Global Extruded Snacks Market Size, Share, and Growth Forecast: Insights and Trends for 2024-2032
The global Extruded Snacks Market was valued at USD 57.27 Billion in 2023 and is projected to expand significantly over the next few years, reaching USD 60.58 Billion in 2024 to USD 94.98 billion by 2032. This growth is expected to occur at a compound annual growth rate (CAGR) of 5.78% during the forecast period of 2024-2032. The increasing consumer demand for convenient, tasty, and innovative snack options, alongside technological advancements in food production, is fueling the expansion of the market.
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Extruded snacks are made using an extrusion process, wherein ingredients like cereals, starches, and proteins are forced through a machine to create a variety of textures and shapes. The unique textures, flavors, and ease of packaging and transportation have made these snacks increasingly popular across the globe, driving the market's growth. As consumer preferences shift towards more convenient, on-the-go snack options, the demand for extruded snacks continues to rise.
Market Drivers:
Several key drivers are accelerating the expansion of the global extruded snacks market:
Rising Consumer Preference for Convenience: The growing on-the-go lifestyle and the increasing demand for quick and convenient snack options are prime contributors to the market growth. Busy work schedules and increased mobility have significantly raised the demand for packaged snacks, leading to the popularity of extruded snacks such as chips, puffs, and crisps.
Innovative Flavors and Varieties: Extruded snacks manufacturers are constantly innovating and experimenting with new flavors and ingredients, making them more attractive to consumers. This includes exotic flavors, healthier options with reduced fat or added proteins, and snacks tailored to specific dietary requirements like gluten-free or vegan options.
Increasing Disposable Income: The rise in disposable income, especially in emerging markets, has led to an increase in the consumption of premium snacks. Consumers are willing to spend more on high-quality, flavorful, and nutritious snacks, thereby contributing to the market's growth.
Technological Advancements in Extrusion Technology: Advancements in extrusion technology have enhanced the ability to create more complex and diverse snack products. These innovations also enable more cost-effective production, improving the scalability of extruded snacks.
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Market Segmentation Analysis:
The global extruded snacks market is segmented based on raw material and distribution channels, with each segment exhibiting unique trends and growth prospects.
By Raw Material (2020-2032)
Wheat
Potato
Rice
Tapioca
Multi-Grain
By Distribution Mode (2020-2032)
Supermarkets/Hypermarkets
Convenience Stores
Specialty Stores
E-Commerce
Key Developments in the Extruded Snacks Market:
The global market is evolving with new product launches, mergers and acquisitions, and partnerships. Leading players in the market are increasingly focusing on product innovation to meet consumer preferences. Furthermore, several players are investing in new distribution channels and expanding their geographical presence.
Strategic Partnerships: Leading players are forming strategic partnerships with suppliers and retailers to improve product availability and expand market reach. These partnerships are also aimed at improving manufacturing efficiency.
Health-Conscious Product Innovations: With rising health awareness, companies are introducing new product lines with healthier ingredients, such as baked snacks, low-fat options, and high-protein snacks, to cater to the growing demand for nutritious snack choices.
Expansion in Emerging Markets: The growing demand for extruded snacks in emerging markets, particularly in Asia Pacific, is prompting companies to increase production and distribution networks in these regions.
Top Key Players in the Extruded Snacks Market:
Leading brands in the global extruded snacks market include:
Calbee Inc.
I.T.C. Limited
Frito-Lay, Inc.
Kellogg Company
Old Dutch Foods, Inc.
Diamond Foods, Inc.
Arca Continental S.A.B. de C.V.
Axium Foods, Inc.
J.F.C. International, Inc.
Aperitivos Flaper
Mondelez International
Amica Chips S.P.A.
Universal Robina Corp
AUEVSS Ltd.
These industry giants are leveraging their established brands, manufacturing capabilities, and global distribution networks to capitalize on the growing demand for extruded snacks.
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For further details on the extruded snacks market, or to request a sample, visit Straits Research’s Extruded Snacks Market Report.
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