Extruded Snacks Market Size Worth US$ 93.9Bn by 2028 at 7.1% CAGR with Deep Dive Analysis of 18+ Countries across 5 Key Regions, 50+ Companies Scrutinized by The Insight Partners

NEW YORK, July 6, 2022 /PRNewswire/ -- The Insight Partners published latest research study on "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), Distribution Channel (Supermarkets and Hypermarkets, Convenience Stores, Online Retail, and Others), and Geography," the market is projected to reach US$ 93.9 Billion by 2028 from US$ 62.12 Billion in 2022. It is expected to grow at a CAGR of 7.1% during 2022–2028. The extruded snacks market is expanding significantly owing to the increasing preference of consumers for convenience foods. The rising introduction of fortified extruded snacks have led consumers to opt for the product. Moreover, the increasing variety offered by manufacturers in developing countries, especially in Asia Pacific, is also contributing to the demand for extruded snacks substantially.

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Extruded Snacks Market - Strategic Insights

Extruded Snacks Market: Competitive Landscape and Key Developments

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 prominent players operating in the global extruded snacks market. These companies have widespread presence, which provides a lucrative opportunity for market to serve a large set of customers and increase the market share. These market players are highly focused on developing advance technology platform to serve their customer with better way.

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In 2021, Asia Pacific accounted for the largest share of the global extruded snacks market. The market in Asia Pacific is expected to grow at the highest rate during the forecast period. China is the region's leading consumers of extruded snacks. Extruded snacks are now being offered with added nutrients. Therefore, in China, the rising consumer preference for healthy and nutritious food is likely to drive the market during the forecast period. In addition, changing habits of food consumption and the influence of western culture on dietary patterns, are expected to further propel the market over the next few years.

Increasing Demand for Convenience and On-the-go Products to Boost Market Growth during Forecast Period

The sales of savory snacks is increasing owing to the rising popularity of savory snacks, including crisp, crisp snacks, and popcorn nuts. Consumers are seeking snacks with favorable organoleptic properties, which is further surging the demand for extruded snacks. Thus, increasing demand for convenience and ready-to-eat products would drive the extruded snacks market growth during the forecast period.

Extruded Snacks Market: Segmental Overview

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. The third generation snacks segment is expected to register a higher CAGR during the forecast period. Based on 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 segment accounted for the largest market share. The pulses and lentils segment is expected to register the highest CAGR during the forecast period. Based on distribution channel, the global extruded snacks market is segmented into supermarkets and hypermarkets, convenience stores, online retail, and others. In 2021, the supermarkets and hypermarkets segment accounted for the largest market share. The convenience stores segment is expected to register the highest CAGR during the forecast period.

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Many international corporations working in overall food and beverages manufacturing have a substantial presence in extruded snacks manufacturing. Kellogg's and PepsiCo are among the key players in the market. Extruded snacks manufacturers are investing heavily in new product development, which is projected to drive the extruded snacks market during the forecast period.

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, whereas the third generation snacks segment is expected to register a higher CAGR during the forecast period. The demand for third generation extruded snacks increased rapidly over the recent years due to the changing purchasing patterns of consumers as they are inclining toward fortified third generation snacks that come in different shapes and sizes.

The global extruded snacks market is segmented into five main regions— North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and South and Central America. In 2021, Asia Pacific accounted for the largest share of the market. The market in Asia Pacific is also expected to grow at the highest CAGR during the forecast period. A few Asia Pacific countries, such as China and India, have the world's fastest-growing populations. The food & beverages industry is one of the rapidly growing industries in the region. Moreover, the region's rapidly expanding ready-to-eat market is bolstering the demand for extruded snacks.

By region, the extruded snacks market is segmented into North America, Europe, Asia-Pacific (APAC), Middle East & Africa (MEA), and South & Central America (SAM). In 2020, Asia Pacific held the largest share of the market and is estimated to register the highest CAGR in the market during the forecast period. The region consists of developing countries, such as China and India, that are densely populated and have high extruded snacks consumption among the masses.

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Consumer perception of extruded snacks is constantly evolving where convenience and pass time snacking time are ideal. Convenience stores and supermarkets and hypermarkets are the most recognized distribution channels for ready extruded snacks. Key players are focusing on online retailing to sell their products and expand market share, as well as increase their customer base. Therefore, due to the easy access and rising demand for these snacks, the market is anticipated to witness growth during the forecast period.

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.

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.

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Impact of COVID-19 Pandemic on Extruded Snacks Market

The COVID-19 pandemic has adversely affected economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. The food & beverage industry experienced disruptions in the supply chains, manufacturing, delivery schedules, and goods sales in the initial phases of the pandemic. Further, various companies announced possible delays in product deliveries and a slump in future sales of their products in 2020. In addition, the restrictions imposed by various countries on international travel compelled enterprises to temporarily suspend their collaboration and partnership plans. All these factors hampered the food & beverage industry growth.

The global marketplace is recovering from the losses as governments of different countries have announced relaxation in the restrictions. Manufacturers are permitted to operate at a full capacity, which is helping them to overcome the supply gap. Moreover, the rising vaccination rate is also boosting the overall growth of the industry. The pandemic led to a change in consumer habits of purchase. The COVID-19 pandemic created a massive demand for online food and beverage delivery. This factor is projected to open lucrative growth opportunities for the extruded snacks market during the forecast period.

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