Bean Pasta Market: Introduction
A recent study published by Transparency Market Research on the bean pasta market includes global industry analysis and opportunity assessment for 2019-2029. The global bean pasta market is expected to be valued at ~US$ 2.9 Bn in 2019, which is projected to rise at a CAGR of ~12.9%, to reach US$ 7.3 Bn by 2029.
Rising Demand from Food & Beverages Industry to Drive Growth
The food & beverages industry is continuously evolving as a result of every-changing and ceaselessly rising demand. This expanding food & beverages industry is, in turn driving the bean pasta market to grow, especially in developing countries. The changing lifestyle and the increasing food and beverages consumption have in turn bolstered the sales of bean pasta. According to the report, the expansion of the food sector will boost the bean pasta market in nations such as China and India. The demand for organic pasta is the highest in China, India, and Russia compared to all the other countries.
Innovations by Leading Market Players to Boost Growth
Consumer preferences are changing with time. The inability to obtain products catering to their needs can make them switch to other brands. In order to contain this possibility, manufacturers feel the urge to innovate according to the prevailing demand. As a result of this, some of the leading manufacturers are investing in establishing R&D facilities to cater to dynamic consumer demand. Moreover, as competition between bean pasta manufacturers gets fiercer, they are more likely to focus on innovation. Some of the key manufacturers are trying to outperform the other in terms of sales and geographical presence through this strategy. A manufacturer’s inability to provide innovative and high-quality products could affect the sale of the company negatively.
Increasing Demand for Nutrition in Pasta Fueling Demand for Bean Pasta
Consumers nowadays are more informed about products they consume and nutritional benefits that these products offer. Nutrition is an important factor considered in recent times before making the final purchase decision. Sales of products failing to do so can get negatively affected. Thus, manufacturers of bean pasta have started incorporating nutritionally high products. In order to offer improved nutrition, manufacturers are therefore deriving products from natural and organic ingredients. Pasta obtained from sources such as pulses, buckwheat, legumes, quinoa, rice, and others. Pulses such as chickpeas, lentils, fava beans, and others are being used as the main source for the replacement of durum wheat and semolina.