Paste Market Outlook
According to a new report by Expert Market Research titled “Global Paste Market Size, Share, Analysis, Growth, Report, Demand, Forecast 2023-2028″, the global paste market is projected to grow at a CAGR of 3.1% between 2023 and 2028. Aided by the growing demand for vegetable pastes in various food and beverage products and growing vegan population, the market is expected to grow significantly by 2028.
Paste, an integral component in diverse cuisines, is made by grinding a substance until it attains a smooth, thick consistency. The most common types include tomato paste, curry paste, chili paste, garlic paste, and more. These pastes, known for their ability to enhance flavour, are a staple in many kitchens worldwide. Beyond culinary applications, paste also finds extensive use in industries like pharmaceuticals, cosmetics, and adhesives, owing to its adhesive and binding properties.
A key driver of the global paste market growth is the rising consumer preference for ready-to-use food products. As the pace of modern life accelerates, convenience foods like pre-made pastes that significantly reduce cooking time are seeing increased demand. This surge in demand for paste-based products, especially in urban regions, is a significant contributor to the market’s growth.
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Moreover, the diverse applications of paste in numerous sectors significantly contribute to the paste market expansion. In the pharmaceutical industry, certain types of pastes are used as bases for ointments and creams, owing to their spreadability and stability. The cosmetic industry harnesses the texture-enhancing properties of paste in formulating various skincare and makeup products. In the adhesives industry, paste’s binding properties make it an essential element in creating strong, durable adhesives.
Additionally, the rising trend of experimenting with global cuisines has further augmented the popularity of various food pastes. The wide variety of paste-based products, ranging from Italian tomato paste to Thai curry paste, allows consumers to recreate authentic dishes at home, thereby driving the paste market growth.
Furthermore, increasing health consciousness among consumers has stimulated demand for organic and natural pastes. These pastes, made from organically grown produce without artificial preservatives, are viewed as healthier alternatives and are gaining significant traction, thus increasing the global paste market demand.
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Paste Market Segmentation
The market can be divided based on nature, type, end use, distribution channel, and region.
Market Breakup by Nature
Market Breakup by Type
- Tropical and Exotic
Market Breakup by End Use
- Hotels, Restaurants, and Cafes
Market Breakup by Distribution Channel
- Hypermarkets and Supermarkets
- Convenience Stores
- Speciality Stores
- Online Stores
Market Breakup by Region
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the global paste companies. Some of the major key players explored in the report by Expert Market Research are as follows:
- Del Monte Foods, Inc.
- Olam Spices & Vegetables Inc.
- Capital Foods Ltd.
- Berrigarden GmbH
- Chandni Paste and Dehydration Pvt. Ltd
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