The global extruded snacks market is 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 market for expanded snacks 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.
Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=139554331
The snack sale through the hypermarkets and the supermarkets is 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. It is projected to be the largest as well as the fastest-growing market during the forecast period. The wide range of varieties offered and the advantage of real-time comparison among brands for consumers are the prime reasons for the success of hypermarkets and supermarkets for this market. Also, these formats not only support the on-the-go snacking trend, but also support impulse purchases.
In terms of method of manufacturing, snacks manufactured through a single-screw extruder accounted for the major market share due to low capital expenditure and operational cost.
By the method of manufacturing, the single-screw segment accounted for a larger share in the extruded snacks market in 2018, due to its cheaper 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.
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).
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints ar ound revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the “Growth Engagement Model – GEM”. The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write “Attack, avoid and defend” strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
MarketsandMarkets’s flagship competitive intelligence and market research platform, “Knowledgestore” connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.
Company Name: MarketsandMarkets
Contact Person: Mr. Aashish Mehra
Email: Send Email
Address:630 Dundee Road Suite 430
State: IL 60062
Country: United States