According to a recent report by Future Market Insights, a market research and competitive intelligence provider, the global market for extruded snacks was anticipated to be worth USD 56.3 billion in 2022, rising to USD 74.2 billion by 2032, with a CAGR of 7.4% over the forecast period.
The market is very fragmented because there are so many small and large suppliers competing on quality, innovation, promotion, and distribution. Consumer buying patterns, local, regional, and national economic conditions, as well as demographic issues, all influence market players’ growth potential. Companies in the market are focusing on introducing innovative things to stay up with changing consumer demands since they face severe competition.
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Extrusion is more efficient, less expensive, and requires fewer resources (energy, water, etc.) than many previous techniques. An extruded snacks machine or a processing line can process a variety of extruded snack products, making the approach particularly versatile. These qualities suggest that extrusion has a bright future ahead of it.
Increasing interest in healthy snacking and weight loss should boost the global market during the forecast period, providing an excellent incentive for extruded snack manufacturers to expand their manufacturing facilities. An increase in the number of young people and increased disposable incomes are also driving this sector’s growth.
Key Takeaways from Market Study
- In the year 2022, the Extruded Snacks market in the United States is expected to be worth USD xx Bn. The demand for extruded snacks in the region is being driven by general snacking or nibbling during social situations. Consumers in the United States value the health benefits of such items because it is one of the fastest-growing markets for natural and organic healthy foods.
- Consumers in Japan prefer to consume homegrown and established foreign brands wherever possible, with a CAGR of 7%. As a result of the growing trend of hypermarkets and supermarkets in the region, access to such foods has become considerably easier, further bolstering adoption.
- Hypermarkets and supermarkets retained the greatest market share in the global extruded snack market in 2021. Extruded snacks from a range of brands are available in these supermarkets and hypermarkets. Because suppliers advertise in-store and cost comparisons are available, consumers prefer hypermarkets and supermarkets for their tasks.
- In the year 2021, the potatoes section will have a considerable proportion of the market for extruded snack goods. In response to shifting taste preferences, global businesses have been pushed to make customised region-specific spicy snacks, which is projected to stimulate demand for the product in the market.
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“Demand for plant-protein-based diets in developed countries will contribute the most to the market expansion. Extrusion brings new resources to the sector, ensuring its long-term viability as demand for seafood also rises. Extrusion is also expected to contribute to the reduction of world hunger, in accordance with the SDG goals.”says a lead analyst at Future Market Insights.
Who is Winning?
Upsurge for weight loss and healthy eating is predicted to drive the global market for extruded snacks over the forecast period. Increasing demand for healthy snacking and weight loss should drive the global market during the forecast period, providing an excellent incentive for extruded snack manufacturers to expand their manufacturing facilities.
For example, PepsiCo acquired Bare Snacks, a nutritional snack manufacturing corporation, in 2018, with the intention of expanding its healthy snacks range. Calbee purchased Warnock Food Products, Inc. in 2019 to extend its market share in the United States and surrounding nations.
Some of the leading companies offering extruded snacks are Frito Lay Inc., ITC, Nestle, Kellogg’s, Calbee, Old Dutch Foods, Modalez International Inc, Universal Robina Corporation, and JFC International.
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Future Market Insights, in its new offering, provides an unbiased analysis of the extruded snacks market presenting historical demand data (2017-2021) and forecast statistics for the period from 2022-2032.
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Extruded Snack Market Report Scope
By Product Type:
- Breakfast cereal
- Bread
- Savory snacks
- Simply extruded snacks
- Expanded snacks
- Co-extruded snacks
- Textured Protein
- Extruded snacks pellets
By Extruder Type:
- Single Screw Extruders
- Twin Screw Extruders
- Contra Twin Screw Extruders
By Distribution Channel:
- Hypermarkets and Supermarkets
- Independent retailers
- Convenience stores
- E-commerce platforms
By Process:
- Cold Extrusion
- Hot Extrusion
By Raw Material:
- Wheat
- Potato
- Corn
- Rice
- Multigrain
- Oats
- Other raw materials ( meat, peas, fruits, pulses)
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
Explore FMI’s Other Extensive Reports of Food & Beverage:
Plant-based Snacks Market Size : The global plant-based snacks market is figured out to be around US$ 31.8 Billion in 2022 and is projected to reach nearly US$ 73.6 Billion by 2032.
Savory Snacks Market Share : The market value projected to increase is from USD 274.9 Bn in 2022 to USD 410.9 Bn by 2032.
Fruit Snacks Market Forecast : Global fruit snacks market demand is anticipated to be valued at US$ 5,456 Million in 2022, forecast a CAGR of 7.4% to be valued at US$ 11,120 Million from 2022 to 2032.
About FMI
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10 years.
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The post Extruded Snacks Market is Projected to Reach USD 74.2 Billion by the Forecast Period of 2032 Report by FMI appeared first on Future Market Insights.
Published by: Future Market Insights, Inc.