The bean pasta market is projected to be valued at more than US$ 7 billion, and is poised to grow at a staggering CAGR of over 12% during the forecast period. The remarkable trend of gluten free food consumption is sharply coinciding with the global impetus to create a burgeoning category of pasta from beans and legumes in lieu of conventional variants such as wheat pasta and rice pasta.
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Bean pasta is seeing rampant adoption on the back of its convenience and taste profile, which has long been considered as a trend in restaurants and homes alike.
The movement towards vegetarianism and “flexitarism” among western consumers is causing a significant change in the consumption pattern of pasta staples. Moreover, a subtle shift in consumer tastes is being observed, driven by perceived carbohydrate reduction benefits and the rise of alternative grain options such as quinoa. This has led to a very sharp increase in the overall demand for bean pasta in developed regions.
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Key Takeaways of Bean Pasta Market Study
- Conventional bean pasta is exhibiting prolific demand in line with an increased focus on good health and growing food adulteration incidences
- Presently, North America holds the largest share (over 40%) within the global bean pasta market. The high demand for organic products as a deeply entrenched market trend aimed at health and wellness is fueling the growth of the market in this region
- APAC will witness the highest CAGR growth rate of over 16% in the bean pasta market during the forecast period. The growing per capita income in emerging economies, particularly India and China is expected to create substantial growth opportunities for the bean pasta market in the near future
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- In terms of distribution channel, store based retail accounted for the largest share of about 90% in 2018. Majority of bean pasta producers prefer to channel their products through retail units.
- With e-commerce giants such as Amazon, Walmart and Target taking keen interest in online grocery delivery, the online retail segment will showcase the highest growth rate of over 18% during the forecast period
“With a high growth trend observed in vegan cultivation and vegetarianism, bean pasta will go hand in hand with manufacturers focusing on expanded portfolio. Branding their products with environmental and nutritional benefits will be the key agenda” says the Fact.MR analyst
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Product Enhancement will pave Way for a Highly Consolidated Market
The global bean pasta market is consolidated in nature where a few competitors hold a majority of the share. Some of the key players in the bean pasta market include Harvest Innovations, Pedon SPA, Gold Harbor and Trader Joe’s. The demand for bean pasta is still in its infancy, with enough room for improvement. A wide range of bean pasta products is likely to hit the shelves in the near future, as ‘organic’ and ‘gluten-free’ features are prioritized by the producer to ensure higher product quality and nutritional benefits. In addition, manufacturers are improving the nutritional value of food by fortification that target groups of customers based on health requirements. The market for pasta fortified with vitamins, calcium, minerals and the natural source of beta carotene is rising.
For More Insights – http://www.globenewswire.com/en/news-release/2020/03/31/2009252/0/en/Bean-Pasta-Market-to-Surpass-US-7-Bn-Through-2029-Demand-for-Gluten-free-Foods-Drives-Growth-Says-a-New-Fact-MR-Report.html
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