Extruded Snacks Market Analysis, Size, Trends & Forecast 2017-2024
Global Extruded Snacks Market size is likely to expand at a prominent CAGR in the forecast period. Extruded snacks are derived through extrusion operations of blending, pre-conditioning, extrusion, drying, flavoring and packing.
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The prime factor responsible for fueling the global extruded snacks market size in future is the growing consumer preference towards ready-to-eat packaged food, which is convenient to cook and requires less cooking time. This transformation in consumer behavior can be attributed to the rising disposable income across the globe, which increases the spending capability of consumers on daily convenience products as per their needs and wants. Growing urban population is also a major growth driver for extruded snacks market in the forecast duration. Moreover, healthy snacking is considered beneficial in weight loss plans and snacks provide required nutrients and vitamins needed by body. Thus, rising demand for healthy snacking and weight management will fuel product demand throughout the globe over the forecast timespan.
Introduction of regional and local flavors in extruded snacks by the major extruded snacks market share contributors is an effective tactic to adopt to penetration the in local market and understand consumers taste and preferences. Furthermore, aggressive marketing strategies and competitive pricing by major companies is anticipated to accelerate product demand and eventually expand the extruded snacks market size in the coming years.
Amplified consumer spending is being observed in recent years on products ranging from frozen food products to packaged beverages. This is due to the changing lifestyle patterns (food habits). This transformation in consumer behavior is anticipated to drive the food industry growth significantly, which in turn, is likely to accelerate the product demand in the coming years, which will subsequently boost the extruded snacks market size across the globe.
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Based on type of product, the extruded snacks market can be segmented into potato, corn, mixed grains, tapioca and rice. The potatoes segment is the largest and accounted for a major chunk in the global extruded snacks market in 2016. Robust consumption of packaged foods in North America and Europe is a major driver for potatoes demand in the global extruded snacks market share.
The extruded snacks market, based on distribution channel can be classified into hypermarkets & supermarkets, independent retailers and convenience stores. Hypermarkets and supermarkets contributed to a significant share in global extruded snacks market in 2016. The main factor for extruded snacks market growth in this distribution channel is the multiple options and varieties of products and brands available to the consumers. Moreover, customers prefer supermarkets and hypermarkets as they provide self-picking shopping experience and price comparison convenience at the shopping venue. Also, in-store promotions and manufacturers’ dependence on shelf space of these channels shall positively influence product demand in the coming years.
Asia Pacific accounted for a major share in overall extruded snacks market in 2016 and is likely to be the largest market for the product by 2024. This can be attributed to the widespread availability of different snacking options made available at pocket friendly prices in this region. Furthermore, consumers in Asia Pacific are product cost conscious and competitive prices offered from prime companies ultimately boosts product demand in this region.
The prominent extruded snacks market share contributors are Calbee, Diamond Foods, Kellogg’s, ITC, Old Dutch Foods, Frito-lay and Amica Chips, Mondelez International, JFC International, Aperitivos Flaper, Bag Snacks, Universal Robina and Arca Continental.
The key extruded snacks market players are emphasizing on partnerships, mergers & acquisitions to expand their product portfolio, increase their market share and to penetrate their offerings into less explored countries. For instance, companies including Calbee, Diamond Foods and Old Dutch Foods operates mainly through its potato chips segment and continuously experiment on their pricing strategies to survive in competition. Also, various industry share contributors are continuously investing in R&D to push product innovation to next level. This aids in keeping up with demands of existing customers and attract new customers.
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