The extruded snacks market refers to the segment of the food industry that produces snacks using extrusion technology. Extrusion is a process in which a mixture of ingredients is forced through a machine called an extruder to produce a specific shape and texture. This process is commonly used in the production of various snacks, including but not limited to chips, puffs, and other crunchy snacks. The global extruded snacks market was estimated to account for USD 48.3 billion in 2019 and is projected to reach USD 65.2 billion by 2026, recording a CAGR of 4.4% during the forecast period. The market is primarily driven by the increasing disposable income and changing lifestyle among the millennials.
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.
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.
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The extruded snacks market in the Asia Pacific region is projected to grow at the highest CAGR from 2019 to 2026.
Factors driving the growth of the Asia Pacific market include the increasing adoption of the 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 a 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.
Leading organizations outlined
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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Key Questions Addressed by the Report
- Which region will account for the largest share in the extruded snacks market?
- What are the trends and factors responsible for influencing the adoption rate of low calories extruded snacks in key emerging countries?
- What is the level of support offered by governments across these countries to the snacks manufacturers?
- Which are the key players in the market, and how intense is the competition?
- What future opportunities should market players look for?
