New York, March 09, 2023 (GLOBE NEWSWIRE) -- The Palm Pasta market revenues were estimated at US$ 14.6 Million in 2022 and are anticipated to grow at a CAGR of 7.3% from 2023 to 2033, according to a recently published Persistence Market Research report. By the end of 2033, the market is expected to reach a revenue of US$ 32 Million. The market in the U.S. is expected to account for US$ 6.6 Million by 2033, growing at a CAGR of 7.3% from 2023 to 2033.
Palm pasta is made from the core of varieties of palm found in South and Central America. It is completely made from the core which is edible. One serving of palm pasta contains 4 grams of carbs, 20 calories, and 1 gram of protein, which is much less than the traditional flour-based pasta.
It also has a high presence of Vitamin C, iron, folate, calcium, and other dietary fibers. As it tastes nearly same as the pasta made from flour with all nutritional benefits, there is a high possibility of it successfully replacing traditional pasta to some extent. Especially, people following a keto diet or gluten-free diet are likely to prefer them.
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Public health initiatives for creating awareness regarding the consumption of plant-based food have led to an increase in their demand. U.S. has around US$ 7.4 billion in market for plant-based products. In the past three years, the consumption rate of plant-based food has increased by 54%. Since palm pasta is entirely plant-based, its market is expected to witness a rise in demand in the forthcoming years.
Palm pasta is sold in pouches, cans, and jars. Pouch-packaged palm pasta is preferred more by consumers as they are convenient to store and transport. They are available online as well as offline in supermarkets or hyper stores, and retail stores. Online platforms have increased the reach of products globally leading to their increased sales.
here are some key points on palm pasta market trends:
- Increasing Demand: The demand for palm pasta is growing due to its low-carbohydrate, gluten-free, and vegan-friendly properties. Health-conscious consumers and those following plant-based diets are driving the growth in demand.
- Product Innovation: Companies are developing new product variations, such as different shapes, sizes, and flavors of palm pasta, to appeal to different consumer preferences.
- Sustainability Concerns: The production of palm pasta can have negative impacts on the environment and the ecosystem. Companies are focusing on sustainable and responsible sourcing practices to ensure the long-term viability of the palm pasta market.
- Branding and Marketing: Developing a strong brand and marketing strategy can help companies differentiate themselves from their competitors and attract new customers.
- Distribution and Retail Partnerships: Companies are partnering with distributors and retailers to increase their product availability and visibility in the market.
- Global Expansion: The palm pasta market is expanding globally, with companies entering new markets to capitalize on the growing demand for healthy and sustainable food options.
- Competitive Landscape: The palm pasta market is becoming more competitive, with new entrants and established players vying for market share through product innovation and branding efforts.
- Rising Consumer Awareness: As more consumers become aware of the benefits of plant-based eating and the impact of food production on the environment, the demand for palm pasta and other sustainable food products is expected to continue to grow.
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Competitive Analysis:
Key players in the Palm Pasta market are Palmini, Trader Joe's, Natural Heaven Pasta, and Whole Foods Market.
• In February 2018, the founder of Palmini a low-carb pasta company came on shark tank to pitch for his company. His aim was to find a partnership that would help him grow his company. His ask was US$ 300,000 for 10% equity. They accepted the deal of Lori Greiner and Mark Cuban which was US$ 300,000 for 25% equity.
here are some general strategies that companies in the palm pasta market may use:
- Product Innovation: Companies in the palm pasta market can develop new flavors and product variations to appeal to different consumer preferences. For example, they can introduce palm pasta in different shapes, sizes, and colors.
- Branding and Marketing: Developing a strong brand and marketing strategy can help companies differentiate themselves from their competitors and attract new customers. Effective branding and marketing efforts can include advertising, social media campaigns, influencer partnerships, and content marketing.
- Distribution and Retail Partnerships: Companies can partner with distributors and retailers to increase their product availability and visibility in the market. This can include collaborations with health food stores, online marketplaces, and supermarkets.
- Sustainability and Responsible Sourcing: Companies can focus on sustainability and responsible sourcing practices to ensure the long-term viability of the palm pasta market. This can include using sustainable farming practices, investing in eco-friendly packaging, and engaging in fair trade practices with palm farmers.
More Insights Available
Persistence Market Research, in its new offering, presents an unbiased analysis of the Palm Pasta market, presenting historical market data (2018-2022) and forecast statistics for the period from 2023 to 2033.
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The study reveals extensive growth in Palm Pasta in terms of
- packaging type (Cans, Pouches, Jars),
- Sales Channel (Online Sales, Supermarkets/Hypermarkets, Retail Stores),
- Region (North America, Europe, APAC, MEA, Latin America) – 2023 to 2033
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