Snacking has been on the rise over the past few years, and the trends are likely to hover around health. While convenience has been the key driving aspect, consumers are increasingly seeking snack pellets that incorporate overarching trends including, better-for-you options, high protein, and healthful eating.
As consumers are facilitated with a plethora of on-demand options throughout their lives, FMI highlights the importance of a more diverse assortment of upgraded convenience food products such as snack pellets.
In addition, the COVID-19 recession is catalyzing the consumption of pre-prepared meals as consumers strictly abide by stay-at-home orders. Market players are, in turn, creating distinctive strategies to grab this value-capture opportunity.
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Snack Pellets Market Size Study
- Consumption of convenience food products to reach new heights amid COVID-19 pandemic
- At-home consumption to soar as consumers follow pandemic-induced restrictions
- Market players to leverage online channels to remain competitive during the crisis
- Manufacturers to strictly follow hygienic production practices to maintain consumer retention
- Markets in East and South Asia to experience notable growth through 2030
COVID-19 Impact on Snack Pellets Market
While several industries are at the wrong edge of the COVID-19 pandemic, the snacks industry is among the least affected sectors, and has emerged as one of the fastest progressing FMCG domains. The COVID-19 induced lockdowns have offered a plethora of prospects and turned the tide in favor of certain snack pellet manufacturers, given notable rise in home-cooking, or at-home consumption.
As working from home has become the new normal, ready-to-cook products such as snack pellets have been sold in large quantities over the last few weeks. While reduced demand has slashed the growth rate of snack pellets market by a few percentage points, the market has still managed to generate relevant returns. Moreover, the market represents huge potential for vertical and horizontal growth.
This promising growth has attracted several players to the marketplace, however, leading manufacturers are tapping new territories to propel their revenue growth.
“In an effort to improve production efficiency, manufacturers are leveraging fresh vegetable pulp as additives while extrusion processing of potato-based snack pellets, keeping screw speed maximum. This approach has proven beneficial in reducing water consumption during production, and lowering overall energy requirement by eliminating the need to dry vegetables (additives) before extrusion process,” says analysts at FMI.
Snack Pellets Market – Competitive Intelligence
Snack pellets market is highly fragmented owing to the presence of several large- and medium-scale industries striving to capture a bigger slice of market revenue. Market players are investing in acquisitions for further capacity expansion. Case in point, Limagrain Crales Ingrdients has taken over Unicorn Grain Specialties in a bid to improve its presence in Northern Europe, in the cereals and pulses industry.
Moreover, ever-changing trends in consumer expectations and purchasing behavior are expected to shape the snack pellets market in the coming years. Manufacturers must roll out novel and better varieties of snack pellets with innovative recipes to remain well-placed for better returns. Noble Agro Food Products Ltd., for instance, is producing cereal-based snack pellets in various shapes 2D and 3D – and flavors/ colors.
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Want To Know More About Snack Pellets Market?
A new market research report published by Future Market Insights (FMI) on the global snack pellets market report offers comprehensive insights into the market demand trends and analysis of opportunities over the forecast period, 2020-2030. The report examines the snack pellets market through three different segments – type, form, and region. The snack pellets market report also provides extensive assessment of pricing by different key market dynamics, life cycle analysis, and technologies that are being deployed in the manufacturing of snack pellets and product adoption across several end-use industries.