The extruded snacks industry 2020 are projected to contribute to the estimated CAGR of 4.9% of extruded snacks market during the forecast period 2017-2023.
Extruded snacks are obtained through the mixing, formation, drying, flavouring and packaging extrusion process. The demand is largely influenced by the rising disposable income of millennials and the changing lifestyle. The growth of the market for extruded snacks is driven by an increased working population and raising demand for ready-to - eat food. The increase in understanding of wellbeing has boosted the appeal of extended snacks. Snacks that are often fried or grilled have begun to be favoured by customers. Therefore, the availability of nutritious snacks that supplies the body demands nutrients and vitamins attracts the population that is conscious of health and enhances the market penetration of extruded snacks.
The traditional food tastes that can be processed for a longer period have contributed to a sudden rise in sales of different snacks and bakery foods. Although this has had a positive effect on the demand for extruded sweets, supply chain disruptions and the possibility of a looming recession are main obstacles facing market participants.
The demand for extruded snacks may be segmented depending on form, such as sweet and savoury. The category of Savory dominates the demand for extruded snacks and is expected to see significant growth over the projected period.
The demand for extruded snacks is segmented into potato, rice, maize, tapioca, mixed grain, among others, depending on sources. The potato sector, among other things, dominates the market. However, in the coming years, rice and corn are expected to see significant growth.
Extruded snacks are segmented between store-related and non-store-based, based on the sales channel. The market is dominated by the store-driven sales chain, where hypermarkets and supermarkets are the biggest contributors based on self-picking buying experience and different brand choices offered to consumers.
The global extruded snacks market is segmented into North America, Europe, Asia Pacific and rest of the world (RoW).
Based on a wide variety of goods available to customers at competitive prices, Asia Pacific dominates the market. The increasing acceptance of Western culture in the region, raising disposable income, and on-the-go snacking patterns among the urban population due to busy lifestyles are factors driving the growth of the Asia Pacific industry. Consumers in the region tend to buy cheaper goods because of the evolving economic conditions in most countries and thus, often opt for generic or domestic labels. The supply of such snacks has become much easier due to the rising trend of hypermarkets & supermarkets within the country, which is further strengthening the growth of the Asia Pacific industry. India is the main contributor to the development in the Asia Pacific demand for extruded snacks.
Due to the strong propensity for healthier snacks among customers, Europe and North America are projected to rise significantly over the forecast period.
Some of the major players profiled in the global extruded snacks market are Mondelez International Inc. (U.S.), Calbee, Inc. (Japan), Frito-Lay North America, Inc (U.S.), ITC (India), Kellogg Co. (U.S.), Diamond Foods Inc. (U.S.), and Old Dutch Foods, Inc. (U.S.).