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The global extruded snacks market is expected to witness a considerable rise during the forecast years, due to increasing demand for convenience food products across the world. Increasing innovation in food processing technology is predicted to influence the global extruded snacks market during the foreseeable years. Furthermore, the adoption of efficient marketing strategies by key players is expected to further boost the growth of global extruded snacks market.
Key companies operating in the global extruded snacks market are focusing on product innovation and product launch, along with expanding their global reach to maintain their significance in the world market. Frito-Lay North America Inc. (U.S.), Diamond Foods Inc. (U.S.), and Grupo Bimbo S.A.B. De C.V. (Mexico) are some of the key companies performing in the global extruded snacks market.
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Extruded snacks are prepared by using food extrusion technique in which a set of assorted ingredients is forced through an opening in a perforated plate with a specific or desired design required in the end product (food), and then they are given shape by cutting the end-product into specific sizes. The food extrusion process allows the manufacturers to mass manufacture food through well-organized systems that assure homogeneity in the food products.
Rapid urbanization, especially across developing economies, coupled with increased consumer consciousness towards the different snacking options available is projected to contribute to the growth of extruded snacks market during the forecast years. Increasing innovation by market players and the addition of regional flavors in various extruded snacks to attract consumers is anticipated to aid the market growth in the upcoming years.
Furthermore, the availability of affordable extruded snacks in the market is expected to boost the global extruded snacks market in the forthcoming years. However, health concerns associated with over-consumption of extruded snacks, coupled with growing competition from local players are predicted to hamper the market growth in the forthcoming years.
Some of the major companies that are present in the global extruded snacks market are Diamond Foods Inc. (U.S.), Calbee Inc. (Japan), Grupo Bimbo S.A.B. De C.V. (Mexico), Frito-Lay North America Inc. (U.S.), ITC Limited (India), Mondelez International Inc. (U.S.), Kellogg Co. (U.S), Old Dutch Foods Inc. (U.S.), Aperitivos Flaper S.A. (Spain), and JFC International (U.S.) among the other players operating in the global extruded snacks market.
By Product Type
By Distribution Channel
On the basis of product type, the global extruded snacks market has been segmented into potato, rice, mixed grain, corn, tapioca, and others. Potato segment is anticipated to hold the major market share in the global extruded snacks market, owing to the high demand for potato-based snacks across various prominent developed and developing economies. Rice snacks, followed by mixed grain snacks segment is anticipated to grow at an impressive CAGR during the foreseeable years, owing to their high nutritional value.
On the basis of the distribution channel, the global extruded snacks market has been segmented into supermarkets/ hypermarkets, convenience stores, retail stores, online stores, and others. Supermarket/hypermarket segment is projected to dominate the market during the forecast period, due to high consumer dependency on them for the purchase of snacks and other edibles. The online store segment is anticipated to grow at a considerable pace in the forthcoming years, due to higher convenience offered by them.
The Asia Pacific currently dominates the global extruded snacks market and is projected to hold the major share in the global market throughout the forecast years, due to availability of a variety of extruded snacks at affordable and budget-friendly prices. The growing population of the region, coupled with high consumer inclination towards exotic snack products is further predicted to boost the market growth within APAC. Furthermore, increasing launch of extruded snacks by small and large market players of the region is anticipated to further aid the growth of the market in Asia Pacific. The extruded snacks market is projected to grow decently in the developed markets of North America and Europe during the foreseeable years, due to escalating demand for healthy snacking options and increasing innovation by market players.
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