Rise in Demand for Prepared and Convenience Foods Drives the Snack Pellets Market
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, at a CAGR of 5.3%. The growth of the snack pellets market is driven by the rising demand for prepared and convenience food products. 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 has contributed to the growth of the market.
Rise in demand for prepared and convenience foods
The snack pellets market is primarily driven by the growth of the processed food industry. The changes in lifestyles and high disposable incomes of the population have led to an increased demand for ready-to-eat food products, as they help save time and efforts. In addition to this, the demand for processed food and an increase in the trend of snacking between meals are also fueling the demand for extruded food products. Children and young adults require fillers in between their meals. Snacks act as alternatives to such fillers and are hence widely preferred. Being easy to consume and buy, consumers are increasing their purchase of snacks. Hence, snack manufacturers are demanding more and varied snack pellets to increase their production and meet the rising demand of snack pellets.
The rise in per capita income and the trend of snacking between meals are fueling the demand for snack pellets. Consumer preferences in emerging economies such as China, India, Brazil, and the Middle East have gradually transitioned from traditional home-made breakfasts and snacking meals to ready-to-eat products over the last couple of decades.
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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 single-screw extruder segment is estimated to account for the largest share in the snack pellets market in 2018.
On the basis of technique, the snack pellets market is dominated by the single-screw extruder segment. Single-screw extruders are comparatively easy to operate and maintain. Moreover, there are various types of single extruders offered by leading players in the market; these extruders are effective and capable of producing complex extruded snack food products. A single-screw extruder uses one screw in the barrel of the extruder to transport and shape multiple ingredients by forcing the ingredient mix through a shaped die to produce a uniform shape.
North America is projected to account for the largest market size during the forecast period.
The market is also segmented, on the basis of region, into North America, Europe, Asia Pacific, South America, Africa, and the Middle East. 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.
The key players identified in this market include Limagrain Céréales Ingrédients (France), Liven S.A. (Spain), Grupo Michel (Mexico), Leng d'Or S.A. (Spain), Pellsnack-Products GmbH (Germany), J. R. Short Milling (US), Pasta Foods Ltd (UK), Noble Agro Food Products Ltd (India), Bach Snacks s.a.l. (Lebanon), Mafin Spa (Italy), Le Caselle S.p.A. (Italy), and Van Marcke Foods (the Netherlands). These players are focusing on increasing their presence through undertaking acquisitions and expansions and developing products specific to consumer tastes and preferences in these regions. These companies have a strong presence in Europe and North America. They have also set up manufacturing facilities in various regions and have strong distribution networks.
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Key Questions addressed by the report:
- What are new trending flavors which the snack pellet companies are exploring?
- Which are the key players in the market and how intense is the competition?
- What are the upcoming growth trends which the snack pellets manufacturers are focusing on in the future?
- What are the high growth opportunities in the snack pellets market in each segment?
- What are the key growth strategies adopted by major market players in the snack pellets market?