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Report Overview: Extruded Snacks MarketThe global extruded snacks market size was valued at USD 49.48 billion in 2020 and is expected to witness significant growth in the years to come. Large consumption of extruded snacks in round the clock meals by the consumers is a key factor boosting the market growth. Moreover, they are widely consumed in parties, small or large gatherings, entertainment centers, theaters, and various other places. Extruded snacks are also largely consumed by the customers during their free time, travel, and even when they are busy but hungry. These consumer trends are anticipated to boost the demand for extruded snacks over the forecast period 2021-2027. Extruded snacks have a large quantity of starch, which allows the product to remain intact during mass production. Through the process of extrusion, mass production of snacks forms an efficient process that confirms uniformity in the final product. Food products manufactured using extrusion include breads, such as croutons, bread sticks, and flat breads, many breakfast cereals, soy sticks, ready-to-eat snacks, cookies, namkeen, some baby foods, and textured vegetable protein. Malnutrition has become one of the major challenges, which is directly connected to the social living of the people as well as the regional economy. According to the United Nations, the world population is anticipated to reach around 9 billion by 2050, which will further intensify the problem of malnutrition in the world. Extruded snacks are gaining immense popularity among the young population owing to the increasing nutritional status of these extruded products. In addition, extruded snacks contain a low quantity of moisture (around 4-6%), which makes them shelf stable and increases their shelf life. These shelf stable and nutrient abundant products are considered ideal to alleviate malnutrition in the developing world. Modern extruded snacks have paved the path to use numerous nutrient-rich constituents to make healthy as well as attractive products. Over the past few years, consumers have become more cautious about their snacking habits and are increasingly preferring healthy extruded snacks. These healthy products help in weight management and improvement of metabolism by delivering essential nutrients and vitamins required by the body, thus expanding the scope of these extruded products in the forthcoming years.
Product Insights: Extruded Snacks MarketPotato based extruded snacks lead the extruded snacks market in 2019 with a share of more than 25% in terms of volume as well as revenue. It is expected to maintain its lead over the forecast period owing to large consumption of potato based extruded products, including chips and pallet snacks. According to the United States Census Bureau, around 60% of potato produced in the U.S. is sold in the form of chips, French fries, dehydrated potato snacks, and other potato products. These trends are anticipated to boost the demand for the potato based extruded snacks over the forecast period. Tapioca based extruded snacks are anticipated to expand at a CAGR of 3.9% in terms of volume from 2020 to 2027 owing to increasing demand for healthy and nutritious snacks among the young generation across the globe. Tapioca is widely consumed in Latin America, Africa, and Asia in different forms owing to its high nutritional property. These consumer trends are anticipated to open new avenues for tapioca based extruded snacks over the forecast period.
Distribution Channel Insights: Extruded Snacks MarketSupermarkets and hypermarkets emerged as the largest sales channel in 2019 with a share of more than 35.0% in terms of volume. Increasing consumer preferences for healthy snacks with a wide variety of flavors, coupled with high shelf life, are driving this distribution channel. Moreover, supermarket and hypermarket giants such as Walmart, Target, 7Eleven, SPAR, Aldi, Carrefour, and Lidl have a large grocery store chain across the globe with a vast customer base, thus driving the demand for extruded food products through this distribution channel over the forecast period. The online retail distribution channel is anticipated to expand at the fastest CAGR of 4.3% in terms of revenue from 2020 to 2027. The growth of online retail is attributed to its easy, comfortable, and convenient accessibility, coupled with doorstep delivery. The rising adoption of smartphones, coupled with the growing reach of the internet across the globe, is expanding the scope of online sales. Moreover, online giants such as Amazon Prime Pantry, Alibaba, Yihaodian, Godrej Natures Basket, Tesco.com, Walmart, and Honestbee are expanding rigorously owing to shifting consumer preferences. This, in turn, is expected to propel the sales of extruded snacks through online retail in the forthcoming years.
Regional Insights: Extruded Snacks MarketEurope led the market in 2019 with a share of more than 40.0% based on volume. Snacking in Europe during social occasions and on-the-go or general snacking are propelling the demand for extruded snacks. Moreover, consumers are gradually shifting towards healthier options, such as wheat and cereal snacks. The consumers in U.K. are focusing on the health benefits of such products, whereas Germany is one of the fastest growing natural and organic healthy foods markets. Wholegrain wheat and other cereals are gaining popularity in snacks, coupled with pulse flours, seeds, and naturally processed grains. Asia Pacific is anticipated to emerge as the fastest growing region, expanding at a revenue-based CAGR of 5.6% from 2020 to 2027 owing to a large population base in countries, such as China and India. Moreover, party culture with drinks and snacks is significantly growing in the Asian countries owing to the corporate culture, which is opening new avenues for extruded snacks in the regional market.
Extruded Snacks Market Share Insights: Extruded Snacks MarketThe market is fragmented owing to the presence of a large number of players at the domestic as well as global levels. Moreover, major market share is captured by some of the strong players with a large customer base across the globe. Furthermore, in order to retain customers, major players are continuously expanding their product portfolio with regional flavors. These trends are anticipated to boost the demand for extruded snacks over the forecast period. Major manufacturers are adopting various strategies, including new product launch, merger & acquisition, and expansion of distribution channels, in order to capture the major market share and expand their customer base across the globe. For instance, in May 2019, PepsiCo, Inc. has introduced ˜papadam, a south Indian extruded snack in its product portfolio. The company aims to target customers in South India. These new product launches increase product visibility, thus fueling industry growth over the forecast period. This report forecasts revenue and volume growth at the global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2016 to 2027. For the purpose of this study, Trusted Business Insights has segmented the global extruded snacks market report on the basis of product, distribution channel, and region:
Product Outlook (Volume, Kilo Tons; Revenue, USD Million, 2016 - 2027)
- Mixed Grains
Distribution Channel Outlook (Volume, Kilo Tons; Revenue, USD Million, 2016 - 2027)
- Supermarkets & Hypermarkets
- Convenience Stores
- Specialty Stores
- Online Retail
Table of Contents Chapter 1. Methodology and Scope 1.1. Market Segmentation & Scope 1.2. Market Definition 1.3. Information Procurement 1.3.1. Purchased Database(Statista, FactSet, Bloomberg, SDC Platinum) 1.3.2. IFF Internal Database 1.3.3. Secondary Sources & Third-Party Perspectives 1.3.4. Primary Research 1.4. Information Analysis 1.4.1. Data Analysis Models 1.5. Market Formulation & Data Visua | read more...