According to the latest report by IMARC Group, titled “Extruded Snack Food Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028, ”the global extruded snack food market reached a value of US$ 49.4 Billion in 2022. Extruded snacks are manufactured by the process of extrusion that involves the passing of soft ingredients through an opening in a die or perforated plate that is designed to produce a specific shape. It allows mass production of snack foods while ensuring homogeneity of shape and appearance. The process enables the elimination of naturally produced toxins that makes the snacks safer and healthier for consumption. Various raw ingredients, such as corn, oats, tapioca, potatoes and wheat, are utilized to produce chips, pasta, cereals, macaroni, puffed corns, baby food, and processed cheese. These snacks are characterized by cost-efficiency and extended shelf life, due to which they are gaining widespread popularity among the masses.
Global Extruded Snack Food Market Trends:
The global market is primarily driven by the increasing preference for processed and ready-to-eat (RTE) extruded snacks. This can be attributed to rapid urbanization, shifting dietary preferences and the inflating per capita income levels of the masses. The busy schedules and hectic lifestyles led by the working professionals across the globe have also contributed to the rising sales of convenience foods, including extruded snacks. Apart from this, numerous key players have launched various fortified snack variants in the market to cater to the diverse preferences of their consumer base. Healthy snacks with low-fat and low-calorie content and added nutrients are gaining widespread prominence among health-conscious consumers, thereby providing an impetus to the market growth. Numerous players are also introducing snacks with different flavors, shapes, textures, seasonings and ingredients to expand their product portfolio, which is creating a positive outlook for the market. Moreover, the easy product accessibility through proliferating online retail portals is another major growth-inducing factor. These online channels offer a vast array of product range with attractive discounts and flexible payment options to offer enhanced convenience to the users. On account of the aforementioned factors, the market is expected to grow at a CAGR of 3.86% during 2023-2028.
- 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, Europe enjoys the leading position in the market. Other major regions include North America, Asia Pacific, Latin America, and Middle East and Africa.
- The competitive landscape of the market has been examined, with some of the key players being Arca Continental S.A.B de C.V., Axium Foods, Inc., Schenck Process Holding GmbH, Bunge Loders Croklaan Group B.V. (Bunge Limited), Groupe Legris Industries, Snacks Développement SAS (Europe Snacks Group), and Shearer’s Foods LLC.
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