Extruded Snacks Market to Showcase Continued Growth in the Coming Years

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Extruded Snacks Market to Showcase Continued Growth in the Coming Years

February 21
18:14 2020
Extruded Snacks Market to Showcase Continued Growth in the Coming Years

MarketsandMarkets™
The extruded snacks market is projected to reach USD 65.2 billion by 2026, recording a CAGR of 4.4% during the forecast period.

The report Extruded Snacks Market by Type (Simply extruded, Expanded, Co-extruded), Raw Material (Wheat, Potato, Corn, Oats, Rice, Multigrain), Manufacturing Method (Single-screw, Twin-screw), Distribution Channel, and Region – Global Forecast to 2026″, The global extruded snacks market size is projected to reach USD 65.2 billion by 2026, from USD 48.3 billion in 2019, recording a CAGR of 4.4% during the forecast period. The busy lifestyles that result in lesser time to cook meals and an increase in disposable income are projected to drive the extruded snacks industry growth during the forecast period.

Extruded Snacks Market

The extruded snacks market across the globe is dominated by snacks made from wheat, by raw material.

 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.

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The expanded snacks market 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 fall under this category. 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, multigrain, and rice, are used for these snack production. These snacks are low in bulk density and are popularized as high-fiber and low-calorie healthy snacks.

The snacks sale from the hypermarkets and the supermarkets are estimated to be the highest due to the increasing number of such outlets across the globe.

Among the distribution channels, hypermarkets & supermarkets are estimated to form the largest segment in 2019. This segment is projected to be the largest, as well as the fastest-growing market, during the forecast period. The wide range of varieties offered by brick and mortar stores and the advantage of real-time comparison among brands for consumers are the prime reasons for the success of hypermarkets and supermarkets in this market. Also, these formats not only support the on-the-go snacking trend but also support impulse purchases.

In terms of the method of manufacturing, the single-screw extruder is projected to account for the major market share due to low capital expenditure and operational cost.

The single-screw manufacturing of extruded snacks accounted for a larger share in the extruded snacks market in 2019, due to its lower price. However, the twin-screw extruders are projected to be the faster-growing segment through 2026. This is because the twin-screw extruder has better mixing ability and higher pumping efficiency than the single-screw extruder. Twin-screw extruders can impart a higher number of possible configurations to the final product, to attain a different shape and has wider adaptability to snack ingredients. The operational efficiency is much higher in the twin-screw extruders than in the single-screw extruders. Thus, more manufacturers are shifting from using single-screw extruders to twin-screw extruders.

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With the increasing demand low calorie extruded snacks, North America is estimated to dominate the global snacks market in 2019.

The on-the-go snacking trend has been growing across the globe but has been the most significant in North American countries due to the busy lifestyle of the consumers. Sales of snacking items have been the highest across the developed countries from hypermarkets and supermarkets. The trend of snacking has been on the rise in Asian countries, such as China and India, mainly among the millennial population. Also, the revenue of major players producing extruded snacks has been more concentrated toward the North American market, with a well-established distribution network spread across other parts of the world. These companies have also been expanding their business through mergers & acquisitions of innovators or emerging companies. Thus, North America dominated the global market for extruded snacks in 2018.

Key players operating in this market include 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), ICA Foods International (Italy), and San Carlo (Italy).

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