The snack pellets market is estimated to account for about USD 1.0 billion in 2022 and is projected to reach a value of about USD 3.0 billion by 2032, at a CAGR of 4.0%. Newly released data for Snack Pellets Market Analysis shows that global demand of overall snack pellets market enjoyed year-on-year (YoY) growth of 4.2% in 2022.
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.
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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.
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.
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.
Segmentation Analysis of Snack Pellets Market
Global snack pellets market can be segmented on the basis of type, application, form, and geography.
By type:
- Potato
- Corn
- Rice
- Tapioca
- Mixed Grains
- Others (Cereals, Legumes, Etc.)
By way of flavor:
- Non-flavored
- Flavored
On the basis of technique:
- Single-Screw Extruder
- Twin-Screw Extruder
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East & Africa
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favour the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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