Pune, India, Oct. 26, 2023 (GLOBE NEWSWIRE) -- According to our latest study on “Extruded Snacks Market Size Report, Forecast to 2028 – COVID-19 Impact and Global Analysis – by Category, Raw Material, Distribution Channel, and Geography,” the extruded snacks market is expected to grow from $62.12 billion in 2022 to $93.9 billion by 2028; it is estimated to grow at a CAGR of 7.1% from 2022 to 2028.
Kellogg's Company; AMICA CHIPS S.p.A.; General Mills Inc.; Calbee; PEPPERIDGE FARM INCORPORATED; Sensible Portions; PepsiCo; Old Dutch Foods, Inc.; Meiji Holdings Co., Ltd. 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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The market is witnessing high demand for niche products, including organic products and products perceived as healthy by consumers, such as lentils and pulses. In addition, manufacturers are constructing various industrial units and storage systems to provide proper storage and transport facilities. The addition of high-quality ingredients is anticipated to propel the market growth in the coming years.
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. Based on raw material, the market is segmented into roots and tubers, cereals and grains, pulses and lentils, and others. Based on distribution channel, the global extruded snacks market is segmented into supermarkets and hypermarkets, convenience stores, online retail, and others.
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.
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By geography, the extruded snacks market is broadly segmented into North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and South and Central America. The market in North America is further segmented into the US, Canada, and Mexico. The market in Europe is segmented into Germany, France, the UK, Italy, Russia, and the Rest of Europe. The market in Asia Pacific is segmented into China, India, Japan, Australia, South Korea, and the Rest of Asia Pacific. The market in Middle East & Africa (MEA) is further segmented into South Africa, Saudi Arabia, the UAE, and the Rest of MEA. The market in South and Central America is segmented into Brazil, Argentina, and the Rest of South and Central America.
Impact of COVID-19 Pandemic on Extruded Snacks Market
Owing to the COVID-19 outbreak across the world, most countries stopped nonessential movements. The shutdown of manufacturing units and the distribution facilities, including supermarkets and hypermarkets, convenience, and specialty stores, declined the demand for packaged food products, which, in turn, restrained the extruded snacks market. During the initial stages of the COVID-19 pandemic, extruded snacks manufacturers were forced to scale back or halt the production temporarily, which impacted the market negatively. However, businesses have gained ground as the governments of various countries eased out the previously imposed restrictions. Moreover, the food & beverages industry has collaterally grown worldwide post-recovery of production disruptions. As the production of extruded snacks regained pre-pandemic figures and is growing continuously, the extruded snacks market is expected to expand significantly during the forecast period.
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