(I-BusinessNews.Com, August 05, 2021 ) The snack pellet equipment market, in terms of value, is estimated to account for nearly USD 1.0 billion in 2019 and projected to grow at a CAGR of 5.2%, to reach nearly USD 1.4 billion by 2025. This is due to the rising demand for extruded snacks globally. Snack pellets are non-expanded intermediate products that are usually produced through the extrusion process using various raw materials such as potato, corn, tapioca, and rice. The extruder is the main equipment, which is used to press the raw material and produce pellets. The key snack pellet manufacturers are also adopting new technologies for the production of snack pellets, which include single screw extrusion, twin-screw extrusion, and co-extrusion. These processes aid in the manufacturing of snack pellets that are of various shapes, textures, and sizes. However, the technological advancements in the snack pellet equipment to produce 3D pellets have also led to an increase in the production capacity in a short time, thus driving the market growth.
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By product type, the potato-basedsegment is estimated to account for the largest share in the snack pellet equipment market in 2019.
On the basis of product type, the potato-based segment is estimated to dominate the snack pellet equipment market in 2019. This is due to the increasing consumer preference for convenience foods, which indirectly drives the increasing demand for snack pellets products, as they require less time and efforts. Currently, snack pellet manufacturers are focusing on adopting advanced technologies and offering GM potatoes to drive the demand for potato pellets. GM potatoes are protein-packed potatoes with approximately 35%Ã‚Â–60% protein content, which makes it more preferable. This, in turn, is projected to drive the growth of the snack pellet equipment market.
The snack pellet equipment market is projected to witness strong growth due to the increasing advancements in equipment and technologies.
Earlier, snack pellet manufacturers used different extruders for making pellets based on various raw materials that have different characteristics and cooking time. However, with the upgradation and automation, snack pellet manufacturers are adopting extrusion systems that produce three-dimensional pellets, thus providing better end products to its customers. Moreover, advanced manufacturing processes enhanced the bulk production capacity and shelf life of pellets, prior to frying or puffing. In addition, these improvements in the manufacturing process offer advantages such as innovative designs and capital cost reduction, which is projected to contribute to the market growth.
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The Asia Pacific market is projected to grow at the highest CAGR during the forecast period.
The Asia Pacific is projected to witness the fastest growth during the forecast period. Population growth, rapid urbanization, and the rise in consumer awareness about the benefits of snack pellet are key factors driving the demand for snack pellet equipment in the region. The region is the third-largest potato producer in the world. Potato production has rapidly increased in the last two decades due to the expansion of the land area in the Indo-Gangetic Plains. Due to these factors, consumption has also increased in parallel with the increasing popularity and demand as a vegetable in urban diets. In addition, the growing preference for Western fast food products has also led to a surge in demand for potatoes in the country. This, in turn, is driving the fragmented snack pellets market in the region, which is projected to contribute to the growth of the market.
Key players in this market include Clextral (France), GEA Group (Germany), Buhler AG (Switzerland), N.P. & Company, Inc. (Japan), Kiremko B.V. (Netherlands), JAS Enterprises (India), Grace Food Processing & Packaging Machinery (India), Tsung Hsing Food Machinery Co., Ltd. (Taiwan), AC Horn Manufacturing (US), Jinan Dayi Extrusion Machinery Co., Ltd (China), Mutchall Engineering Pvt. Ltd (India), and Radhe Equipments India (India). These players are focusing on improving their presence by undertaking new acquisitions and developing products specific to the requirements of consumers and their preferences. These companies have a strong presence in Europe and the Asia Pacific. They have also set up manufacturing facilities in various regions and have strong distribution networks.
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