(I-BusinessNews.Com, November 25, 2020 ) The global extruded snacks market is estimated to account for USD 48.3 billion in 2019 and is projected to reach USD 65.2 billion by 2026, recording a CAGR of 4.4% during the forecast period. The market is primarily driven by the increasing disposable income and changing lifestyle among the millennials.
The market for extruded snacks across the globe is dominated by snacks made from wheat, by raw material.
The wheat segment in the extruded snacks market is estimated to account for the largest share in 2019. Wheat is low in fat and carbohydrates as compared to potato and corn, and also high in dietary fibers. Wheat is gaining popularity as a healthy snack option, and manufacturers have been developing products in a wide range of flavors. Companies are also marketing their products by targeting consumers who prefer such healthy snacks and are providing healthier alternatives by replacing conventional raw materials.
The market for expanded snacks is projected to record the highest CAGR during the forecast period.
The expanded snacks segment in the market is projected to grow at a significant rate. Many multigrain snacks of high fiber and nutrient content fall under this category. The rise in health awareness has increased the popularity of expanded snacks. Consumers have started to prefer snacks that are mostly baked or roasted. Many ingredients, such as corn, multigrain, and rice, are used for these snack production. These snacks are low in bulk density and are popularized as high-fiber and low-calorie healthy snacks.
Key players operating in this market include Calbee, Inc. (Japan), PepsiCo, Inc. (US), Kellogg Company (US), Campbell Soup Company (US), General Mills Inc. (US), ITC Limited (India), Grupo Bimbo, S.A.B. de C.V. (Mexico), Old Dutch Foods Inc. (US), Lorenz Snack-World (Germany) , Amica Chips S.P.A. (Italy), Universal Robina Corporation (Philippines), Balance Foods, Inc. (US), JFC International (US), Ballreich Snack Food Company (US), Barrel OÃ‚Â’ Fun Snack Foods Co., Inc. (US), Chipita S.A.(Greece), Tropical Heat (Kenya), GriffinÃ‚Â’s Foods Limited (New Zealand), ICA Foods International (Italy), and San Carlo (Italy).
PepsiCo, Inc. (US) is a leader in nearly every major sector in the food & beverage market and focuses on tapping the high growth opportunities in the industry with research & development activities. The company has major brands, such as Tropicana, Pepsi, Doritos, Lipton, and Aquafina, thereby occupying a major share in the food & beverage industry. PepsiCo is known for innovating and adopting newer technologies as per the changing consumer trends across regions pertaining to eating and lifestyle habits. It is known for its creative marketing campaigns and associations with games and events, globally.
Currently, they are manufacturing extruded snacks, such as potato chips, puffs, sticks, and corn-based sticks, tortillas, nachos, and beef snacks. In addition, it focuses on investing in other sectors, such as cold drinks, brewed iced tea, juices, breakfast options, and packaged water. It mainly focuses on various acquisitions to expand itself and strengthen its product portfolio in the snacks market. For instance, in May 2018, the company acquired Bare Snacks, a healthy snack manufacturing company, which will help it to extend its portfolio in the healthy snacks segment.
Kellogg Company (US) offers products in segments such as crackers, cookies, savory snacks, toaster pastries, cereal bars, granola bars and bites, fruit-flavored snacks, and convenience foods (which include ready-to-eat cereals, frozen waffles, veggie foods, and noodles). The organization operates in 21 countries, and its products are marketed in over 180 countries. Direct sales and retail shops are the major channels targeted by the company for their product offerings. Major portion of their products is marketed through the retail channels; Walmart, which is one of the major distributors responsible for nearly 19% of the companyÃ‚Â’s sales in the US. Special K, Cheeze-it, and Pringles are some of the popular brands of the company, which contribute majorly to its revenues. Kellogg Company is known for its innovative product development and aligning its products with the needs and demands of the market. The company mainly focuses on various expansions & investments to expand itself in the extruded snacks market. For instance, in May 2018, the company has acquired an incremental 1% ownership interest in Multipro, a leading distributor of various food products in Nigeria and Ghana.
General Mills Inc. (US) is a leading manufacturer and marketer of consumer food products. The company also manufactures branded and generic food products and offer them in the North American food-services and bakery markets. It focuses on manufacturing nutrition-rich food products in various flavors for consumers around the world. The company focuses on offering products in multiple sectors, ranging from snacks (including grain, fruit, and savory snacks, nutrition bars, and frozen hot snacks), cereals, pet food, ready-to-eat food, convenient meals (including meal kits, ethnic meals, pizza, soup, side dish mixes, frozen breakfast, and frozen entrees), yogurt, super-premium ice cream, baking mixes and ingredients, and super mixed dough.
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It focuses on exploratory research in new businesses and advanced technologies. The company also focuses on various expansions & investments to expand itself in the extruded snacks market. For instance, in Jan 2018, General Mills invested in a plant-based food company, Urban Remedy. Urban Remedy offers a variety of ready-to-eat plant-based meals, snacks, and cold-pressed juices that are organic-certified and non-GMO products. This would help General Mills to expand its product portfolio for plant-based products.
Mr. Aashish Mehra