Pates market size was estimated at $980 million in 2020, growing at a CAGR of 1.8% during the forecast period 2021-2026. Pate is normally made up of a range of seasoned ground meat, poultry, pork, or vegetables, spices as well as a made with liver or other parts of pork, chicken, venison, fish, duck and others. It is cooked until it has a spreadable texture and form. Vegetarian pates are made up of cheese. Pates are rich in iron, copper, vitamin A and B-12 that help to build immune systems. Pate can be eaten hot or cold, and it can served with a variety of cuisines. There are different types of pates available such as chicken pates, duck pates, and many others. Increasing awareness about nutritional benefits of pates is the major factors driving the growth of the market. Increasing consumption of processed food among consumers coupled with changing dietary pattern on the people is set to further enhance the overall market development of the Pates Market for the period 2021-2026.
Pates Market Segment Analysis – By Product Type
Based on product type, the Pates market is segmented into Duck, Chicken, Fish, and Others. Chicken segment held the largest share in the pates market in 2020. Chicken pates made of chicken liver with high nutrient contents. Chicken livers are high in vitamin C, which is uncommon in meats, and contain all of the amino acids required for protein synthesis. Also, it contains large amount of protein thereby increasing Pates market. However, Duck is estimated to register higher CAGR of 2.34% during the forecast period 2021-2026 owing to growing number of duck pates producers across the globe and availability of duck pates with many flavors.
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Pates Market Segment Analysis – By Distribution Channel
On the basis of distribution channel market for Pates is categorized in Supermarket/Hypermarket, Convenience Store, Specialty Store, Online Retailers and Others. Supermarket/Hypermarket held the largest share in the pates market in 2020. Supermarkets/Hypermarkets provide better brand visibility, an easier shopping experience, and a wider selection of products and brands. Also Supermarkets/Hypermarkets are focused on to provide quality of food products to its consumers thereby increasing pates market. However, Online retailers is estimated to register higher CAGR of 2.25% during the forecast period 2021-2026 owing to it provides more discounts and wider options to purchase.
Pates Market Segment Analysis – By Geography
Europe dominated the Pates market with a major share of 41% in 2020. This is attributed to growing consumption and popularity of pates among consumers in this region. Pate is a traditional French dish that originated in Europe, resulting in its widespread popularity in this region. Furthermore, changing lifestyle of the people and rising disposable income of consumers which are contributing to the growth of the market in this region.
However, Asia Pacific is estimated to grow at a higher CAGR during the forecast period 2021-2026 owing to rising adoption of western cuisines in this region contribute the growth in this region. Growing food and beverage industry in this region coupled with increasing consumption of processed food products in this region is also increasing the growth of the market in this region.
Pates Market Drivers
Increasing Product innovations By Key Players
Increasing product innovation by key players of pates such as introduction of new flavors is increasing the growth of the Pates Market. Introduction of new flavors such as vegetable, mushrooms, cheese and herbs that attracts vegetarian consumers and innovation in preservatives by key players to improve meat quality and extend shelf life. Additionally, growing advancement in technology that focused on extending the shelf life of processed food is also practiced to increase the growth of the Pates market during the forecast period 2021-2026.
Rising Awareness about Nutritional Benefit among Consumers
Increasing awareness about nutritional benefit of pates among consumers is increasing the growth of the Pates market. Pates contain high nutrient such as Vitamin B12, Vitamin C, Vitamin A, Copper, and others. Also it is rich in essential fatty acid and protein which provides health benefits to consumers thereby increasing the growth of the Pates Market during the forecast period 2021-2026.
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Pates Market Challenges
Side effects
Major factor that is set to impede the growth of the Pates market is side effects of Pates as it is high in cholesterol that will increases blood cholesterol level which leads to cardiovascular diseases. Another factor which hamper the growth of market is high price of pates.
Pates Market Landscape
Product launches, mergers and acquisitions, joint ventures, and R&D activities are key strategies adopted by players in the Pates Market. In 2020, the Pates Market share is consolidated by the top ten players present in the market. The key companies in the Pates Market are Argeta, Patchwork Traditional Foods, Waitrose & Partners, Eatsman Foods, Danhull Prepared Foods, Kinsale Bay Foods, Lab Farm Foods, Alexian Pates, Henaff, and Rougie
Key Takeaways
Europe dominated the Pates Market in 2020 owing to rising number of food chains and restaurants in this region. The Pates Market scope for different regions will be provided in the final report.
Increasing adoption of western cuisines is set to aid the market growth of the Pates Market report.
Detailed analysis of the Strength, Weakness, and Opportunities of the prominent players operating in the market will be provided in the Pates Market report.
High price of pates is poised to create the hurdles for the Pates Market.