Market Overview:
Increasing awareness towards healthy snacking is supporting the growth of extruded snacks market at a global stage. Market Research Future, a firm which specializes in market reports related to the Food, Beverages & Nutrition sector among others, recently forecasted in its report on Global Extruded snacks Market Research Report- Forecast to 2023 that the market will demonstrate an exceptional CAGR during the forecast period.
Extruded snacks are derived through extrusion process of blending, shaping, drying, flavoring and packaging. Extrusion is an important food processing technique for the preparation of nutritious food for which extruded snacks are gaining popularity as a healthy snack. Increasing health conscious population and their awareness towards healthy snacking is driving the growth of extruded snacks market. Most commonly used sources for extrusion snacks are potato, rice, corn, tapioca, mixed grain, and others. Extrusion is a process that combines several operations such as mixing, cooking, kneading, shearing, shaping and forming. It is a popular means of preparing healthy snacks and ready to eat foods. High inclination of consumers towards ready to eat packaged foods is driving the growth of extruded snacks market.
Changing lifestyle and consumers’ consumption pattern is further driving the growth of extruded snacks market. Moreover, innovation with flavors in extruded snacks is boosting the growth of extruded snacks market. Furthermore, aggressive marketing strategies and attractive packaging is adding fuel to the growth of extruded snacks market.
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Latest Industry Updates:
Jan 2018 GEA plans to extend their portfolio following their acquisition of Pavan Group in Italy, which supplies extrusion and milling technology for processing pasta, snacks and breakfast cereals.
Dec 2017 Prataap Snacks, a leading Indian snack foods company with products spanning across various categories like extruded snacks, chips & namkeen, has entered the category of sweet snacks market through its wholly owned subsidiary with the launch of its new brand ‘Rich Feast’.
June 2017 The global beverages and snacks giant, Pepsico started local manufacturing of its globally popular snacks brand Doritos at its plant at Dhulagarh in West Bengal, where it makes Frito-Lay range of snacks.
May 2017 Naturell India launched a seven grain protein snack. Naturell’s new RiteBite Max Protein chips are India’s only extruded protein rich savory snacks which are neither fried nor baked.
Major Key Players:
Some of the key players profiled in the global extruded snacks market are Calbee, Inc. (Japan), Kellogg Co. (U.S.), Frito-Lay North America, Inc (U.S.), ITC (India), Diamond Foods Inc. (U.S.), Mondelez International Inc. (U.S.), Old Dutch Foods, Inc. (U.S.)
Segments:
Extruded snacks market can be segmented on the basis of type such as sweet and savory. Savory segment is dominating the extruded snacks market and is expected to witness substantial growth over the estimated period.
On the basis of sources, extruded snacks market is segmented into potato, rice, corn, tapioca, mixed grain, and others. Among all, potato segment is dominating the market. However, rice and corn are expected to witness a substantial growth in the coming years.
Based on the distribution channel, extruded snacks are segmented into store based and non-store based. Store based distribution channel is dominating the market among which hypermarkets and supermarkets are the major contributors based on self-picking shopping experience and multiple brand options available to the customers.
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Regional Analysis:
The global extruded snacks market is segmented into North America, Europe, Asia Pacific and rest of the world (RoW). Asia Pacific is dominating the market based on a wide range of products available to the consumers at reasonable prices. India is the major contributor to the growth of extruded snacks market in Asia Pacific.
Europe and North America are expected to grow substantially over the forecast period owing to high inclination towards healthy snacking among the consumers. Moreover, continuous innovations is growing the extruded snacks market in the rest of the world. Latin America is witnessing the highest growth rate in extruded snacks market.
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