Extruded Snacks Market Set for Rapid Growth

Posted 2022-09-23 06:31:20

According to our latest market study, titled on "Extruded Snacks Market Forecast to 2028 - COVID-19 Impact and Global Analysis - by Category (Second Generation Snacks and Third Generation Snacks), Raw Material (Roots and Tubers, Cereals and Grains, Pulses and Lentils, and Others), and Distribution Channel (Supermarkets and Hypermarkets, Convenience Stores, Online Retail, and Others)," the global extruded snacks market is projected to reach US$ 93,898.88 million by 2028 from US$ 62,124.75 million in 2022. It is expected to grow at a CAGR of 7.1% during 2022-2028. The report highlights key factors driving the market growth and prominent players along with their developments in the market.

The demand for extruded snacks is significantly rising because of the convenience they offer to consumers. The extruded snacks market is driven by the rising number of consumers with a busy lifestyle and growing preference for fast on the-go snacks that can be consumed without hassle. These snacks These products are mostly available in supermarkets, hypermarkets, and convenience stores, which constitutes a significant market share in based on the distribution channel segment.

Furthermore, eExpanding retail distribution channels is another factor behind the risingraising the sales of extruded snacks in rural and level II cities. For instance, with the continuous economic growth of China, the purchasing power of consumers has increased. These consumers are willing to pay more signigicant amount for excellent products containing which contain organic ingredients. Many market players are launching their products in very good quality supermarkets to have attempted to expand their presence and become market leaders by launching their products in top of the line supermarkets. Therefore, the very good quality supermarket sector shows considerable promise growth as the quantity of consumers with strong purchasing power is growing.

PepsiCo; AMICA CHIPS S.p.A.; Calbee; PEPPERIDGE FARM INCORPORATED; Kellogg's Company; General Mills Inc.; Meiji Holdings Co., Ltd.; Sensible Portions; Old Dutch Foods, Inc.; and Mikesell's Snack Food Company are among the key players operating in the global extruded snacks market. These companies provide an extensive variety of product portfolios for the market. They have a widespread global presence, which provides a lucrative opportunity forhelps the market tom to serve a large set of customers and increase share of the market share. These market players are profoundly focused on developing products with advanced innovation platforms to serve their customers better.

Impact of COVID-19 Pandemic on Extruded Snacks Market
The COVID-19 pandemic had initially affected the global extruded snacks market because of the shutdown of manufacturing units, rising prices of raw materials, shortage of labor, disruption of supply chains, and financial instability.

Extruded snacks are part of tThe food and beverages industry. The industry's disruption because of the economic slowdown caused by the COVID-19 outbreak had restrained the demand for extruded snacks. Be that as it may, businesses are gaining ground as previously imposed limitations are being eased across various countries. Additionally, the introduction of COVID-19 vaccines by governments of various countries has eased the situation, leading to the rise in business activities around the world. The pandemic has also collaterally resulted in the growth of the food and beverages industry post recovery from the production disruptions. The increased purchasing of packaged food and beverages has eventually aided the extruded snacks market post the pandemic outbreak situation.

The report includes the segmentation of the global extruded snacks market as follows:
Based on category, the global extruded snacks market is segmented into second generation snacks and third generation snacks. Based on raw material, the global extruded snacks market is segmented into roots and tubers, cereals and grains, pulses and lentils, and others. Based on distribution channel, the global extruded snacks market is segmented into supermarkets and hypermarkets, convenience stores, online retail, and others.

By geography, the extruded snacks market is broadly segmented into North America, Europe, Asia Pacific (APAC), Center East and Africa (MEA), and South and Central America. The market in North America is further segmented into the US, Canada, and Mexico. The market in Europe is subsegmented into Germany, France, the UK, Italy, Russia, and the Rest of Europe. The extruded snacks market in Asia Pacific is subsegmented into China, India, Japan, Australia, South Korea, and the Rest of Asia Pacific. The market in Center East and Africa (MEA) is further segmented into South Africa, Saudi Arabia, the UAE, and the Rest of MEA. The market in South and Central America is subsegmented into Brazil, Argentina, and the Rest of South and Central America.