Extruded Snacks Market Report by Share and Size 2028

Extruded Snacks Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Category (Second Generation Snacks and Third Generation Snacks), Raw Material (Roots and Tubers, Cereals and Grains, Pulses and Lentils, and Others), and Distribution Channel (Supermarkets and Hypermarkets, Convenience Stores, Online Retail, and Others)

  • Report Code : TIPRE00009431
  • Category : Food and Beverages
  • Status : Published
  • No. of Pages : 168
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[Research Report] The extruded snacks market is projected to reach US$ 93,898.88 million by 2028 from US$ 62,124.75 million in 2022. It is expected to grow at a CAGR of 7.1% during 2022–2028.

The market growth is attributed to the rapidly growing preference of consumers for convenience foods. Owing to the changing lifestyles and social values of people, the demand for convenience food is increasing. These products are available in various varieties and forms, such as pellets, alphabet shapes, and animal shapes. The of availability of such products is increasing due to growing product launches by manufacturers. The rise in consumption of ready-to-eat food has propelled the sales of extruded snacks in the world. However, owing to the lockdowns caused by the COVID-19 outbreak, consumers have started to cook at home, which hampered the market to some extent.

In 2021, Asia Pacific held the largest share of the global extruded snacks market and is estimated to register the highest CAGR in the market during the forecast period. The market in Asia Pacific is subsegmented into China, India, Japan, South Korea, and Australia. South Korea, China, Japan, and many Asia Pacific countries are major food and beverage markets. The region is also home to numerous extruded snacks manufacturers, which are growing due to increased domestic demand for packaged foods. The rising production of extruded snacks, especially in unorganized sector, in Asia Pacific and increasing preference for ready-to-eat foods would contribute to the market growth in the region during the forecast period.

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Extruded Snacks Market: Strategic Insights

extruded-snacks-market
Market Size Value inUS$ 62,124.75 Million in 2022
Market Size Value byUS$ 93,898.88 Million by 2028
Growth rateCAGR of 7.1% from 2022 to 2028
Forecast Period2022-2028
Base Year2022
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Impact of COVID-19 Pandemic on Extruded Snacks Market

The COVID-19 pandemic significantly disrupted the manufacturing sector in terms of operational efficiency, owing to extended lockdowns across different regions; shutdowns of manufacturing unit; restrictions on travel, international trades, and supply chain; and shortages in the raw materials supply. The crisis eventually hampered the extruded snacks market. The disruption of the food & beverages industry due to the economic slowdown caused by the outbreak also hindered the market growth. However, previously imposed limitations are being eased across various countries. Therefore, businesses have recovered.

Moreover, the COVID-19 vaccination drives by governments of different countries have further eased the situation, leading to a rise in business activities worldwide. Furthermore, governments of different countries are planning to develop modern and technologically advanced infrastructure to mitigate the economic impacts of the pandemic. During the lockdown, consumers purchased many packaged foods and beverages at once instead of food service items. Thus, despite the negative impacts of the COVID-19 pandemic, the extruded snacks market is expected to grow significantly in the coming years.

Extruded Snacks Market Breakdown: by Region, 2021


 
  • Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.

Market Insights

Increasing Demand for Convenience and On-the-go Products

The ready-to-eat food products industry is among the industries that have witnessed a surge in immense demand during the COVID-19 pandemic. With countries on lockdown and most people working from home, the consumption of ready extruded snack products has surged. Young consumers spend most of their income on convenient extruded snacks, making them the prime target of these products. Thus, the increased demand and consumption of convenient food is driving the extruded snacks market.

Category Insights

Based on category, the global extruded snacks market is segmented into second generation snacks and third generation snacks. In 2021, the second generation snacks segment accounted for a larger market share. However, the third generation snacks segment is expected to register a higher CAGR during the forecast period. The rising awareness among consumers regarding the importance of a strong immune system and healthy lifestyle propelled the preference for fortified products. Third generation extruded snacks may include nutritionally rich ingredients, including pulses and lentils, along with digestive fibers and proteins. Therefore, people are accepting nutritionally rich third generation extruded snacks, which would help the market grow during the forecast period.

Extruded Snacks Market, by Category – 2021 and 2028


 
food-and-beverages
Extruded Snacks Market, by Category – 2021 and 2028
  • Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.

PepsiCo; AMICA CHIPS S.p.A.; Calbee; PEPPERIDGE FARM INCORPORATED; Kellogg's Company; General Mills Inc.; Meiji Holdings Co., Ltd.; Sensible Portions; Old Dutch Foods, Inc.; and Mikesell’s Snack Food Company are among the players operating in the extruded snacks market. These companies provide a wide range of product portfolios for the market. The companies have their presence in the developing regions, which provides lucrative opportunities for the market. Market players are developing high-quality, innovative products to meet customer requirements.

