The extruded snacks market is projected to be valued at US$ 79.1 billion in 2023 and is estimated to grow at US$ 150.4 billion by 2033. The sales of extruded snacks are likely to secure a CAGR of 6.6% during the forecast period.
The significantly growing population, urbanization, and consumption of savory food are the factors likely to boost the market share during the forecast period. The rising craving for eating various ingredients, spicy and tangy snacks, is flourishing the market growth. The top companies are launching innovative products to seek consumers’ attention and increase the sales of extruded snacks.
The growing curiosity to taste different exotic flavor and texture are promoting market opportunities. The food industry is maintaining the balance by experimenting with the unique flavor of food for every age group, which consequently drive the market size. Growing awareness by the food industries towards health and providing nutritious food to their consumers are increasing the market opportunities.
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The changing consumer’s ready-to-eat habits and growing consumption of fiber foods are boosting the demand for extruded snacks during the forecast period. Manufacturers are growing the food and beverages sector by innovating healthy diet snacks, which in turn, increasing market opportunities.
How Manufacturers are Increasing Sales of Extruded Snack
Extruded snack machine are utilized to heat up the products and give it a required or near-identical shape. For instance, breakfast cereals, pet foods, other pre-formed snacks are made using extruded machines as they can create a top-level of consistency in snack which are consumed every morning. Therefore, manufacturers use these machine for a variety of purpose, which is driving the market growth.
Growing consumer awareness and experimenting with new food items drive the market expansion. The food and beverage sector continues to experiment to provide extruded snacks for every age group people, which consequently increase the market share. The food industries providing health-conscious dietary snacks to fitness freak trainers are further booming the market opportunities. Furthermore, the adoption of easy-to-digest and light raw materials found in snacks, estimated to boost the market revenue.
Key Takeaways:
- The extruded snacks market is expected to have a valuation of US$ 150.4 billion by 2033.
- With a CAGR of 6.6%, the global market increasing from 2022 to 2033.
- The United States extruded snacks market is anticipated to record a CAGR of 4.5% through 2033.
- With a CAGR of 7.7%, the United Kingdom market is likely to uplift during the forecast period significantly.
- The China market is expected to capture a CAGR of 5.4% over the forecast period.
- Japan market is expected to register a CAGR of 7.7% from 2023 to 2033.
Competitive Landscape:
The prominent players are present all around the globe, consolidating the market during the forecast period. The key vendor’s innovative new technologies to develop unique snack food items propel the market growth. Manufacturers use extruded snack machines to boost production and provide multiple extruded snacks.
These players further aim at adopting various marketing tactics to increase the market growth. These marketing tactics are acquisitions, mergers, partnerships, product launches, and agreements. The innovation of new ancillary equipment is maintaining the proper texture and flavor, which in turn, booming market opportunities.
Other Prominent Players in the Market are:
- Frito Lay Inc.
- PepsiCo, Inc.
- ITC,
- Kellogg’s
- Calbee
- Old Dutch Foods
- Modalez International Inc
- Robina Corporation
- JFC International
- Others
Recent Developments in the Extruded Snacks Market:
- In Mar 2018, the United States-based Campbell Soup acquired Snyder to grow its product portfolio.
- In Oct 2019, Calbee, a United state based company acquired Warnock Food Products, a Japan-based food company to boost its snack business in the country.
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Key Segments
By Product Type:
- Potato
- Corn
- Wheat
- Rice
- Oats
- Multi-grains
- Others
By Type:
- Simply Extruded
- Expanded
- Co-extruded
By Distribution Channel:
- Hypermarkets & Supermarkets
- Convenience Stores
- commerce Platform
- Specialty Stores
- Retail Stores
- Others
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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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