Industry leaders must focus on emerging markets through geographic and operational expansion while maintaining their hegemony in the mature extruded snacks market.
DUBAI, UAE / ACCESSWIRE / April 22, 2020 / Booming retail industry, lower commodity prices, and popularity of ready-to-eat food are major growth levers of extruded snacks market. Future Market Insights projects the net revenue to surpass approximately US$ 71.7 Bn by 2029 end. Furthermore, the global extruded snacks market will witness moderate growth at 4.2% CAGR over the projection period (2019-2029).
"Shifting eating & lifestyle habits of consumers continue to shape the global extruded snacks market. Nowadays, consumers have numerous snacking options at their disposal. The increasing popularity of healthy snacks is compelling manufacturers to develop and launch new products in the extruded snacks market," concludes FMI.
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Key Takeaways of Extruded Snacks Market Study
- In terms of product type, wheat continues to gain popularity among consumers as their preferred choice for healthy snacking.
- Single-screw extruder manufacturing method remains highly favored among leading manufacturers.
- Asia Pacific extruded snacks market will occupy prominent share through 2029.
- The extruded snacks market in Europe will gain traction over the forecast period.
Extruded Snacks Market – Key Growth Factors
- Relatively low price point and greater availability of extruded snacks is supporting market growth in Asian economies.
- Proliferation of hypermarkets and supermarkets is boosting the sales of extruded snacks across the globe.
- Continual popularity of potato-based extruded snacks will drive market growth through the projection period.
- Rising net worth income is a significant growth contributor of extruded snacks market.
Extruded Snacks Market – Key Restraints
- Greater initial pecuniary investment associated with extruded snacks business is limiting the growth of emerging players.
- Common extrusion defects such as trapped air, overheating, and poor mixing are restraining market growth.
Impact of COVID-19 on Extruded Snacks Market
Social distancing measures, travelling constraints, and quarantines are having considerable impact on the global extruded snacks market. Steep decline in consumer spending and business is one of the major impacts of COVID-19 pandemic. This slowdown in trend is projected to continue until the end of second quarter. Top players are evaluating the rapidly evolving situation to implement modifications in their current strategies. Experts continue to warn about looming recession and supply chain disruptions induced by the pandemic. These are the crucial challenges being faced by key players in the global extruded snacks market. The situation is expected to return to normal once the pandemic begins to subside.
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Competitive Landscape
The competitive landscape of extruded snacks market is determined by the presence of numerous large and small vendors. Therefore, the market structure is highly disjointed in nature. Factors such as network distribution, service, reputation, price, innovation, quality, and promotion control the growth of key players. Major companies involved in the highly-competitive extruded snacks market are profiled in this FMI study. Some of them include, but are not limited to, Universal Robina Corp., Amica Chips S.P.A., JFC International Inc., Bag Snacks, Old Dutch Foods, Inc., Diamond Foods Inc., Aperitivos Flaper, Axium Foods Inc., Arca Continental S.A.B. de C.V., Old Dutch Foods, Inc., AUEVSS Ltd., Want Want Holdings Limited, Frito-Lay Inc., Calbee Inc., Kellogg Company, and Mondelez International. Prominent players are realigning their strategies according to shifting consumer preferences. For instance, launching new products remains the chief strategic tenet of leaders in the extruded snacks market.
More about the Report
This Future Market Insights study of 300 pages provides all-inclusive insights on the global extruded snacks market. The market analysis is based on product type (rice, corn, potato, mixed grains), manufacturing method (single screw, twin screw), and distribution channel (convenience stores, hypermarkets and supermarkets, independent retailers) across seven regions (North America, Latin America, Europe, East Asia, South Asia, Oceania, Middle East & Africa).
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