Global Paste Market Report and Forecast 2024-2032

Global Paste Market Outlook

The global paste market is expected to grow in the forecast period of 2024-2032 at a CAGR of 3.1%.

Increasing Demand for Vegetable Pastes in the Food and Beverage Industry Driving the Market Growth

The growing demand for vegetable pastes in various food and beverage products is augmenting the market growth. As the demand for food with holistic benefits is increasing, pastes of vegetables are increasingly included in packaged food and beverage products to boost their nutritional profile, hence fuelling the industry growth. Moreover, the growing preference for food that are rich sources of antioxidants, minerals, and vitamins, among others, is escalating the use of pastes, which is significantly contributing to the growth of the market.

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With the increasing interest in superfoods, the demand for paste of vegetables like broccoli, carrot, and kale, among others, thereby bolstering the industry growth. In addition, the growing vegan population, especially in developed countries, is increasing the development of innovative plant-based pastes. This is further surging the demand for nut pastes for incorporation into plant-based food products, thus providing impetus to the growth of the paste industry.

Paste: Market Segmentation

A paste is a thick and smooth food product that is made by grinding and evaporation. It is typically used in the preparation of meals as well as in the production of processed food and beverage products. A paste is also used as a thickening and flavouring agent in various food and beverages. Moreover, pastes are incorporated to boost the flavour and nutritional profiles of baked and confectionery products.

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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 categorised 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 EMR report looks into the regional markets of paste like North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Rising Demand for Pastes of Superfruits to Bolster the Market for Paste

The increasing interest in exotic fruit is surging the demand for pastes of fruits like blueberry, avocado, and acai, among others, is bolstering the growth of the market. As the consumption of on-the-go food and beverage products such as smoothies is surging, the incorporation of pastes of exotic superfruits is increasing, thereby invigorating the industry growth. Furthermore, the growing use of innovative citrus paste in food and beverage products to enhance their taste and health benefits are driving the market growth.

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The increasing interest in the consumption of immunity-boosting food products, in the wake of the COVID-19 crisis, is also leading to a surge in demand for citrus pastes, hence propelling the industry growth. Moreover, the development of innovative pastes with a blend of citrus and other functional food flavours is expected to positively impact the growth of the market in the forecast period.

Key Industry Players in the Global Paste Market

The report presents a detailed analysis of the following key players in the global paste market, looking into their capacity, market shares, and latest developments like capacity expansions, plant turnarounds, and mergers and acquisitions:

• Del Monte Foods, Inc.
• Olam Spices & Vegetables Inc.
• Capital Foods Ltd.
• Berrigarden GmbH
• Chandni Paste and Dehydration Pvt. Ltd
• Others

The comprehensive report looks into the macro and micro aspects of the industry. The EMR report gives an in-depth insight into the market by providing a SWOT analysis as well as an analysis of Porter’s Five Forces model.

Key Highlights of the Report