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)
Publication Month: Jun 2022 | Report Code: TIPRE00009431 | No. of Pages: 168 | Category: Food and Beverages | Status: Published
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.
Strategic Insights
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
Get more information on this report :
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
Get more information on this report :
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.
Frequently Asked Questions
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, 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.
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.
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.
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.
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
- 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
- Highlights key business priorities in order to assist companies to realign their business strategies.
- The key findings and recommendations highlight crucial progressive industry trends in the global extruded snacks market, thereby allowing players to develop effective long-term strategies.
- Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
- Scrutinize in-depth the market trends and outlook coupled with the factors driving the market, as well as those hindering it.
- Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to application.
Get the Latest COVID-19 Analysis on this market
Have a Question?
Shejal will walk you through a 15-minute call to present the report’s content and answer all queries if you have any.
Speak to Analyst
Pricing
-
$3000
-
$4550
-
$6550
-
$8550
-
Sample PDF showcases the content structure and the nature of the information included in the report which presents a qualitative and quantitative analysis.
Inquire for Discount