The global extruded snacks market was valued at more than $28 billion in 2015 and is expected to reach almost $33 billion by 2020, says Technavio.
Technavio’s food portfolio has announced its latest market research report on extruded snacks for the forecast period, 2016-2020. This market analysis discusses the major drivers and key emerging trends that will influence the growth of the global extruded snacks market during the forecast period. Some of the top vendors listed in this industry analysis include Calbee, Diamonds Foods, Frito-Lay, ITC, Kellogg’s, and Old Dutch Foods.
In terms of geographical analysis, APAC is expected to account for the largest share of the global market, surpassing revenues of $14 billion by 2020. China and Indonesia will emerge as the key revenue-generators.
“The demand for low-calorie snacks is on the rise in the global market. People are more watchful about their snacking habits and are adopting healthy snacking because it fuels metabolism. Rising incidence of obesity is also fueling the demand for low-calorie snacks in the market. Healthy snacking is considered as a complement to weight-loss plans and an easy way to satisfy hunger while consuming the vitamins and nutrients one’s body needs,” says Manjunath Reddy, a lead analyst at Technavio for food.
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The new industry research report from Technavio analyzes some of the key drivers and trends responsible for the growth of this market and its sub-segments.
New product launches
Vendors in the global extruded snacks market are consistently launching new products to keep with the rapidly changing consumer demands. They are particularly striving to manufacture products that have unique flavors and ingredients to diversify consumer choices. They also attempt to improve the packaging of products by providing improved portion sizes through small-size packaging. The use of healthy ingredients is yet another strategy used by vendors to gain market shares. For instance, Doritos, a Frito-lays brand, has innovatively launched their Jacked 3D tortilla snacks.
Rapidly changing consumption pattern
Consumption patterns are evolving with changes in lifestyles and diet habits. The demand for RTE food products are easy to eat, and mess-free is on the rise, especially among the working population and students. RTE foods are also gaining popularity as a snack between meals. However, in developed countries like the US, the UK, Canada, people consume snacks heavily as a replacement for meals. The extruded snacks consumption has also increased as breakfast items in the market.
Wide range of snack ingredients
Consumers look for more options/choices when it comes to buying food products including extruded snacks. The inclusion of various ingredients in different snacks categories has an impact on the product choice of consumers. As a result, vendors in the market are experimenting with new ingredients and flavors to create brand awareness and expand their consumer base. Some of the most commonly used ingredients in extruded snacks include potato, corn, nuts, seeds, wheat, rice, and oats. Availability of a large number of ingredients drives the consumers to change their taste more frequently. Furthermore, the use of healthy ingredients such as wheat and oats helps attract the health-conscious segment of consumers.
Some of the other prominent vendors identified in this report are Arca Continental, Amica Chips, Aperitivos Flaper, AUEVSS, Axium Foods, Bag Snacks, JFC International, Mondelez International, Universal Robina, and Want Want Holdings.
This research report includes an in-depth analysis, market shares, and sizes of the sub-segments and geography. It provides a comprehensive analysis of the key companies, including their market shares, business overview, and key financials. The market study also offers a detailed analysis of key drivers, challenges, and opportunities influencing this market.
A more detailed analysis is available in the Technavio report titled, ‘Global Extruded Snacks Market 2016-2020’. Technavio also customizes reports by other regions and specific segments upon request.
Other related reports:
- Global Processed Snacks Market 2016-2020
- Global Meat Snacks Market 2016-2020
- Global Savory Snacks Market – Market Research 2015-2019
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