Extruded snack undergoes the process of extrusion, after which they are processed and converted into semi-cooked or pre-cooked food products. The process helps in eradicating toxins which are produced naturally and makes snacks healthier as well as safer for consumption. Extruded snack food generally has a high content of starch. Some of these include cereals, baby food, beverages, macaroni, pasta, processed cheese, confectionery, etc. A new research report by IMARC Group, titled “Extruded Snack Food Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023”, estimates that the global extruded snack food market reached a value of around US$ 79 Billion in 2017. The report further anticipates the market to reach approximately US$ 104 Billion by 2023, at a projected CAGR of nearly 5% over the forecast period.
Global Extruded Snack Food Market Drivers/Constraints:
- Extruded snack acts as a great substitute for consumers with hectic lifestyles who do not have time or desire to cook. This represents one of the major factors which is bolstering the growth of the global extruded snack food market.
- Over the years, there have been consistent product innovations so as to meet the fluctuating preferences of consumers. Manufacturers have been targeting kids and younger generation by launching innovative snacks with varied range of flavours, shapes, ingredients and seasonings.
- Further, the growing demand from health-conscious consumers has prompted manufacturers to devise healthier snacking options. In line with this, products such as protein-bars, nutritional snacks and low-fat products have gained immense popularity across the world. This has, in turn, highly contributed to the overall growth of the market.
- However, there are several factors which hamper the market growth. For instance, the extruded snack food market has attained a maturity in the developed nations.
On the basis of type, the market is segregated into potato, corn, rice, tapioca, mixed grains and others. Amongst these, potato extruded snack food exhibits a clear dominance in the total market share.
Distributional Channel Insights:
Based on distribution channel, supermarkets/hypermarkets represent the largest segment as they provide convenience to the consumers. Supermarket/hypermarkets is followed by convenience stores, speciality food stores, online retailers and others.
On a geographical front, North America enjoys a leading position in the global extruded snack food market on account of high demand for ready-to-eat snacks in the region. North America is followed by the Europe, Asia Pacific, Latin America, and Middle East and Africa.
The market is fragmented in nature with the presence of top manufacturers which together account for the majority of the market share. There is an intense competition in the market which makes it difficult for new players to enter. Some of the leading players operating in the market are:
- General Mill
- Kraft Foods
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