May 26, 2020 1:24 PM ET
iCrowd Newswire – May 26, 2020
The Global Pasta Sauce Market is estimated to grow at a CAGR of 5.8% during the forecast period 2019-2026. The market research study presents that the pasta sauce industry accounted $3.10 billion in the year 2019 and is estimated to reach $4.60 billion by the end of the year 2026.
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The pasta sauce industry is driven by advancements and growth in the fast food industry, large-scale demand of pasta sauce from the HRI sector (Hotel, restaurants, and Institutions) and increase in demand for intercontinental cuisine. However, government regulations related to the usage of preservatives and high cost of processing and raw material to made pasta sauce will hinder the market growth. On contrary, increasing influence of western food influence will create lucrative market opportunities for the pasta sauce industry.
Segmentation Overview of the Global Pasta Sauce Market
The global pasta sauce market is segmented on the basis of type and distribution channel. These major market segments are further categorized into various sub-segments to study the market in detail by considering various factors.
The red sauce segment accounted for ~20% of the total segment share
The red sauce segment accounted for ~20% of the total share of the type segment and estimated to continue the dominance throughout the forecast period. The segmentation dominance is due to multiple usage of red pasta with numerous food recipes worldwide. However, the vegetable sauce segment is anticipated to grow at highest CAGR of 6.1% during the forecast period 2019-2026. The segment growth is attributed to increase in number of vegan and health conscious people across the globe. Apart from these, the type segment is categorized into green sauce, emulsified sauce, meat-based sauce, vegetable and other type of sauces.
The supermarkets/hypermarkets segment lead the distribution channel segment
The supermarkets/hypermarkets segment held the highest market in the distribution channel segment with ~30% of the total share in the year 2019 and is estimated to maintain the dominant position during the forecast period. The segment growth is attributed to availability of variety of pasta sauces in huge quantity and discounts. However, the online store segment is estimated to register the highest growth with a CAGR of 6.1% during the forecast period 2019-2026, owing to growth in internet penetration across the world. Apart from these segments, Convenience Stores and Grocery Stores are the other types of distribution channels of the global pasta sauce market.
Geographical Overview of the Global Pasta Sauce Market
The global pasta sauce market is segmented on the basis of various geographical regions, such as:
- North America (Canada, U.S. and Mexico)
- Europe (Germany, France, UK, Italy, Spain, and Rest of Europe)
- Asia Pacific (Japan, China, India, Australia, South Korea and Rest of Asia Pacific)
- LAMEA (Brazil, South Africa, Saudi Arabia and Rest of LAMEA)
As per the regional study, the North America pasta sauce market contributed the largest market share i.e. ~40% of the global marketplace considering the market revenue in the year 2019. Also, the region is estimated to continue the dominance throughout the forecast period. The regional dominance is due to increase in usage of pasta sauces in various recipes by the large group of consumers. However, the Asia-Pacific pasta sauce market is estimated to grow at fastest rate with the highest CAGR of 4.9% during the forecast period 2019-2026.
Market Competition Insights
The Kraft Heinz Company, Mizkan America, Inc., Mars, Inc., Del Monte Foods, Inc., Premier Foods Group Limited, Campbell Soup Company, Barilla G. e R. Fratelli S.p.A, Lassonde Industries Inc., ConAgra Foods, Inc. and B&G Foods, Inc. among others are some market players included in the research study of the global pasta sauce market. The market players are adopting various competitive strategies to withhold the large market share in the global pasta sauce market.
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Keywords: Pasta Sauce Market