Global Palm Pasta Market by Packaging Type (Cans, Pouches, Jars)
Industry: Food and Beverages
Published Date: March-2023
Format: PPT*, PDF, EXCEL
Delivery Timelines: Contact Sales
Number of Pages: 250
Report ID: PMRREP33364
Newly-released Palm Pasta Market analysis report by Persistence Market Research reveals that global sales of Palm Pasta in 2022 were held at US$ 14.6 Million. With a 7.3% projected CAGR from 2023 to 2033, the market is expected to reach a valuation of US$ 32 Million by the end of the forecast period. Palm pasta packaged in pouches is expected to be the highest revenue-generating segment, projected to grow at a CAGR of over 7.2% from 2023 to 2033.
| Attributes | Details |
|---|---|
| Global Palm Pasta Market (2023) | US$ 15.8 Million |
| Global Palm Pasta Market (2033) | US$ 32 Million |
| Global Palm Pasta Market CAGR (2023 to 2033) | 7.3% |
| United States Palm Pasta Market CAGR (2023 to 2033) | 6.2% |
| Key Companies Covered |
|
As per the Palm Pasta research by Persistence Market Research - a market research and competitive intelligence provider, historically, from 2018 to 2022, the market value of palm pasta increased at around 8.2% CAGR. With an absolute dollar opportunity of US$ 16.3 Million, the market is projected to reach a US$ 32 Million valuation by 2033.
Palm Pasta is made from the Heart of the Palm, which is the core of varieties of palm plants. It is a healthy plant-based substitute for traditional flour pasta. This core is rich in potassium, protein, and riboflavin. They also contain folate, Vitamin C, manganese, calcium, iron, and dietary fiber.
Even though the raw material used in palm pasta is different, and it tastes almost the same as flour-based pasta. It is likely to successfully replicate pasta with health benefits as add-ons. This pasta is a great alternative for people who strictly follow a gluten-free or low-carb diet.
Palm pasta contains 20 calories, 1 gram of protein, and 4 grams of carbs in one offering. Whereas, traditional flour pasta contains 220 calories, 8 grams of proteins, and 43 grams of carbs. For people who have very less vegetables included in their diet, palm pasta is a good substitute for regular pasta. People are becoming more conscious about their health and the food they are consuming. Also, with the increasing employment rate, the demand for ready-to-cook food is increasing. Palm pasta is a good option for consumers to balance both of these preferences.
Obesity rates are skyrocketing mostly in developed nations. More than two-thirds of U.S. adults are facing the problem of obesity. Over the past few years, the obesity rates in children have almost tripled. The main reason for the increasing rate is changing lifestyle, unbalanced diet, and increased intake of junk food. The U.S. government burns around US$ 190 billion on the treatment of obesity. To lower this cost, the government is taking initiatives to create awareness regarding the eating habits of people. All these factors will have a significant effect on the market.
Europe had a market size of US$ 5.8 Million in 2022 and is estimated to reach US$ 6.3 Million by 2023. It is projected that the region will have a market worth US$ 12.8 Million in 2033.
Pasta is traditionally an Italian dish. With a per capita consumption of 23. 5 kg which is around 1.4 billion tons in total, Italy is the heaviest consumer of pasta. According to the International Pasta Association, consumers are now inclined towards having a healthy and sustainable diet. Thus, being a 100% plant-based pasta there will be an increase in its demand.
United States Palm Pasta Market Analysis:
The market in the United States is expected to grow to be worth US$ 6.6 Million with an absolute dollar growth of US$ 3 Million from 2023 to 2033. The Palm Pasta Market in the United States has grown at a CAGR of 6.7% from 2018 to 2022 and is expected to grow at a CAGR of 6.2% from 2023 to 2033.
In 2020, the United States imported pasta valued at around US$ 1.4 Billion, becoming the largest importer of pasta that year. Nutrition and obesity-related diseases are the key factors for around 678,000 deaths in the United States every year. The number of people suffering from obesity has tripled in children, quadrupled in adolescents, and doubled in adults. Thus, palm pasta demand is increasing as it balances health without compromising on taste.
United Kingdom Palm Pasta Unit Market Analysis:
The market in the United Kingdom is expected to grow to be worth US$ 2.4 Million with an absolute dollar growth of US$ 1.1 Million from 2023 to 2033. The Palm Pasta market in the United Kingdom has grown at a CAGR of 7% from 2018 to 2022 and is expected to grow at a CAGR of 6.5% from 2023 to 2033.
