Netherlands, Norway, Russia, China, Japan, South Korea, India, Indonesia, Thailand, Vietnam, Australia & New Zealand, Saudi Arabia, Turkey, UAE, South Africa, Nigeria, Egypt|
|Key segments covered||By Product Type, Packaging, Application, Distribution Channel, and Region|
|Customization scope||Available upon Request|
|Pricing and purchase options||Available upon Request|