The global extruded snacks market is anticipated to grow during the forecast period due to the increasing demand for conventional and ready-to-eat food items. Fortune Business Insights™ publishes this information in a report titled, "Extruded Snacks Market, 2022-2029". As per the report, the extruded snacks industry size was valued at USD 50.37 billion in 2021. The market size is expected to rise from USD 53.20 billion in 2022 to USD 77.72 billion by 2029 at a CAGR of 5.57% during the projected period.
Increasing Adoption of Protein Rich Food Amid Pandemic To Bolster Market Growth
The COVID-19 pandemic has affected several industries, including the food and beverage sector. Also, people are more inclined toward healthy eating habits due to the spread of coronavirus. The government has imposed strict restrictions on transportation due to which people stocked their grocery supplies and snacks. This bolstered the market growth during the pandemic period. Also, the awareness regarding health benefits and increasing consumption of protein-rich and nutritional food products has supported the market growth.
Browse Detailed Summary of Research Report with TOC:
List of Key Players Profiled in Market Report For Extruded Snacks:
- PepsiCo, Inc. (U.S.)
- Calbee, Inc. (Japan)
- Kellogg Company (U.S.)
- Campbell Soup Company (U.S.)
- General Mills, Inc. (U.S.)
- ITC Limited (India)
- Grupo Bimbo (Mexico)
- Mondelez International (U.S.)
- JFC International (U.S.)
- Lorenz Snack World (Germany)
The report provides factual information and statistical data regarding market growth and upcoming opportunities. Also, the report sheds light on the impact of COVID-19 pandemic and strategies adopted by the key market players to improve their business performance. Furthermore, drivers and restraints affecting the market's growth potential are highlighted in this report. The regional insights regarding segmented market areas are given further along with the list of key market players leading the industry. The companies focus on various market development strategies such as mergers, acquisitions, alliances, and partnerships, allowing companies to enhance their business reach.
Corn Based Products Dominates The Market Due to a Wide Range of Flavors & Textures
The market is categorized into corn, wheat, potato, rice, and others by product type.
The market is divided into supermarkets/hypermarkets, convenience stores, specialty stores, and online retail based on distribution channels.
Geographically, the market share is segmented into North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
Drivers & Restraints:
Rising Demand For Conventional Food Products To Foster Market Growth
The increased demand for convenient and on-the-go food products is attributed to the extruded snacks market growth. Also, increasing adoption of protein-rich and nutritional food is expected to fuel the market growth during the forecast period. Furthermore, changing the population's lifestyle and evolving eating habits are anticipated to drive the market and increase the sales rate for the extruded snacks in segmented regions.
However, high processing costs and technical errors may hinder the market growth during the projected period.
Asia Pacific Holds Highest Market Share Due To Increasing Consumer Demands
Asia Pacific dominates the global extruded snacks market share due to the region's emerging food and beverage industries. Also, increasing consumer demands for ready-to-eat and convenient food is expected to drive regional market growth.
North America stands at second-highest global market position during the forecast period due to increasing investments in the market. Also, increasing population and rising snack consumption are expected to fuel regional growth.
New Product Launch Allow Companies to Enhance Their Product Portfolio
The key market players focus on adopting several business growth strategies such as mergers, acquisitions, alliances, and partnerships. Also, the companies implement various innovative business development strategies by incorporating technological advancements to enhance their product portfolio. Furthermore, the companies implement various practices to globalize their business and attract global customers.
Notable Industry Development:
- March 2020: The U.S.-based snack manufacturer, ReGrained, has launched a new product, ‘Regrained Puffs.’ The product is a grain blend and can be used to manufacture various extruded snacks.