The global extruded snacks market size is expected to reach US$ 71.7 Bn by the end of 2030. According to a study by Future Market Insights (FMI), the market will show a steady rise at 4.20% CAGR between 2019 and 2029. According to the report, changing lifestyles & eating habits, growing preference for prepared ready-to-eat food, lower commodity prices and a booming retail industry are key market drivers. The report offers a comprehensive overview of the market, covering key growth drivers, restraints, opportunities, and prevailing trends. It uses unique research methods to offer the most accurate analysis of the market.
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- The estimated value of the market was at US$ 47.5 Bn in 2019. Through the course of the report’s forecast period, the market is exhibited to show a steady pace of growth.
- Currently, Europe represents the largest consumer.
- Asia Pacific is projected to grow at the highest CAGR.
- The expanded snacks segment in the market is projected to grow at a significant rate.
- The global economy is facing a slowdown gradually leading towards a recession due to corona outbreak.
- Wheat is gaining popularity as a healthy snack option, and manufacturers have been developing products in a wide range of flavors.
“Growing number of young population and increasing disposable incomes in the emerging regions are also expected to drive the demand for extruded snack foods,” said a lead analyst at FMI.
Rise in Health Awareness As Consumers Choose Cautious Living Amidst Coronavirus Outbreak to Support Growth
As a result of the spread of coronavirus, consumers have become more vigilant about their snacking habits. They are slowly inclining towards healthier snacking foods such as extruded snacks because of the metabolism-related benefits they offer. Good snacking is often well-thought-of as a weight-loss accompaniment, as these snacks have the necessary vitamins and nutrients the body requires. The nutritional substances in extruded snacks can be transformed by altering protein and starch’s digestion competence. The rising demand for weight control and healthy snacking are likely to drive the global market for extruded snacks over the forecast period. Rising demand for healthy snacking and weight control should fuel the market for the drug worldwide over the period forecast timespan.
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Who is Winning?
Some of the leading players operating in the extruded snacks market are PepsiCo, Inc., Calbee, Inc., Campbell Soup Company, ITC Limited, Old Dutch Foods Inc., Grupo Bimbo, Kellogg Company, S.A.B. de C.V., General Mills, Inc., Lorenz Snack-World, Amica Chips S.p.A., Universal Robina Corporation, ICA Foods International, JFC International, Ballreich Snack Food Company, Balance Foods, Inc., Tropical Heat, Chipita S.A., Griffin’s Foods Limited, Barrel O’ Fun Snack Foods Co., Inc., and San Carlo.
In addition to this, mergers and acquisition remains a popular strategy among market players. Companies intend to expand their regional footprint through strategic collaborations.
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