Extruded snacks market size is set to register a significant CAGR through 2028 owing to increasing binge eating habits in consumers worldwide. These snacks contain a large quantity of starch, owing to which, they remain intact during mass production.
Additionally, extruded snacks contain a low quantity of moisture, somewhere around 4% to 6%, which makes them shelf-stable while simultaneously increasing their shelf life. It has been claimed that these products are considered ideal to reduce the risks of malnutrition in the developing globe. According to UNICEF data, the global prevalence-based estimates of 45.4 million children under 5 were affected by wasting while 13.6 million were affected by severe wasting in 2020.
Some of the extruded snacks include croutons, breadsticks, soy sticks, cookies, ready-to-eat snacks, some baby foods, namkeen, and textured vegetable protein.
With regards to raw materials, corn based extruded snacks are observing massive sales worldwide. The reason behind this stellar growth is the material’s high availability in general everywhere, low cost, and its ability to expand well even from the simplest of extruders used for making snack products. In fact, the demand for extruded corn snacks is dramatically rising in the Middle East and African countries. This can be ascribed to the rapid industrialization and urbanization which has induced a significant shift towards western food cultures.
Meanwhile, extruded snacks made from potatoes form a healthier substitute for potato snacks. Recent research suggests that low fat content in extruded potato snack is due to their low content in the initial mixture and limitation of extrusion process. 100 gms of snacks satisfy an adult’s daily protein requirement by 19% and 28% of dietary fiber. These attributes imply that extruded snacks market from potato segment is predicted to depict phenomenal gains over the due course of time.
Sales of extruded snacks are now being largely carried out through online modes, given the movement restriction and lockdown imposed due to massive outbreak of coronavirus pandemic. The growth of online retail is attributed to its comfortable, easy, and convenient accessibility, coupled with doorstep delivery. Moreover, the elevating adoption of smartphones, and increasing penetration of internet is expanding the scope of online sales of extruded snacks. Internet usage in the European continent is anticipated to rise to 89.4% through 2021.
Regionally, Europe is likely to stand tall in the overall extruded snacks industry over the forthcoming years. This is attributed to the ongoing snacking during social events or general snacking. Consumers in the European economies are gradually shifting towards healthier options like cereal and wheat snacks is propelling the market trends further.
Consumers in the United Kingdom are laying immense focus on health benefits of extruded products, while Germany turns out to be one of the fastest emerging market for extruded snacks. In light of these parameters, Europe extruded snacks market is set to call in for huge proceeds from 2022 to 2028.
Some of the leading players partaking in global extruded snacks market include ITC, Diamond Foods, Kellogg’s, Calbee, Old Dutch Foods, Mondelez International, Inc., Bag Snacks, and various others. These industry giants have been engaging in various growth tactics like acquisitions, mergers, collaboration, product diversification, and more, to gain a competitive edge in the global sphere.
In 2020, North American snack giant, Calbee, announced ramping up its snacking experience with new Harvest Snaps Crunchions, which offer a better substitute to traditional, corn-based snacks and are packed with maximum flavor in every bite. The product is a plant-based snack containing nutrition-packed red lentils as the first ingredient.
In another instance, PepsiCo, Inc., had in 2019, introduced ‘papadam’, a south Indian extruded snack in its product portfolio. With this new product launch, the company aims to target customers in South India. These product launches augment product visibility, thus driving the industry growth over the foreseeable period.
Daunting effects of COVID-19 pandemic are being felt worldwide. Restriction of movement due to imposition of stringent lockdown policies has paralyzed various businesses and supply-chains. However, presence of online platforms and ease of delivery during such times have scaled up the dynamics for overall extruded snacks industry considerably.