DUBLIN--(BUSINESS WIRE)--The "Extruded Snacks Market by Type (Simply extruded, Expanded, Co-extruded), Raw Material (Wheat, Potato, Corn, Oats, Rice, Multigrain), Manufacturing Method (Single-screw, Twin-screw), Distribution Channel, and Region - Global Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.
The extruded snacks market is estimated to be valued at USD 48.3 billion in 2019 and is projected to grow at a CAGR of 4.4%, recording a value of USD 65.2 billion by 2026.
Owing to the changing consumer lifestyle that has caused snack food to replace traditional, full-fledged meals and an increase in disposable income has caused the snack market to grow rapidly. The rising investment in the retail industry has resulted in an increase in the number of hypermarkets and supermarkets, which has caused the easy availability of snack products to the customers. However, the demand for healthy, low-calorie snacks has made the manufacturers bring in more and more innovation to the products to increase the market share.
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 are produced through this process. 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, multiple grains, and rice, are used for these snack productions. These snacks are low in bulk density and are popularized as high-fiber and low-calorie healthy snacks.
The extruded snacks made from wheat account for the largest market share during the forecast period.
The wheat segment in the extruded snacks market is estimated to account for the largest share in 2019. Wheat is low in fat and carbohydrates as compared to potato and corn, and also high in dietary fibers. Wheat is gaining popularity as a healthy snack option, and manufacturers have been developing products in a wide range of flavors. Companies are also marketing their products by targeting consumers who prefer such healthy snacks and are providing healthier alternatives by replacing conventional raw materials.
Asia Pacific to grow at the highest CAGR in the extruded snacks market between 2019 and 2026.
The North American region dominated the market in 2018, and the Asia Pacific region is projected to be the fastest-growing market during the forecast period in the extruded snacks market. Factors driving the Asia Pacific market growth include the increasing adoption of Western culture in the region, growing disposable income, and on-the-go snacking trend among the urban population due to busy lifestyles. Due to the developing economic conditions across the majority of the countries, consumers in the region prefer the consumption of cheaper products, and hence, mostly opt for generic or domestic brands. Due to the growing trend of hypermarkets & supermarkets within the region, the availability of such snacks has become much easier, which is further bolstering the market growth in the Asia Pacific.
- Changing Consumer Lifestyles and Consumption Patterns Increase the Need for Convenience in Foods
- Expansion of the Retail Industry Resulting in A Huge Number of Hypermarkets and Supermarkets Across the Globe
- Immense Growth in the Disposable Income of Consumers Encourages Impulse Purchases
- Increased Cost of Raw Material and Production
- Increase in the Demand for Healthy Snacks
- Technological Advancements in Extrusion & Processing
- Government Initiatives and Investments to Fuel the Demand for Processed and Extruded Food
- High Competition From Local Players of an Unorganized Market
- Lack of Transport and Infrastructure Support in Emerging Markets
- Calbee, Inc.
- Pepsico, Inc.
- Kellogg Company
- Campbell Soup Company
- General Mills, Inc.
- ITC Limited
- Grupo Bimbo, S.A.B. De C.V.
- Old Dutch Foods Inc.
- Lorenz Snack-World
- Amica Chips S.P.A.
- Universal Robina Corporation
- Balance Foods, Inc.
- JFC International
- Ballreich Snack Food Company
- Barrel O' Fun Snack Foods Co., Inc.
- Chipita S.A.
- Tropical Heat
- Griffin's Foods Limited
- ICA Foods International
- SAN Carlo
For more information about this report visit https://www.researchandmarkets.com/r/oxhdqx