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The growing health-consciousness is increasing the demand for food and beverage products with natural and organic components. This, in turn, is leading to a surge in demand for organic vegetables and fruit pastes, thereby augmenting the market growth. Moreover, consumers are increasingly seeking healthy food products containing no artificial flavours and additives, which is surging the use of fruit and vegetable pastes to boost the flavour profile of food and beverages. As the demand for sugar-free bakery and confectionery products is increasing, fruit pastes are incorporated as a natural sweetening agent, which is significantly contributing to the growth of the market. With the growing trend of home-cooking, especially due to the COVID-19 pandemic, the demand for pastes for cooking is increasing, which is estimated to fuel the market growth.
Olam Spices & Vegetables Inc. (OTCMKTS: OLMIF), one of the leading companies in the market, announced the completion of the acquisition of Olde Thompson in May 2021. The latter was acquired at an enterprise value of USD 950 million. The acquisition would aid the company in transforming its spice business while broadening its product portfolio. It would also offer consumers a range of bold, authentic, and natural flavours in its food processing products. The acquisition is expected to bolster the development of innovative pastes. Through the acquisition, the company can use the automated bi-coastal facilities of Olde Thompson in New Jersey, Bayonne, California, and Oxnard. Moreover, the acquisition is estimated to increase the sustainability and traceability of the manufacturing of various products, including pastes. Such mergers and acquisitions are predicted to increase the use of paste, which is anticipated to significantly contribute to the growth of the market.
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The major players in the global paste market are Del Monte Foods, Inc., Olam Spices & Vegetables Inc., Capital Foods Ltd., Berrigarden GmbH, and Chandni Paste and Dehydration Pvt. Ltd, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
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