Pune, India, Sept. 26, 2023 (GLOBE NEWSWIRE) -- According to our latest study on “Snack Pellets Market Size Report, Forecast to 2030 – COVID-19 Impact and Global Analysis – by Source, Type, Form, and Geography,” the snack pellets market is expected to grow from $7.23 billion in 2022 to $9.94 billion by 2030; it is estimated to grow at a CAGR of 4.1% from 2022 to 2030.
Bach Snacks SAL, Snack Creations Ltd, Balance Foods Inc, LENG-D'OR SAU, Quality Pellets AS, J.R. Short Milling Co, Le Caselle SpA, Mafin SRL, Noble Agro Food Products Pvt Ltd, and Societe Cooperative Agricole Limagrain are a few of the major players operating in the snack pellets market. Companies in this market focus on strategies such as investments in research and development activities and new product launches.
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Asia Pacific held the largest share of the snack pellets market in 2022. The snack pellets market growth in the region is attributed to the rising demand for convenience food, increasing adoption of advanced technologies in snack pellet manufacturing, and rising development in the food processing industry in economies such as China, India, and Indonesia. Increasing hectic lifestyles, extended work hours, and a rising number of dual-income households have contributed to the growth of packaged food such as chips and popcorn. In addition, a large young population in the country is experimenting with different snack options, contributing to the growth of the snack pellets market. The demand for snack pellets with different shapes and flavors has surged among the young population in the region. In addition, consumers are shifting their interest toward healthy snacking, i.e., snacks made with healthy ingredients such as multigrain and tapioca. Thus, increasing consumer demand for various snack products has surged the demand for snack pellets. Thus, due to all the aforementioned factors, the demand for snack pellets is expected to grow in Asia Pacific during the forecast period.
Rising Demand for Clean-Label, Sustainable, and Ethical Products Boost Snack Pellets Market Growth
Over the past few years, consumers are increasingly focusing on sustainability. The preference for cleaner, ethically sourced, and environmentally friendly products has grown dramatically. The static lifestyle and work-related stress have resulted in multiple health problems. Snack pellet manufacturers are focusing on developing innovative products with clean, all-natural, organic, and genetically modified organisms (GMO)-free ingredients that are ethically sourced. Consumers also focus on the wellness of the farmers and workers across the supply chain and favor products with transparent labels. Therefore, snack pellet manufacturers focus on procuring raw materials certified by agencies such as Fairtrade.
Snack Pellets Market: Segmental Overview
Based on source, the snack pellets market is segmented into potato, corn, rice, tapioca, multigrain, and others. The tapioca segment is projected to register the highest CAGR during 2022–2030. These gluten-free pellets have a unique chewy texture when fried or baked. Tapioca snack pellets have gained popularity due to their distinctive texture and rising preference from consumers following a gluten-free diet. It allows snack manufacturers to offer innovative snack products to their customers. Tapioca is also often used as a base for creating gourmet snack pellets with innovative flavors and coatings. These factors anticipated to propels the segments growth.
Based on type, the snack pellets market is segmented into flavored and plain. The plain segment held a larger market share in 2022. These snack pellets serve as a blank canvas, allowing snack manufacturers to add a wide range of flavors, appealing to the diverse tastes of the local population. One key factor driving the popularity of plain snack pellets is their compatibility with traditional regional spices and seasonings. These factors are expected to boost the segment’s share during the forecast period.
Based on form, the snack pellets market is segmented into laminated, die face, tri dimensional, and others. The tri dimensional segment is projected to register the highest CAGR during 2022–2030. Tri-dimensional snack pellets have rapidly gained popularity among regional snack manufacturers due to their three-dimensional shapes. These pellets are crafted using advanced extrusion techniques that create intricate geometric forms, resulting in visually striking snacks that stimulate curiosity and appetite.
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Impact of COVID-19 Pandemic on Snack Pellets Market
Various food & beverage industries faced unprecedented challenges during the COVID-19 pandemic in 2020. Moreover, snack pellets manufacturers faced significant challenges in production and distribution due to supply chain constraints caused by nationwide lockdowns, trade bans, and travel restrictions, eventually leading to price hikes. The operations and processes were halted across the globe due to the shortage of workforce and limited supply of raw materials. However, the demand for healthy snacking options increased significantly as consumers focused on their health and overall wellness. Therefore, manufacturers focused on launching new products with various nutritional claims such as organic, gluten-free, high-protein, soy-free, GMO-free, and allergen-free. These factors positively impacted the snack pellets market growth.
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