Rise in demand for intercontinental cuisine, increase in demand from the HRI sector, and developments in the fast food industry propel the growth of the global pasta sauce market
PORTLAND, Oregon, March 17, 2020 /PRNewswire/ -- Allied Market Research published a report, titled, "Pasta Sauce Market by Type (Red Sauce, Red sauce, Green Sauce, Emulsified Sauce, Meat-based Sauce, Vegetable sauce, and Others) and Distribution Channel (Supermarket/Hypermarket, Convenience Stores, Grocery Stores, and Online Stores): Global Opportunity Analysis and Industry Forecast, 2019–2026." According to the report, the global pasta sauce industry garnered $3.10 billion in 2019, and is expected to reach $4.60 billion by 2026, witnessing a CAGR of 5.8% from 2019 to 2026.
Drivers, restraints, and opportunities
Increase in demand for intercontinental cuisine, surge in demand from the HRI sector (Hotel, restaurants, and Institutions), and advancements in the fast food industry drive the growth of the global pasta sauce market. However, high cost of raw material and processing and government regulations on the use of preservatives hinder the market growth. On the other hand, rise in western food influence in emerging countries would create new opportunities in coming years.
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The red sauce segment to continue its dominant share throughout the forecast period
Based on type, the red sauce segment accounted for nearly one-fifth of the total share of the global pasta sauce market in 2019, and is estimated to continue its dominant share throughout the forecast period. This is attributed to multiple use of red sauce in pasta as well as other fast food recipes across the globe. However, the vegetable sauce segment is estimated to witness the largest CAGR of 6.1% from 2019 to 2026, owing to rise in number of health conscious and vegan people across the globe.
The supermarkets/hypermarkets segment to maintain its lead status by 2026
Based on distribution, the supermarkets/hypermarkets segment held the highest market share of the global pasta sauce market, accounting for more than one-third of the total share in 2019, and is projected to maintain its lead status throughout the forecast period. This is attributed to availability of all types of pasta sauces with various discounts. However, the online store segment is expected to register at the highest CAGR of 6.1% from 2019 to 2026, owing to the rise in the penetration of internet.
North America to maintain its leadership position in terms of revenue by 2026
Based on region, North America contributed to the highest market share based on revenue, holding more than two-fifths of the global pasta sauce market in 2019, and is estimated to maintain its leadership position in terms of revenue by 2026. This is due to increase in the application of pasta sauces in food and beverage for various recipes. However, Asia-Pacific is expected to grow at the highest CAGR of 4.9% from 2019 to 2026.
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