PUBLISHER: The Business Research Company | PRODUCT CODE: 1425452
PUBLISHER: The Business Research Company | PRODUCT CODE: 1425452
Extruded Snacks Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on extruded snacks market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for extruded snacks? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The extruded snacks market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Extruded snacks represent food products manufactured using an extrusion process that utilizes cereal flour or starches as primary ingredients. These snacks are composed of blended elements either molded or intricately sliced.
Within the realm of extruded snacks, the primary variations include simply extruded, expanded, and co-extruded varieties. Simply extruded snacks entail a process of combining ingredients and subsequently pressing them through a mold or precisely cutting them. These snacks are crafted from materials like potato, corn, rice, tapioca, mixed grains, among others. Their distribution channels encompass supermarkets, hypermarkets, convenience stores, specialty outlets, online retail platforms, and other sales avenues.
The extruded snacks market research report is one of a series of new reports from The Business Research Company that provides extruded snacks market statistics, including extruded snacks industry global market size, regional shares, competitors with an extruded snacks market share, detailed extruded snacks market segments, market trends and opportunities, and any further data you may need to thrive in the extruded snacks industry. This extruded snacks market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The extruded snacks market size has grown strongly in recent years. It will grow from $61.53 billion in 2023 to $65.24 billion in 2024 at a compound annual growth rate (CAGR) of 6.0%. Historical growth can be attributed to shifts in consumer preferences, urbanization trends accompanied by busy lifestyles, improved affordability and accessibility, and the increasing prevalence of a snacking culture.
The extruded snacks market size is expected to see strong growth in the next few years. It will grow to $84.19 billion in 2028 at a compound annual growth rate (CAGR) of 6.6%. The anticipated growth in the forecast period is fueled by heightened concerns about health and wellness, the introduction of innovative flavors and variants, catering to convenient on-the-go lifestyles, diversification of product offerings, and a commitment to sustainable practices. Major trends expected during this period encompass continuous product innovation, the introduction of innovative flavors and textures, the fusion of global flavors, a focus on clean label and natural ingredients, and the evolving snacking culture.
The remarkable surge in disposable income is significantly fueling the expansion of the extruded snacks market. Disposable income represents the funds available to individuals after taxes. A surge in disposable income reflects a higher living standard and often correlates with increased expenditure on packaged foods and savory snacks, consequently boosting the demand for extruded snacks. For instance, between 2020 and 2022, the median household disposable income in the UK witnessed an average annual increase of 0.7%, as reported by the Office of National Statistics. This rise in disposable income remains a key driver behind the growth of the extruded snacks market.
The ongoing trend of urbanization is poised to drive the extruded snacks market in the foreseeable future. Urbanization denotes the concentration of the population in urban areas due to migration from rural regions and natural growth within cities. In the context of urban lifestyles, extruded snacks cater to the changing dietary preferences and hectic routines of urban residents. With cities expanding and people leading increasingly fast-paced lives, there's a growing demand for convenient, ready-to-eat snacks. Extruded snacks, renowned for their portability, extended shelf life, and diverse flavors, perfectly align with this urban lifestyle. They offer a quick, satisfying option for consumption during commutes, leisure activities, or social gatherings. For example, in 2022, over 50% of the global population lived in urban areas, a figure projected to increase to 6 billion by 2045, according to the World Bank.
Major companies in the extruded snacks market are embracing advanced technologies like extrusion sheeting to maintain their market position. Extrusion sheeting involves the manufacturing process that extrudes materials, usually plastic or rubber to create thin, continuous sheets of uniform thickness. This technology employs a specialized machine called an extruder to melt and shape raw materials, producing sheets of varying sizes and specifications. Baker Perkins Ltd introduced extrusion sheeting technology in February 2023, utilizing a twin-screw extruder with an innovative wide-slot die to generate thin dough sheets directly fed into a rotary cutter. These systems, with fewer components, streamline operations, leading to reduced cleaning and maintenance costs. Furthermore, they facilitate the production of high-protein or high-fiber snack products.
Collaboration and strategic partnerships are key strategies adopted by major companies to fortify their market presence. Strategic partnerships entail structured affiliations between commercial entities, usually established through agreements or contracts. For instance, in March 2022, Varun Beverages, an India-based beverage company, entered a partnership with PepsiCo. This collaboration aims to leverage scale benefits for Varun Beverages, positively impacting the company's profit and loss statements as well as its balance sheet. PepsiCo Inc., a US-based food, snack, and beverage company, serves as Varun Beverages' strategic collaborator in this venture.
In July 2022, Calbee Group, a renowned Japan-based snacks company, successfully acquired Greenday Group for an undisclosed sum. This strategic acquisition positions Calbee to designate Thailand as a pivotal production and development hub for Southeast Asia and Oceania. The acquisition aims to forge synergies with the country's existing joint ventures, strengthening Calbee's regional presence and operations. Greenday Group, headquartered in Thailand, specializes in producing healthy snacks derived from fruits and vegetables. Calbee's acquisition of Greenday Group aligns with its strategic vision of expanding its footprint and product offerings in the region, leveraging the expertise and product portfolio of Greenday to further reinforce its position in providing wholesome snack options in Southeast Asia and Oceania.
Major companies operating in the extruded snacks market report are General Mills Inc., ITC Limited, Calbee Inc., Kellogg Company, Campbell Soup Company, JFC International Inc., Old Dutch Foods Inc., Grupo Bimbo SAB de CV, Amica Chips SPA, Want Want Holdings Limited, Axium Foods Inc., ICA Foods International Inc., Tropical Heat Group, Meiji Holdings Co. Ltd., Hain Celestial Group, Mikesell's Snack Food Company, Golden Flake Inc., Good Health Natural Products Inc., Great Lakes Potato Chip Co., Herr Foods Inc., Poore Brothers Inc., Popchips LLC, Medora Snacks LLC, Primizie Foods Inc., PepsiCo Inc., Shearer's Foods LLC, 7 Snacks LLC, Snyder's-Lance Inc., Snack Brands Inc., and The Hain Celestial Group Inc.
Asia-Pacific was the largest region in the extruded snacks market in 2023 and is expected to be the fastest-growing region in the forecast period. The regions covered in the extruded snacks market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the extruded snacks market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The extruded snacks market consists of sales of corn flour, rice flour and egg albumin powder/cheese powder. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.