Obesity is one of the common problems in the United Kingdom. According to NHS, more than two-thirds of people above age 16 are overweight or suffering from obesity. Obesity is the main reason for various other diseases like diabetes, cancer, and heart disease. Untreated obesity may lead to death. According to WHO, around 2.8 million people die due to obesity globally. Increased intake of junk food is among the main reasons for obesity. But, now people are trying to shift to a more plant-based or organic diet.
China Palm Pasta Market Analysis:
In China, the market is expected to grow to be worth US$ 2.7 Million with an absolute dollar growth of US$ 1.5 Million from 2023 to 2033. The market in the country has grown at a CAGR of 9.7% from 2018 to 2022 and is expected to grow at a CAGR of 8.3% from 2023 to 2033.
The demand for organic food has increased in the past few years due to the increased awareness regarding the harmful effects of inorganic food. In 2021, around US$ 77 Billion worth of organic food was sold in China, whereas, it exported 2.91 billion United States dollars worth of organic food. This infers that the organic food market is expected to increase in the country, indirectly surging the demand for palm pasta.
Japan Palm Pasta Market Analysis:
In Japan, the market is expected to grow to be worth US$ 2.3 Million with an absolute dollar growth of US$ 1.1 Million from 2023 to 2033. The market in Japan has grown at a CAGR of 7.5% from 2018 to 2022 and is expected to grow at a CAGR of 6.8% from 2023 to 2033.
Japan has a higher rate of anemia caused by iron deficiency compared to other foreign countries. This rate is higher in females, as their diet does not contain enough iron. Consuming one serving of palm pasta gives 25% of the total iron required in a day. This helps to prevent anemia caused by iron deficiency. Thus, with the increased knowledge of its health benefits, its demand may also rise.
Thailand Palm Pasta Market Analysis:
The market in Thailand is expected to grow to be worth US$ 1.3 Million with an absolute dollar growth of US$ 665 Thousand from 2023 to 2033. The market in the country has grown at a CAGR of 9% from 2018 to 2022 and is expected to grow at a CAGR of 7.7% from 2023 to 2033.
Around 30% of the population in the country is obese. While people are trying to reduce the consumption of junk foods including pasta, palm pasta can be a prospective alternative. Besides, Thailand accounts for a significant proportion of global palm cultivation, there exists a significant opportunity for palm pasta production in the country.
Indonesia Palm Pasta Market Analysis:
Similar to Thailand, Indonesia is one of the largest cultivators of palm. The country has nearly 50 hectares of oil palm cultivation per farmer. Owing to significant regulations pertaining to the use of palm oil, there exists a significant opportunity in the country to use this resource for other trending food products including palm pasta.
Why Pouch-packaged Palm Pasta is projected to Witness Significant Growth?
Palm Pasta packaged in pouches is projected to witness a significant CAGR of 8% from 2018 to 2022, and is expected to grow at a CAGR of 7.2% from 2023 to 2033.
Palm pasta is packaged in pouches, cans, and jars. Pouches are preferred more than other packaging formats as they are light in weight and have low cost. They contain the appropriate amount of pasta required and also are convenient to store and transport.
Through which sales channel is Palm Pasta demand projected to Witness Significant Growth?
Palm pasta distributed through Online platforms is projected to witness significant growth with a CAGR of 7.8% from 2018 to 2022 and is expected to grow at a CAGR of 7.1% from 2023 to 2033.
Online platforms enable the consumer to order palm pasta from anywhere at any time. Sales through e-commerce websites remove the restrictions caused by geographical location. Purchasing online gives customers, the luxury to choose from any brands, stores, and items at a discount rate.
Key players in the Palm Pasta market are Palmini, Trader Joe's, Natural Heaven Pasta, and Whole Foods Market.
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The market is estimated to be valued at US$ 15.8 Million in 2023.
The market is expected to reach a valuation of US$ 32 Million in 2033.
The market registered a CAGR of 8.2% over the last 4 years.
The market is projected to witness a CAGR of 7.3% from 2023 to 2033.
Pouch-packaged palm pasta is expected to garner a significant value share by 2023.
The market is projected to garner significant sales through online sales channel.
The market in United States is projected to witness a market size of US$ 6.6 Million and is expected to grow at a 6.2% CAGR from 2023 to 2033.
Palmini, Trader Joe's, Natural Heaven Pasta, and Whole Foods Market are the key companies operating in the market.
