(I-BusinessNews.Com, June 22, 2021 ) The snack pellets market is estimated to account for about USD 2.0 billion in 2018 and is projected to reach a value of about USD 2.5 billion by 2023, growing at a CAGR of 5.3% from 2018. The snack pellets market is highly impacted by innovations, as manufacturers are always introducing new ingredients, new variants, and processing techniques to meet the increasing demand and cater to changing consumer demands. The rise in on-the-go consumption has encouraged the savory snack manufacturing industry to produce new products that could meet these rising demands from the working-class consumers. In addition to this, the growing focus on facility expansion, marketing schemes, and information exchange programs for creating awareness to enhance the consumption of snack pellets have contributed to the growth of the market.
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Government initiatives and investments to expand the processed and extruded food sectors will provide growth opportunity.
The demand for extruded snacks is expected to rise in emerging markets such as China, India, Brazil, and Russia, due to increasing consumer preference toward ready-to-eat food products. To tap these markets, snack manufacturers are increasing their production, due to which the requirement for food extruders is increasing in the region. Globally, the demand for extruded snacks is increasing. This is encouraging snack pellet manufacturers to expand and improve their production facilities. In Europe, high demand is witnessed for processed snack products. The European Snacks Association (ESA) has supported the markets for snacks and snack pellets by bringing together various stakeholders associated with the snacks industry. The association arranges various trade shows, conferences, and publishes technical insights for promoting trade by sharing knowledge. The ESA takes the responsibility to inform the members of the current and emerging trends of the association. Also, the North American Association of Food Equipment Manufacturers provides all the support in terms of technical expertise and other guidance to set up, expand, or upgrade businesses. Such initiatives by governments are helping snack pellet manufacturers to expand their business, hence creating an opportunity for the growth of the snack pellet market.
The multigrain type segment is projected to be the fastest growing in the snack pellets market during the forecast period.
The multigrain type segment is projected to be the fastest-growing segment in the snack pellets market during the forecast period. 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 products was limited. Currently, the consumer demand for multigrain snack pellets remains high due to its high-fiber content. With low-fat content, multigrain snack pellets offer various health and taste benefits, as compared to potato- and corn-based snack pellets. Grains such as wheat is mostly used with other types for snack pellets.
The gelatinized segment is projected to account for the largest market size during the forecast period.
On the basis of form, the snack pellets market is segmented into laminated, die-face, tridimensional, and gelatinized. Gelatinized pellets are uniform in thickness; and are generally flat, with holes on the surface. The thickness is essential for the maintenance of shape definition upon frying or toasting. Gelatinized pellets can be produced by using a specially designed high-speed rotary cutting machine, which sequentially and synchronously punches the holes and cuts the sheet into the desired shape. Hence, the gelatinized form of snack pellets in the food industry is witnessing growth.
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North America is estimated to dominate the snack pellets market in 2018.
North America is estimated to account for the largest market share for snack pellets in 2018. Because of the abundant availability of raw materials and the presence of a strong food processing industry, North America holds the largest share of the snack pellets market, in terms of both volume and value. Additionally, snacks made from potatoes are highly preferred by consumers. These factors are responsible for the largest share of potato-based snack pellets in the region.
This report includes a study of marketing and development strategies, along with the product portfolios of the leading companies in the snack pellets market. It includes the profiles of the leading companies such as Limagrain Céréales Ingrédients (France), Liven S.A. (Spain), Grupo Michel (Mexico), Leng dOr S.A. (Spain), and Pellsnack-Products GmbH (Germany).
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