“The extruded snacks market is projected to grow at a CAGR of 4.4% in terms of value. The key drivers include the changing consumer lifestyle and increasing disposable income.”
The extruded snacks market is estimated to be valued at USD 48.3 billion in 2019 and is projected to grow at a CAGR of 4.4%, recording a value of USD 65.2 billion by 2026. Owing to the changing consumer lifestyle that has caused snack food to replace traditional, full-fledged meals and an increase in disposable income has caused the snack market to grow rapidly. The rising investment in the retail industry has resulted in an increase in the number of hypermarkets and supermarkets, which has caused the easy availability of snack products to the customers. However, the demand for healthy, low-calorie snacks has made the manufacturers bring in more and more innovation to the products to increase the market share.
“The market for expanded snacks is projected to record the highest CAGR during the forecast period.”
The expanded snacks segment in the market is projected to grow at a significant rate. Many multigrain snacks of high fiber and nutrient content are produced through this process. The rise in health awareness has increased the popularity of expanded snacks. Consumers have started to prefer snacks that are mostly baked or roasted. Many ingredients, such as corn, multiple grains, and rice, are used for these snack productions. These snacks are low in bulk density and are popularized as high-fiber and low-calorie healthy snacks.
“The extruded snacks made from wheat account for the largest market share during the forecast period.”
The wheat segment in the extruded snacks market is estimated to account for the largest share in 2019. Wheat is low in fat and carbohydrates as compared to potato and corn, and also high in dietary fibers. Wheat is gaining popularity as a healthy snack option, and manufacturers have been developing products in a wide range of flavors. Companies are also marketing their products by targeting consumers who prefer such healthy snacks and are providing healthier alternatives by replacing conventional raw materials.
“Asia Pacific to grow at the highest CAGR in the extruded snacks market between 2019 and 2026.”
The North American region dominated the market in 2018, and the Asia Pacific region is projected to be the fastest-growing market during the forecast period in the extruded snacks market. Factors driving the Asia Pacific market growth include the increasing adoption of Western culture in the region, growing disposable income, and on-the-go snacking trend among the urban population due to busy lifestyles. Due to the developing economic conditions across the majority of the countries, consumers in the region prefer the consumption of cheaper products, and hence, mostly opt for generic or domestic brands. Due to the growing trend of hypermarkets & supermarkets within the region, the availability of such snacks has become much easier, which is further bolstering the market growth in Asia Pacific.
Break-up of Primaries:
- By Value Chain: Manufacturers - 72 % and Suppliers - 28%
- By Designation: CXOs - 45%, Managers - 33%, and Executives - 22%
- By Country: US - 50%, Japan - 10%, India - 10%, UK - 10%, Philippines - 10%, and Mexico - 10%
Leading players profiled in this report:
- Calbee, Inc. (Japan)
- PepsiCo, Inc. (US)
- Kellogg Company (US)
- Campbell Soup Company (US)
- General Mills Inc. (US)
- ITC Limited (India)
- Grupo Bimbo, S.A.B. de C.V. (Mexico)
- Old Dutch Foods Inc. (US)
- Lorenz Snack-World (Germany)
- Amica Chips S.P.A. (Italy)
- Universal Robina Corporation (Philippines)
- Balance Foods, Inc. (US)
- JFC International (US)
- Ballreich Snack Food Company (US)
- Barrel O’ Fun Snack Foods Co., Inc. (US)
- Chipita S.A.(Greece)
- Tropical Heat (Kenya)
- Griffin’s Foods Limited (New Zealand)
- San Carlo (Italy)
- ICA Foods International (Italy)
The report segments the extruded snacks market on the basis of type, raw material, method of manufacturing, distribution channel, and region. In terms of insights, this report focuses on various levels of analyses the competitive landscape, end-use analysis, and company profiles which together comprise and discuss views on the emerging & high-growth segments of the global extruded snacks market, high-growth regions, countries, government initiatives, drivers, restraints, opportunities, and challenges.
Reasons To buy this report:
- To get a comprehensive overview of the extruded snacks market
- To gain wide-ranging information about the top players in this industry, their product portfolios, and key strategies adopted by them
- To gain insights about the major countries/regions in which the extruded snacks market is flourishing