The ‘Global Extruded Snack Food Market Size, Share, Price, trends, Growth, Report and Forecast 2023-2028’ by Expert Market Research gives an extensive outlook of the global extruded snack food market, assessing the market on the basis of its segments like material, type, extrusion method, distribution channel, and major regions.
The report studies the latest updates in the market, along with their impact across the market. It also analyses the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter’s Five Forces Models.
The key highlights of the report include:
Market Overview (2018-2028)
• Historical Market Size (2022): USD 88.31 billion
• Forecast CAGR (2023-2028): 2.3%
• Forecast Market Size (2028): USD 101.22 billion
The changing lifestyles of the growing population are significantly supporting the growth of the global extruded snack food market. The major factors that are driving the growth of this market include the rising prevalence of ready-to-eat (RTE) food items and the rapidly evolving snack industry. The nutrient and flavour loss minimising qualities of extrusion technology coupled with the lower processing costs, are likely to expand this market in the forecast timeline. Besides, extrusion technology also possesses the ability to eliminate the formation of microorganisms in the end product, which makes extruded snack food items comparatively safer for consumption.
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The supermarkets and hypermarkets distribution channel of the global extruded snack food market is expected to register a steady growth in the future due to the availability of a large variety of brands and support for in-person product comparison. The convenience of home deliveries and ordering from homes has expanded the online retail distribution channel segment of this market and is likely to expand manifold in the forecast period. Corn is loaded with fibre and is a chief ingredient in a variety of extruded snacks, which is likely to fuel the corn material segment of this market. By extrusion method, twin screw processing is projected to grow significantly in the extruded snack food market, due to its better mixing ability.
Extruded Snack Food Industry Definition and Major Segments
Extruded snack foods refers to the snacks that are made by pushing food materials through precision cuts or moulds, under various conditions including the varying moisture content of the raw material. It operations like pumping, mixing, heating, shearing and sizing, that are combined for processing the food items. Extruded snack foods typically contain some form of starch.
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On the basis of material, the market is segmented into:
• Mixed Grains
Based on type, the market is classified into:
• Simply Extruded
On the basis of extrusion method, the market is bifurcated into:
• Single Screw Processing
• Twin Screw Processing
Based on distribution channel, the market is categorised into:
• Convenience Stores
• Specialty Food Stores
• Online Retail
On the basis of region, the market is differentiated into:
• North America
• Asia Pacific
• Latin America
• Middle East and Africa
Extruded Snack Food Market Trends
The rapidly increasing global working population is bolstering the growth of the extruded snack food market. The key trends propelling the market include the increasing investments towards the innovation and development of novel products and the rising awareness regarding the consumption of preservative-free snack foods. Hectic lifestyles of the growing population have led to a greater adoption of on-the-go snacking products, creating lucrative opportunities for the market growth. The increasing demand for keto-friendly, low-carb, and vegan snacking food items owing to the adoption of healthy diets by a sizeable population is expanding the market for extruded snack foods.
The introduction of various flavours and varieties of extruded snack items in the global market has propelled greater consumer adoption and spurred the global extruded snack food market. Aggressive marketing and promotional activities coupled with the thriving e-commerce sector are likely to generate a burgeoning demand for extruded snack food items. Market players are increasingly adopting sustainable packaging keeping in mind the rising consumer awareness regarding environment conservation. Additionally, manufacturers are turning to sweeteners like stevia to help consumers keep sugar levels in check and potassium chloride to replace salt to reduce sodium levels, thus maintaining the flavour while also enhancing the nutritional profile.
Key Market Players
The major players in the global extruded snack food market report are:
• Baker Perkins
• Chipita S.A.
• Bunge North America, Inc.
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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