The global extruded snacks market size was US$ 50.1 billion in 2021. The global extruded snacks market is forecast to grow to US$ 79.8 billion by 2030 by registering a compound annual growth rate (CAGR) of 4.9% during the forecast period from 2022 to 2030.
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Extruded snacks are a type of food extrusion in which composite material is pushed through a hole in a perforated plate. After that, the product is cut to the appropriate length with scissors. The extruder machine consists of a big gyrating screw securely fitted within a fixed barrel, with the die at the barrel’s end.
The U.S. Bureau of Economic Analysis and the U.S. Census Bureau reports that the goods and services deficit rose from $68.7 billion in January 2023 to $70.5 billion in February, an increase of $1.9 billion. Due to a $2.7 billion increase in the goods deficit to $93.0 billion and a $0.8 billion increase in the services surplus to $22.4 billion, the goods and services deficit increased in February. The goods and services deficit has decreased this year by $35.5 billion, or 20.3% when compared to the same period in 2022. $10.8% more, or $49.5 billion, was exported. Imports cost $2.2% more, or $14.0 billion, than exports.
Factors Influencing the Market
The growing demand for extruded snacks from end-user sectors will fuel the growth of the extruded snacks market. Moreover, the fact that extruded snacks have a moisture content of around 4-6%, which is comparatively lower than others, will drive the market forward.
Other benefits of extruded snacks, such as high shelf life and high nutrition density, will also benefit the market during the study period.
The global extruded snacks market may witness ample growth opportunities in the coming years as they are considered suitable for combating problems like malnutrition in developing countries.
Rising health concerns will drive the demand for healthy food products. As a result, the availability of essential vitamins and nutrients in extruded snacks will escalate the growth of the market. Healthy snacking is also well-regarded for solving problems, such as weight loss, which will prompt demand during the analysis period.
On the flip side, high costs associated with extruded snacks may limit the growth of the market during the study period.
COVID-19 Impact Analysis
The overall extruded snacks market experienced a significant drop in the sales of the snacks as the population restricted themselves from going out. Moreover, the growth rate of the market was also affected, majorly in the years 2019 and 2020 due to change in consumer purchasing power.
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Regional Analysis
The Asia-Pacific extruded snacks market is forecast to grow at the fastest growth rate. The growth of the region is attributed to the rising trend of western culture in the region. Further, other factors such as rising disposable income, and the on-the-go snacking trend, will also contribute to the growth of this regional market during the study period.
The growth of the market is also attributed to the rising urban population and busy lifestyles of people, which raises the demand for extruded snacks. The region is home to some prominent domestic brands, hypermarkets, and supermarkets, which will drive the demand for extruded snacks during the forecast period.
Competitors in the Market
? Amica Chips
? Calbee, Inc.
? ITC Limited
? Frito-Lay, Inc.
? Kellogg Company
? Want Want Holdings Limited
? Axium Foods. Inc.
? JFC International, Inc.
? Mondelez International
? Other Prominent Players
Market Segmentation
The global extruded snacks market segmentation focuses on Type, Manufacturing Methods, Distribution Channel, Raw Material, and Region.
By Type
? Simply extruded
? Expanded
? Co-extruded
By Manufacturing Method
? Single-screw extruder
? Twin-screw extruder
By Distribution Channel
? Convenience stores
? Hypermarkets & supermarkets
? E-commerce platforms
? Other
By Raw Material
? Wheat
? Potato
? Corn
? Rice
? Multigrain
? Oats
? Other
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By Region
�?� North America
o The U.S.
o Canada
o Mexico
�?� Europe
Western Europe
o The UK
o Germany
o France
o Italy
o Spain
o Rest of Western Europe
Eastern Europe
o Poland
o Russia
o Rest of Eastern Europe
�?� Asia Pacific
o China
o India
o Japan
o Australia & New Zealand
o ASEAN
o Rest of Asia Pacific
�?� Middle East & Africa (MEA)
o UAE
o Saudi Arabia
o South Africa
o Rest of MEA
�?� South America
o Brazil
o Argentina
o Rest of South America
What is the goal of the report?
? The market report presents the estimated size of the market at the end of the forecast period. The report also examines historical and current market sizes.
? During the forecast period, the report analyzes the growth rate, market size, and market valuation.
? The report presents current trends in the industry and the future potential of the North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa markets.
? The report offers a comprehensive view of the market based on geographic scope, market segmentation, and key player financial performance
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