According to the latest report by IMARC Group, titled “Extruded Snack Food Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025,” the global extruded snack food market size reached US$ 83 Billion in 2019. Extruded snacks undergo the process of extrusion that allows mass production of food through a well-organized system and assures homogeneity of the end-product. It helps in eliminating the naturally produced toxins and making snacks healthier and safer for consumption. Some of the most popular extruded snacks are pasta, cereals, macaroni, puffed corns, baby food, processed cheese and chips with high starch content. As these food products are tasty, healthy, affordable and readily available, they are gaining popularity among individuals across the globe.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Extruded Snack Food Market Trends:
Due to rapid urbanization, hectic schedules and the increasing working population, there is a significant rise in the demand for processed and ready-to-eat (RTE) extruded snacks across the globe. Moreover, the manufacturers are focusing on modifying their products to meet the continually changing requirements of consumers. They are offering snacks with different shapes, textures, flavors, seasonings and ingredients to widen their product portfolio. Apart from this, the escalating demand for healthy extruded snacks has encouraged manufacturers to develop healthier product variants with better nutrition and low-fat content. At present, the market is experiencing a decline in the sales on account of the surging cases of the coronavirus disease (COVID-19) and the consequent lockdowns imposed by governing agencies of several countries. These agencies are also promoting social distancing norms, which have resulted in the closure of restaurants and bulk buying of snack food products by consumers. Additionally, the unavailability of labor and disruptions in supply chains are hampering the production and distribution of the products. However, the market will experience growth once normalcy is regained. Looking forward, the market value is projected to reach US$ 95 Billion by 2025, expanding at a CAGR of 2.30% during the forecast period (2020-2025).
- Based on the type, the market has been segmented into potato, corn, rice, tapioca, mixed grains and others. At present, extruded potato snacks exhibit a clear dominance in the market.
- On the basis of the distribution channel, the market has been segregated into supermarkets/hypermarkets, convenience stores, specialty food stores, online retail and others. Amongst these, supermarkets/hypermarkets account for the majority of the total market share.
- Region-wise, North America enjoys the leading position in the market. Other major regions include Europe, Asia Pacific, Latin America, and Middle East and Africa.
- The competitive landscape of the market has been examined in the report, along with the detailed profiles of the major players operating in the industry.
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