According to the latest report by IMARC Group, titled "Snack Pellet Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2022-2027," the global snack pellet market size reached US$ 2.3 Billion in 2021. A snack pellet refers to a semi-finished ingredient, which once produced, is ready for the customers to make into their finished innovative products. It offers a convenient snacking solution for brands and manufacturers. It is a high-density and intermediate product that is produced through extrusion using raw materials, such as cereals, corn, legumes, potato, rice, tapioca, and vegetables. It offers various benefits, such as long shelf life, quicker fry time than crisps, less salt and acrylamide, perfect for dipping, lesser fat content than potato crisps, holds the flavors well, and can work without seasoning.
Global Snack Pellet Market Trends:
The global market is majorly driven by the increasing demand for savory snacks. In line with this, the rising consumption of packaged foods due to the busy lifestyles led by the masses is significantly contributing to the market growth across the globe. Furthermore, the inclination of consumers toward healthy food products is anticipated to catalyze the demand for cereal-based snack pellets. Apart from this, various snack pellet producers are focusing on producing healthy snacks which are high in nutritional value. This, in turn, is expected to positively influence the market. Moreover, the growing demand for convenient food products with easy availability and low cost is propelling the market. There has been an emerging trend of snacking between meals among consumers of all age groups, which, in turn, is also projected to propel the product demand. Besides, the escalating replacement of meals with healthy snacks is creating a positive outlook for the market. Some of the other factors driving the market include inflating consumer disposable incomes, significant growth in the food and beverage industry, and the development of product variants. On account of the factors above, the market is anticipated to reach a value of US$ 3.2 Billion by 2027, exhibiting a CAGR of 5.06% during 2022-2027.
- On the basis of the type, the market has been categorized into potato, corn, rice, tapioca, multi-grain, and others.
- Based on the form, the market has been classified into laminated, tridimensional, die-face, and gelatinized.
- Based on the process, the market has been segmented into frying and hot air baking.
- Based on the distribution channel, the market has been bifurcated into supermarkets and hypermarkets, convenience stores, food specialty stores, online stores, and others.
- On the basis of the region, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others) and the Middle East and Africa.
- The competitive landscape of the market has been studied in the report with detailed profiles of the key players operating in the market. Some of the key players include Akkel Group, Bach Snacks s.a.l., Balance Foods Inc., Bunge Limited, Chhajed Foods Pvt. Ltd., Grupo Industrial Michel, J.R. Short Milling Company, Limagrain, Liven S.A., Mafin srl, Noble Agro Food Products Private Limited and Quality Pellets A/S.
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