The new report by Expert Market Research titled, ‘Global Paste Market and Forecast 2022-2027’, gives an in-depth analysis of the paste market, assessing the market based on its segments like nature, types, end use, distribution channels and regional markets among others. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analyzing the market based on the SWOT and Porter’s Five Forces models.
The key highlights of the report include:
Market Overview (2017-2027)
• Forecast CAGR (2022-2027): 3.1%
The market is expanding due to the rising demand for vegetable pastes in various food and beverage items. As the demand for food with holistic benefits rises, vegetable pastes are increasingly being used to boost the nutritional profile of packaged food and beverage items, fueling market growth. Furthermore, the rising need for foods that are high in antioxidants, minerals, and vitamins, among other nutrients, is driving up the usage of pastes, which is driving the market forward. The growing interest in superfoods has increased demand for vegetable pastes such as broccoli, carrot, and kale, among others, boosting the industry’s growth. Furthermore, the rising vegan population, particularly in developed nations, is spurring the creation of novel plant-based pastes. This is fueling the expansion of the paste sector by increasing demand for nut pastes for use in plant-based foods.
Paste Industry Definition and Major Segments
A paste is a thick, smooth food product produced by grinding and evaporating ingredients. It’s commonly utilized in meal preparation as well as the manufacturing of processed foods and beverages. A paste can also be used to thicken and flavor a variety of foods and beverages. Pastes are often used to improve the flavor and nutritional profile of baked goods and confectionery.
By nature, the market is bifurcated into:
• Organic
• Conventional
The major types of paste are:
• Fruits
• Vegetables
The fruits segment is divided into tropical and exotic, citrus, and berries, among others, whereas the vegetables segment is classified into tomato, garlic, onion, and peas, among others.
The market can be broadly categorized on the basis of its end uses into:
• Hotels, Restaurants, and Cafes
• Household
• Others
Based on distribution channels, the market is divided into:
• Hypermarkets and Supermarkets
• Convenience Stores
• Speciality Stores
• Online Stores
• Others
The major regional markets are:
• North America
• Asia Pacific
• Latin America
• Europe
• Middle East and Africa
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Paste Market Trends
The growing popularity of exotic fruits is driving up demand for fruit pastes such as blueberry, avocado, and acai, among others, which is propelling the market forward. As demand for on-the-go food and beverage items such as smoothies grows, so does the use of exotic superfruit pastes, boosting industry growth. Furthermore, the market is being driven by the increasing usage of novel citrus paste in food and beverage items to improve their flavor and health benefits.
Key Market Players
The major players in the market:
- Del Monte Foods, Inc.
- Olam Spices & Vegetables Inc.
- Capital Foods Ltd.
- Berrigarden GmbH
- Chandni Paste and Dehydration Pvt. Ltd
- Among others.
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.