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FOOD PROCESSING

Indian pasta mkt to witness 17% CAGR until ’23, due to demand from youth
Monday, 04 February, 2019, 12 : 00 PM [IST]
The Indian pasta market is forecast to register a CAGR (compound annual growth rate) of about 17 per cent between 2018 and 2023 on account of the growing demand for pasta, especially from the young population, and changing preferences of Indian consumers, along with the developing taste for different global cuisines.

This was among the findings of a report titled India Pasta Market By Product Type, By Shape Type, By Distribution Channel, Competition, Forecast and Opportunities, 2013-2023, which was released by research-based global management consulting firm TechSci Research recently.

Moreover, the increasing household disposable incomes of the middle-class population, coupled with the rising western influence, is resulting in a higher demand for packaged and ready-to-eat food products, which is consequently expected to propel growth in the Indian pasta market during the forecast period.

Region-wise, West India is the largest consumer of pasta in the country, owing to the large urban population base and rising population of working women. Bambino Agro Industries Limited, Nestlé India Limited, ITC Limited, Savorit Limited, FieldFresh Foods Private Limited, MTR Foods Pvt Ltd, and Borges India Private Limited, among others are some of the major companies operating in the Indian pasta market.

Among product types, ready-to-cook pasta accounts for the majority share in the Indian pasta market, and is expected to remain the dominant segment through the forecast period. The advent of the e-commerce sector has created new routes for manufacturers to reach their customers. Online sales channel has enabled companies to widen their distribution reach and serve their customers even in the farthest of regions. Further, the rise in the number of tech-savvy people, coupled with the hectic lifestyles, especially of the urban population, is anticipated to boost the sales of pasta through the online sales channel. Nevertheless, store-based sales channels would continue to dominate the Indian pasta market during the forecast period.

“The shift towards packaged food products is increasing in India, owing to the rising population of working women and the busy lifestyle of urban population, which are positively influencing the country’s pasta market,” said Karan Chechi, research director, TechSci Research.

“Moreover, pasta manufacturers are focussing on the expansion of their product portfolio and are introducing pastas of different shapes in the Indian market. Additionally, the introduction of pasta variants made from whole wheat, quinoa and gluten-free ingredients that cater to the health-conscious customers is further expected to fuel growth in the coming years,” he added.

“Rural India accounts for majority share in the country’s total population, and with 80-85 per cent of the pasta consumption being accounted for by urban India, the rural segment offers enormous growth potential for the pasta players operating in India,” Chechi said.  

The report has evaluated the future growth potential of pasta in India and provided statistics and information on market structure, size, share and future growth. It was intended to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identified and analysed the emerging trends, along with essential drivers, challenges and opportunities present in the Indian pasta market.
 
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