According to “The Insight Partners” latest market study, titled on “Extruded Snacks Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Category (Second Generation Snacks and Third Generation Snacks), Raw Material (Roots and Tubers, Cereals and Grains, Pulses and Lentils, and Others), and Distribution Channel (Supermarkets and Hypermarkets, Convenience Stores, Online Retail, and Others),” the global extruded snacks market is projected to reach US$ 93,898.88 million by 2028 from US$ 93,898.882,124.75 million in 2022. It is expected to grow at a CAGR of 7.1% during 2022–2028. The report highlights key factors driving the market growth and prominent players along with their developments in the market.
The eExpanding retail distribution channels is another factor behind the rising raising the sales of extruded snacks in rural and tier-II cities. For instance, with the continuous economic growth of China, the purchasing power of consumers has increased. These consumers are willing to pay more significant amount for high-quality products containing which contain organic ingredients. Many market players are launching their products in high-end supermarkets to have attempted to expand their presence and become market leaders by launching their products in high-end supermarkets. Therefore, the high-end supermarket sector shows considerable promise growth as the number of consumers with strong purchasing power is growing.
The demand for extruded snacks is significantly rising due to the convenience they offer to consumers. The extruded snacks market is driven by the rising number of consumers with a busy lifestyle and growing preference for quick on the-go snacks that can be consumed without hassle. These snacks These products are mostly available in supermarkets, hypermarkets, and convenience stores, which constitutes a significant market share in based on the distribution channel segment.
PepsiCo; AMICA CHIPS S.p.A.; Calbee; PEPPERIDGE FARM INCORPORATED; Kellogg's Company; General Mills Inc.; Meiji Holdings Co., Ltd.; Sensible Portions; Old Dutch Foods, Inc.; and Mikesell’s Snack Food Company are among the key players operating in the global extruded snacks market. These companies provide a wide range of product portfolios for the market. They have a widespread global presence, which provides a lucrative opportunity for helps the market tom to serve a large set of customers and increase share of the market share. These market players are highly focused on developing products with advanced technology platforms to serve their customers better.
The COVID-19 pandemic had initially affected the global extruded snacks market due to the shutdown of manufacturing units, rising prices of raw materials, shortage of labor, disruption of supply chains, and financial instability.
Extruded snacks are part of the food & beverages industry. The industry's disruption due to the economic slowdown caused by the COVID-19 outbreak had restrained the demand for extruded snacks. However, businesses are gaining ground as previously imposed limitations are being eased across various countries. Moreover, the introduction of COVID-19 vaccines by governments of different countries has eased the situation, leading to the rise in business activities worldwide. The pandemic has also collaterally resulted in the growth of the food & beverages industry post recovery from the production disruptions. The increased purchasing of packaged food and beverages has eventually aided the extruded snacks market post the pandemic outbreak situation.