The global extruded snacks market is projected to grow at a phenomenal pace at a favorable CAGR during the forecast period (2019-2023). Food extrusion is a technique which combines various operations such as mixing, kneading, cooking, shaping, forming and shearing. This is a popular method to prepare ready-to-eat foods and healthy snacks. Food products that are made through extrusion contains high starch and generally include confectionery, fat, soy, cookie dough, ready-to-eat snacks, textured vegetable protein, breads, some pasta, breakfast cereals, beverages, baby foods and specific pet products. Some of the most widely used extrusion snacks sources include mixed grain, tapioca, corn, rice, potato and others. The extrusion process provides the ability of selecting the ingredients along with the means of processing them. The manufacturers make the most of this method for producing healthier snacks having varied ingredients.
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Market Scenario and Key Restraints:
There are various factors that is propelling the growth of the extruded snacks market. Some of these factors according to the Market Research Future (MRFR) report comprise of increasing preference of consumers for convenient and ready-to-eat food, rising disposable income, growing urban population, increasing trend for weight management and healthy snacking, competitive pricing by leading companies, aggressive marketing strategies, increased R&D activities, attractive packaging, widening product range, flavor innovation, changing lifestyle and change in consumers consumption pattern. On the contrary, intense competition may hinder the growth of the extruded snacks market during the forecast period.
The extruded snacks market is highly competitive and fragmented with the presence of various key players. They are focusing highly on new product launches and product innovations that are healthy for consumers. In fact, there is an increasing focus on attractive packaging and advertising amid the players.
Key players profiled in the Extruded Snacks Market include Old Dutch Foods, Inc. (U.S.), Mondelez International Inc. (U.S.), Diamond Foods Inc. (U.S.), ITC (India), Frito-Lay North America, Inc (U.S.), Kellogg Co. (U.S.) and Calbee, Inc. (Japan).
Feb 2019- One of the leading mushroom growers in the US, South Mill Champs has introduced its latest snack food venture called Shrooms Snacks with an aim to offer adventurous tasting snacks with mushrooms that are grown as well as handpicked at the United States’ South Mill farms which is the world’s mushroom capital. It is a functional superfood that is rich in nutrients such as copper, zinc, potassium, selenium, vitamin B and D along with excellent source of fiber that is crucial for a balanced diet. Besides, mushrooms are extremely versatile and an ideal vehicle for flavor.
The MRFR report offers a comprehensive segmental analysis of the extruded snacks market on the basis of type, sources and distribution channel.
Based on type, it is segmented into savory and sweet. Of these, savory will lead the extruded snacks market and is anticipated to have a substantial growth during the forecast period.
Based on sources, the extruded snacks market is segmented into mixed grain, tapioca, corn, rice, potato and others. Of these, potato will lead the market while corn and rice are anticipated to grow substantially during the forecast period.
Based on distribution channel, it is segmented into non-store and store based. Of these, the store-based segment will have the largest share in the market amid which supermarkets and hypermarkets are the key contributors resting on various brand options accessible to customers and self-picking shopping experience.
Based on region, the extruded snacks market covers growth opportunities and latest trends across North America, Europe, Asia Pacific and Rest of the World. Of these, the APAC region will command the market owing to wide variety of products accessible to consumers at affordable prices. In this region, India is the key contributor. The extruded snacks market in Europe and North America is anticipated to expand at a substantial pace due to increasing inclination for healthy snacking. Constant innovations in the Rest of the World is fueling the demand for extruded snacks market. The extruded snacks market in Latin America will have the highest growth.
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