(Food-Beverage-News.Com, July 29, 2020 ) The report "Extruded Snacks Market by Type (Simply extruded, Expanded, Co-extruded), Raw Material (Wheat, Potato, Corn, Oats, Rice, Multigrain), Manufacturing Method (Single-screw, Twin-screw), Distribution Channel, and Region - Global Forecast to 2026" The global extruded snacks market size is projected to reach USD 65.2 billion by 2026, from USD 48.3 billion in 2019, recording a CAGR of 4.4% during the forecast period. The busy lifestyles that result in lesser time to cook meals and an increase in disposable income are projected to drive the extruded snacks industry growth during the forecast period.
The wheat segment in the extruded snacks market is estimated to account for the largest share in 2019. Wheat is low in fat and carbohydrates as compared to potato and corn, and also high in dietary fibers. Wheat is gaining popularity as a healthy snack option, and manufacturers have been developing products in a wide range of flavors. Companies are also marketing their products by targeting consumers who prefer such healthy snacks and are providing healthier alternatives by replacing conventional raw materials.
Factors driving the growth of the Asia Pacific market include the increasing adoption of the Western culture in the region, growing disposable income, and on-the-go snacking trend among the urban population due to busy lifestyles. Due to the developing economic conditions across a majority of the countries, consumers in the region prefer the consumption of cheaper products, and hence, mostly opt for generic or domestic brands. Due to the growing trend of hypermarkets & supermarkets within the region, the availability of such snacks has become much easier, which is further bolstering the market growth in Asia Pacific.
Key players operating in this market include Calbee, Inc. (Japan), PepsiCo, Inc. (US), Kellogg Company (US), Campbell Soup Company (US), General Mills Inc. (US), ITC Limited (India), Grupo Bimbo, S.A.B. de C.V. (Mexico), Old Dutch Foods Inc. (US), Lorenz Snack-World (Germany) , Amica Chips S.P.A. (Italy), Universal Robina Corporation (Philippines), Balance Foods, Inc. (US), JFC International (US), Ballreich Snack Food Company (US), Barrel O’ Fun Snack Foods Co., Inc. (US), Chipita S.A.(Greece), Tropical Heat (Kenya), Griffin’s Foods Limited (New Zealand), ICA Foods International (Italy), and San Carlo (Italy).
PepsiCo, Inc. (US) is a leader in nearly every major sector in the food & beverage market and focuses on tapping the high growth opportunities in the industry with research & development activities. The company has major brands, such as Tropicana, Pepsi, Doritos, Lipton, and Aquafina, thereby occupying a major share in the food & beverage industry. PepsiCo is known for innovating and adopting newer technologies as per the changing consumer trends across regions pertaining to eating and lifestyle habits. It is known for its creative marketing campaigns and associations with games and events, globally.
Currently, they are manufacturing extruded snacks, such as potato chips, puffs, sticks, and corn-based sticks, tortillas, nachos, and beef snacks. In addition, it focuses on investing in other sectors, such as cold drinks, brewed iced tea, juices, breakfast options, and packaged water. It mainly focuses on various acquisitions to expand itself and strengthen its product portfolio in the snacks market. For instance, in May 2018, the company acquired Bare Snacks, a healthy snack manufacturing company, which will help it to extend its portfolio in the healthy snacks segment.
Kellogg Company (US) offers products in segments such as crackers, cookies, savory snacks, toaster pastries, cereal bars, granola bars and bites, fruit-flavored snacks, and convenience foods (which include ready-to-eat cereals, frozen waffles, veggie foods, and noodles). The organization operates in 21 countries, and its products are marketed in over 180 countries. Direct sales and retail shops are the major channels targeted by the company for their product offerings. Major portion of their products is marketed through the retail channels; Walmart, which is one of the major distributors responsible for nearly 19% of the company’s sales in the US. Special K, Cheeze-it, and Pringles are some of the popular brands of the company, which contribute majorly to its revenues. Kellogg Company is known for its innovative product development and aligning its products with the needs and demands of the market. The company mainly focuses on various expansions & investments to expand itself in the extruded snacks market. For instance, in May 2018, the company has acquired an incremental 1% ownership interest in Multipro, a leading distributor of various food products in Nigeria and Ghana.
General Mills Inc. (US) is a leading manufacturer and marketer of consumer food products. The company also manufactures branded and generic food products and offer them in the North American food-services and bakery markets. It focuses on manufacturing nutrition-rich food products in various flavors for consumers around the world. The company focuses on offering products in multiple sectors, ranging from snacks (including grain, fruit, and savory snacks, nutrition bars, and frozen hot snacks), cereals, pet food, ready-to-eat food, convenient meals (including meal kits, ethnic meals, pizza, soup, side dish mixes, frozen breakfast, and frozen entrees), yogurt, super-premium ice cream, baking mixes and ingredients, and super mixed dough.