Pates Market to grow at a CAGR of 1.69% during 2024-2028
The Pates Market is expected to grow at a CAGR of 1.69% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 97.83 million. The global pates market has experienced substantial growth over the last decade, driven in large part by the expanding online distribution channel, or e-commerce. This platform enables consumers to access a wide array of regional and international pate brands. The proliferation of smartphones and the resulting surge in e-commerce vendors worldwide have significantly increased the market's reach. With the escalating trend of online retailing, particularly in developing countries, sales of ready-to-eat food products, including pates, through this channel are projected to surge during the forecast period. E-commerce platforms offer personalized shopping experiences, providing consumers with recommendations based on factors such as quantity, taste, texture, and flavor preferences.
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Technavio analysts predict that the Offline subsegment will lead the Distribution Channel segment during 2024 and 2028 The offline segment is projected to dominate the global pate market, with organized retail, particularly hypermarkets and supermarkets, leading the distribution channel. These channels provide convenience for consumers, allowing them to access a wide selection of pate brands and packaging options. Major players in this sector include Tesco Plc (Tesco), Carrefour Group, and Target Brands Corp. (Target), who offer various pate brands, such as Tesco's Pyman Pates and Waitrose and Partners, to consumers through their extensive retail networks. Tesco, a multinational retailer, sells these and other pate brands globally, catering to diverse consumer preferences.
Here are the various ways based on which the market is segmented:
There are several factors that are causing the market to flourish growth of organized retail sector
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Title: Pates Market: Duck Pate, Chicken Pate, and the Shifting Trends The pates market, including Duck Pate and Chicken Pate, is experiencing a surge in demand due to changing consumption patterns and increasing costs. While traditional pates like Duck Liver and Chicken Liver continue to be popular, new ingredients like herbs, cheese, mushrooms, and even vegetarian options are gaining traction. Despite the offline presence of pates in supermarkets and meal retailers, a lack of awareness about the long-term shelf life and versatility of these products persists. Busy lifestyles have led consumers to opt for convenient meal solutions, making pates an attractive choice. New ingredients like Balltone, a blend of mushrooms and herbs, and Smoked Fish pate, are adding variety to the market. Quality meat products, such as West Country Game, Beef Wellington, and Crispy Toasts, are also gaining popularity. Rising meat eaters and shifting food preferences are contributing to the growth of the pates market. Vegetarian options, like Mushroom Pate, are increasingly being demanded. Brands like Pyman Pates are leading the charge with their high-quality, innovative pate offerings. In conclusion, the pates market is evolving, with new ingredients and convenient options catering to changing consumer preferences and lifestyles. Despite the increasing costs, the market is expected to continue growing, making it an exciting space for both producers and consumers.
According to Technavio's market research, the global pates market is classified as a segment of the broader packaged foods and meats market, which falls under the food products sector of the global food, beverage, and tobacco industry. This market encompasses food processing vendors that specialize in eliminating microorganisms and extending the shelf life of their products. The market's size is determined by the consolidated revenue generated by the participating vendors, excluding those that manufacture food processing equipment. Notably, the market does not cover producers of packaged alcoholic and non-alcoholic beverages, including mineral waters.
The Pates Market is experiencing significant growth, fueled by the growth of organized retail sector. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
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