According to a new research report by IMARC Group, titled “Extruded Snack Food Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the global extruded snack food market reached a value of around US$ 81 Billion in 2018, growing at a CAGR of about 3.0% during 2011-2018. Extruded snacks refer to food products that undergo the process of extrusion, after which they are processed into pre-cooked or semi-cooked snacks. This technique allows mass production of food through a well-organized system that assures homogeneity of the end-product. It also helps in eliminating naturally produced toxins, thereby making snacks safer and healthier for consumption. Some of the most common extruded snacks are cereals, baby food, pasta, macaroni, processed cheese, puffed corns and chips with high starch content. As these food products are easily available, affordable, tasty, healthy and nutritious, they have gained popularity among consumers worldwide.
Due to rapid urbanization and hectic schedules, the working population now prefers processed and ready-to-eat food products which has provided a thrust to the extruded snack foods market. In addition to this, manufacturers are consistently modifying their products to meet the changing requirements of consumers. They are offering snacks with different shapes, textures, seasonings, flavors and ingredients which, in turn, are widening their product portfolio. Apart from this, the increasing demand for extruded snacks from health-conscious consumers has encouraged manufacturers to develop healthier product variants with high-nutritional value and low-fat content, such as granola and protein bars. Owing to these factors, the global extruded snack food market is anticipated to reach a value of more than US$ 93 Billion by 2024, registering a CAGR of 2.5% during the forecast period.
- Based on types, the market is categorized into potato, corn, rice, tapioca, mixed grains and others. Currently, potato accounts for the largest market share, representing the most popular segment.
- On the basis of distribution channels, supermarkets and hypermarkets exhibit a clear dominance, holding the majority of the total market share. Other major distribution channels include convenience stores, specialty food stores, online retailers and others.
- Region-wise, the market has been divided into North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. Amongst these, North America represents the leading market for extruded snack food products, accounting for the dominant share.
- Some of the leading players operating in the global extruded snack food market include Nestle, Kellogg’s, Diamond, General Mill, PepsiCo and Kraft Foods.
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