(I-BusinessNews.Com, March 05, 2020 ) The global snack pellets market was valued at about USD 2.0 billion in 2018 and is projected to reach about USD 2.5 billion by 2023, growing at a CAGR of 5.3% from 2018 to 2023. The key drivers of the market are the changing lifestyles and high disposable incomes of people. This has led to an increased demand for ready-to-eat food products, as they help save time and efforts. Increasing capital consumption in the snack industry and investments by governments in the food processing machinery & equipment industry are projected to create profitable growth opportunities for the market.
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On the basis of type, the market segmentation includes potato, corn, rice, tapioca, multigrain, and others. The multigrain segment is projected to be the fastest-growing segment during the forecast period, with a CAGR of 7.4%. Multigrain snack pellets are made of various grains that have high nutritional value. Earlier, a single grain type was used to produce snack pellets, due to which the nutritional value of the product was limited. With the increasing demand for healthy and low-calorie food products, manufacturers are focusing on increasing their production capacities for multigrain pellets. Further, the inclusion of new shapes, forms, and flavors to the existing product line drives the demand for multigrain snack pellets.
Based on form, the market segmentation includes laminated, tridimensional, die-face, and gelatinized. The die-face segment is projected to witness the fastest growth from 2018 to 2023. The proper cooling of the extruder barrel and of the head holding the die allows precise control of the rheological properties of the dough and facilitates shape maintenance and cutting. The pellets are subsequently dried to moisture levels, which permit optimum expansion during frying or toasting. Die-face technology offers shapes that require minute cuts & edges; which enables manufacturers to produce shapes of animals and cartoon characters, attracting another class of consumers comprising children.
Based on technique, the market segmentation includes single-screw extruder and twin-screw extruder. The single-screw extruder segment is projected to account for the highest market share during the forecast period. The single-screw extruder technique uses one single screw in the barrel of the extruder to transport and shape multiple ingredients into a uniform food product by forcing the ingredient mix through a shaped die to produce a uniform shape. Single-screw extruders are simple to operate and maintain. Moreover, there are different single extruders—offered by the leading players of the market—that are quite effective and capable of producing complex extruded snack food products.
Based on flavor, the market segmentation includes plain, flavored, and nutritional. The nutritional segment is projected to witness the fastest growth from 2018 to 2023. The need for convenient and healthy snacking options is expected to be one of the key driving factors for the rising demand for nutritional snack pellets in the next coming years. Healthy snacks are emerging as a quick snacking option for people with a hectic schedule. For Asian consumers, healthy snack packs consisting of superfoods, vegetables, and nuts are the most sought-after, with most of the Chinese urban population preferring fruit, vegetable, and nut snacks.
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The snack pellets market in the Asia Pacific is projected to witness the fastest growth between 2018 and 2023. The market is projected to underscore profitable growth opportunities in the snacking and ready-to-eat foods industry. This is the major factor influencing the growth of this market. The snack pellets market has witnessed significant growth in the last five years, and this trend is projected to continue in the near future. In addition, growing population, rising income, and increasing urbanization are projected to fuel the demand for snack pellets globally.
Health awareness among consumers has increased the opportunity for the development of “healthy snack” products. With the rise in obesity and other related issues, consumers are demanding more nutritious snack products. Further, the demand for extruded snacks is expected to rise in emerging markets such as China, India, Brazil, and Russia; due to increasing consumer preference towards ready-to-eat food products. This is encouraging snack pellet manufacturers to expand and improve their production facilities. Also, companies in this market are focusing on the production of multigrain snack pellets, including superfoods such as quinoa, to address the health concerns of consumers concerning the consumption of snack pellets.
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