Emerging Opportunities in the Extruded Snack Industry Drives the Snack Pellets Market
The report "Snack Pellets Market by Type (Potato, Corn, Rice, Tapioca, Multigrain), Form (Laminated, Tridimensional, Die-face, Gelatinized), Technique (Twin-screw extruder, Single-screw extruder), Flavor (Plain, Flavored, Nutritional), and Region – Global Forecast to 2023"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.
- To define, segment, and project the global market size for snack pellets products
- To understand the structure of the snack pellets market by identifying its various subsegments
- To provide detailed information about the key factors influencing the growth of the market (drivers, restraints, opportunities, and industry-specific challenges)
- To analyze the micromarkets; with respect to individual growth trends, future prospects, and their contribution to the total market
- To project the size of the market and its submarkets, in terms of value, with respect to the four regions (along with their respective key countries)
- To profile the key players and comprehensively analyze their core competencies
- To understand the competitive landscape and identify the major growth strategies adopted by players across key regions
- To analyze competitive developments such as expansions & investments, new product launches, mergers & acquisitions, joint ventures, and agreements
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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.
Operational complexity during food processing is a major challenge for the snack pellets market.
The viscosity, screw speed, temperature, and pressure, along with the complexity of the mathematical descriptions of the process, are closely inter-related. These dynamics present a challenge for accurate dynamic modeling of the extrusion process. Also, there are several load variables for viscosity regulations, depending on the choice of the manipulation variable, which may present disturbances. Extra caution needs to be taken while processing functional products, as there may be a loss of nutrients of the ingredients during processing. Such factors are the major challenges in snack pellets processing, and hence, can hinder the growth of the overall snack pellets market.
North America is projected to account for the largest market size during the forecast period.
North America is projected to dominate the snack pellets market throughout the forecast period. Due to 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 potato are highly preferred by consumers. These factors are responsible for the largest share of potato-based snack pellets in the region.
Limagrain Céréales Ingrédients entered into an agreement to acquire 100% shares of Unicorn Grain Specialties (the Netherlands). This agreement would strengthen Limagrain’s strong presence in Northern Europe, in the pulses and cereals market. It would also provide specialized ingredients to industries such as breakfast cereals, bakery, snacking, animal nutrition, and nutrition markets.