Report Spotlights

  • Progressive industry trends in the extruded snacks market to help players develop effective long-term strategies
  • Business growth strategies adopted by developed and developing markets 
  • Quantitative analysis of the extruded snacks market from 2020 to 2028
  • Estimation of global demand for extruded snacks
  • Porter’s five forces analysis to illustrate the efficacy of buyers and suppliers operating in the industry 
  • Recent developments to understand the competitive market scenario 
  • Market trends and outlook and factors driving and restraining the growth of the extruded snacks market
  • Assistance in the decision-making process by highlighting market strategies that underpin commercial interest, leading to the market growth
  • The size of the extruded snacks market size at various nodes 
  • Detailed overview and segmentation of the market, as well as the extruded snacks industry dynamics
  • Size of the extruded snacks market in various regions with promising growth opportunities

The "Global Extruded Snacks Market Analysis to 2028" is a specialized and in-depth study of the chemicals & materials industry with a special focus on the global extruded snacks market trend analysis. The report aims to provide an overview of the market with detailed market segmentation.

The extruded snacks market is segmented on the basis of category, raw material, distribution channel, and geography. Based on category, the market is segmented into second generation snacks and third generation snacks. Based on raw material, the global extruded snacks market is segmented into roots and tubers, cereals and grains, pulses and lentils, and others. Based on distribution channel, the market is segmented into supermarkets and hypermarkets, convenience stores, online retail, and others. By geography, the market is broadly segmented into North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and South and Central America.

Company Profiles

PepsiCo; AMICA CHIPS S.p.A.; Calbee; PEPPERIDGE FARM INCORPORATED; Kellogg's Company; General Mills Inc.; Meiji Holdings Co., Ltd.; Sensible Portions; Old Dutch Foods, Inc.; and Mikesell’s Snack Food Company are among the key companies profiled in the global extruded snacks market.

Report Coverage
Report Coverage

Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

Segment Covered
Segment Covered

Category, Raw Material, and Distribution Channel

Regional Scope
Regional Scope

North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

Country Scope
Country Scope

Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, UAE, UK, US

Frequently Asked Questions


Can you list some of the major players operating in the global extruded snacks market?

The major players operating in the global extruded snacks market are PepsiCo, Inc., AMICA CHIPS S.p.A., Calbee, Pepperidge Farm Incorporated, Kellogg's Company, General Mills Inc., Meiji Holdings Co., Ltd., Hain Celestial, Old Dutch Foods, Inc., Mikesell’s Snack Food Company.

In 2021, which region held the largest share of the global extruded snacks market?

In 2021, Asia Pacific accounted for the largest share of the global extruded snacks market. Many Asia Pacific countries, such as China and India, are among the world's fastest-growing economies. The food industry is anticipated to expand at a faster pace as a result of increasing population, rising urbanization, and rapid development of suburban areas. The growing middle class coupled with increasing disposable income in the developing countries of Asia Pacific is expected to result in high growth rate for the region over forecast period.

Which distribution channel segment accounted for the largest share in the global extruded snacks market?

In 2021, the supermarkets and hypermarkets segment accounted for the largest market share. The penetration of supermarkets and hypermarkets is rapidly expanding globally with big retailers such as Walmart expanding into many developing countries in Asia Pacific. Convenience stores are expected to register a higher CAGR during the forecast period.

Which raw material segment is the fastest growing in the global extruded snacks market?

On the basis of raw material, the global extruded snacks market is segmented into roots and tubers, cereals and grains, pulses and lentils, and others. In 2021, the cereals and grains segments accounted for the largest market share. Pulse and lentils are expected to register a higher CAGR during forecast period. The growing hectic schedules as well as evolving lifestyles has led consumers to increasingly seek for extruded snacks.

Which category segment is the fastest growing in the global extruded snacks market?

On the basis of category, the global extruded snacks market is segmented into second generation snacks and third generation snacks. In 2021, the second generation snacks segment accounted for the largest market share. Third generation snacks are expected to register a higher CAGR during the forecast period.

What is the key driver for the growth of the global extruded snacks market?

The global extruded snacks market is growing at a significant pace owing to the changing consumer lifestyles, and consumption patterns which has increased the need for convenience in foods. Furthermore, the expansion of the retail industry resulting in a vast number of hypermarkets and supermarkets across the globe, is likely to drive the demand for extruded snacks in the coming years. Moreover, the increase in the demand for healthy extruded snacks may provide a lucrative opportunity for market players in the near future.

The List of Companies - Extruded Snacks Market

  1. PepsiCo, Inc.
  2. AMICA CHIPS S.p.A.
  3. Calbee
  4. Pepperidge Farm Incorporated
  5. Kellogg’s Company
  6. General Mills Inc.
  7. Meiji Holdings Co. Ltd.
  8. Hain Celestial
  9. Old Dutch Foods, Inc.
  10. Mikesell’s Snack Food Company

The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.

  1. Data Collection and Secondary Research:

As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.

Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.

  1. Primary Research:

The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.

For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.

A typical research interview fulfils the following functions:

  • Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
  • Validates and strengthens in-house secondary research findings
  • Develops the analysis team’s expertise and market understanding

Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:

  • Industry participants: VPs, business development managers, market intelligence managers and national sales managers
  • Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.

Below is the breakup of our primary respondents by company, designation, and region:

Research Methodology

Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.

  1. Data Analysis:

Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.

  • 3.1 Macro-Economic Factor Analysis:

We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.

  • 3.2 Country Level Data:

Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.

  • 3.3 Company Profile:

The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.

  • 3.4 Developing Base Number:

Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.

  1. Data Triangulation and Final Review:

The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.

We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.

We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.

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