Extruded Snacks Market | By Segment by Forecast till 2020- 2030.
Extruded Snacks Market Outlook
Extrusion is defined as a process where several manufacturing operations are combined. Such operations include cooking, forming, kneading, mixing, shaping, and shearing. Snacks manufactured via the extrusion process are called extruded snacks. In a new report on the global extruded snacks market, published by Market Research Future (MRFR), Global Extruded Snacks Market The global extruded snacks market was Value estimated to account for USD 54.3 billion in 2021 and is projected to reach USD 72.6 billion by 2030, recording a CAGR of 7.2 % during the forecast period.
The worth-noting Extruded Snacks market driving factor for the global Extruded Snacks Market Trends growth is the surging demand for ready-to-eat food that is a result of the increasing working population and rising demand. The trend of healthy snacking emerging from the availability of low-cholesterol snacks that provides required nutrients and vitamins to the body is creating a market among the health-conscious population. Hence, the penetration of extruded snacks market is increasing the snacks market. Aggressive marketing strategies and attractive packaging by market players can also aid market growth. Other global extruded snacks market driving factors that can progress the market growth include technological advancement leading to better extrusion operations, changing lifestyles, and changing consumer patterns. However, intense competition among established market players is adding fuel to the research and development (R&D) initiatives for extruded snacks. Hence, the market growth can slow down as the entry of new market players is becoming difficult.
Market Segmentation
The global extruded snacks market industry segmentation encompasses distribution channel, source, and type. MRFR’s research on the market highlights many facets of the market in-depth.
In the context of the distribution channel, this market has been segmented into store-based distribution channels and non-store-based distribution channels. The store-based distribution channel holds the lion's share in the market with hypermarkets and supermarkets emerging as the major contributors. The segment is large as customers visiting the stores can experience self-picking shopping, and multiple brand options are available to them.
The source-based segmentation of the meat snacks market covers corn, mixed grain, potato, rice, tapioca, and others. Although the potato segment holds the largest market share, the corn segment and the rice segment are expecting notable growth in the coming years.
By type, the market has been segmented into savory and sweet. The savory segment is dominating the market, and during the forecast period, it can grow substantially.
Regional Segmentation
A geographical outlining of the global Key Extruded Snacks Market Players covers Asia Pacific, North America, Europe, and Rest of the World (RoW).
The Asia Pacific region dominates the market as a wide range of products are available to consumers at reasonable prices. India is a major contributor to the market revenue as snacks are not only manufactured in India but are also sold internationally. Due to the high density of population, China is another major market in this region, followed by Australia and Japan. An examination of the remaining countries in the Asia Pacific region featured in this report adds the extra market revenue from some other countries.
In North America, corn-based snacks are the most popular. The major factor for market growth is continuous innovations and intense competition among key players, many of whom are based in the USA. The regional market is growing due to increasing consumer inclination towards healthy snacking. After the USA, Canada and Mexico generate maximum market revenue.
Like North America, the market in Europe is also growing substantially due to the craze among consumers for healthy snacking. In Europe, potato-based snacks are most popular. Countries that are the cream of the European market are France, Germany, Italy, Spain, and the UK. Research on the remaining countries in Europe featured in this report calculates the strong addition to market revenue from various other countries in this region.
The RoW segment covers the uncategorized countries in the world. Among those countries, the most important markets are Argentina, Brazil, and South Africa. In comparison to the Middle East and Africa, Latin America can be a bigger market during the forecast period.
Key Players
Big players in the global extruded snacks market are Calbee Inc. (Japan), Diamond Foods Inc. (USA), Frito-Lay North America Inc (USA), ITC Limited (India), Kellogg Co. (USA), Mondelez International Inc. (USA), and Old Dutch Foods Inc. (USA).
Latest Industry News
· GoGo squeeZ® is introducing Limited Edition Halloween Packs that contain healthy portable and squeezable snacks for kids. 25 SEP 2019
Frequently Asked Questions (FAQ):
What is the forecast period for the Global Extruded Snacks Market?
Ans: The Forecast period for the Extruded Snacks Market Is 2020-2028.
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