According to the provided data, the global Extruded Snacks Market was USD 54.7 billion in 2022, and it is projected to increase to USD 81.3 billion by 2032, with a revenue compound annual growth rate (CAGR) of 4.5% during the forecast period. The market’s revenue growth is driven by several factors, including the increasing demand for ready-to-eat snacks, the convenience of extruded snacks for people with busy lifestyles, and the growing popularity of healthy snacks. Additionally, the longer shelf life of extruded snacks and their availability in various flavours and shapes contribute to their increasing popularity.
Urbanization trends and rising disposable income have changed consumer preferences towards quick and healthy snacks, leading to increased demand for extruded snacks through various retail channels such as supermarkets, hypermarkets, and online retailers. The market is expected to continue growing due to the availability of a wide range of flavours and shapes that cater to consumers of all ages.
The acceptance of healthy snacking is a significant contributor to the market’s revenue growth, with consumers seeking snacks that are high in fibre and protein while low in calories, fat, and sugar. The nutritional advantages of extruded snacks produced from foods such as lentils, chickpeas, and quinoa are becoming increasingly popular, leading manufacturers to develop organic and non-GMO options to meet the need for healthy snacking.
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Major Companies:
- PepsiCo Inc.
- General Mills Inc.
- Kellogg Company
- Conagra Brands Inc.
- Nestlé S.A.
- Mondelez International Inc.
- The Hershey Company
- Blue Diamond Growers Inc.
- Old Dutch Foods Inc.
- Diamond Foods Inc.
- JFC International Inc.
Type Insights:
The global extruded snack market is categorized into three types: simply extruded, expanded, and co-extruded. During the forecast period, the simply extruded segment is anticipated to account for the largest revenue share due to its simplicity and affordability. Simply extruded snacks are known for their versatility, as they can be flavoured in various ways and tailored to different dietary demands, such as being gluten-free or vegan.
The expanded segment is expected to register the fastest revenue CAGR during the forecast period. Expanded snacks are produced by applying high pressure and temperature to plain extruded snacks, causing them to expand and become lighter. This procedure allows manufacturers to save money as it yields more snacks from the same amount of raw materials. Furthermore, customers are attracted to expanded snacks because they offer a unique texture.
The co-extruded segment is expected to register a significantly rapid revenue CAGR during the forecast period. Co-extruded snacks have numerous layers of flavour, resulting from the combination of two or more different types of dough or fillings. Customers who prefer a more complex and indulgent snacking experience are drawn to this market.
Based on distribution channels, the global extruded snacks market is segmented into convenience stores, hypermarkets and supermarkets, e-commerce platforms, and other distribution channels (non-grocery and mixed retailers). The hypermarkets and supermarkets segment held the largest revenue share in 2022, offering consumers a wide range of varieties and comparison among various brands.
The convenience stores segment is expected to register a significantly rapid revenue CAGR during the forecast period due to the availability of compact quantities of snacks that are convenient to carry and eat on the go. Additionally, convenience stores are becoming increasingly popular, particularly in urban areas, as they allow for quick and easy access to snacks and other items.
Key Trends of Extruded Snacks Market:
- Rising Demand for Healthy Snacks: Consumers are increasingly concerned about their health and seeking snacks that are high in fiber and protein, yet low in calories, fat, and sugar. As a result, manufacturers are developing extruded snacks made from healthier ingredients, such as lentils, chickpeas, and quinoa.
- Popularity of Different Snack Types: The global extruded snack market is divided into simply extruded, expanded, and co-extruded segments. Among these, simply extruded snacks are expected to account for the largest revenue share, while expanded and co-extruded segments are expected to register the fastest revenue CAGRs during the forecast period.
- Convenience and Accessibility: The availability of extruded snacks in various retail channels, such as supermarkets, hypermarkets, convenience stores, and e-commerce platforms, has made them easily accessible to consumers. This convenience and accessibility are driving the demand for extruded snacks.
- Longer Shelf Life: Extruded snacks have a longer shelf life compared to traditional snacks such as potato and maize chips. This feature makes them an ideal option for vending machines, convenience stores, and other retail establishments.
- Technological Advancements: Manufacturers are investing in new technologies to improve the taste, texture, and nutritional content of extruded snacks. For example, they are using non-GMO and organic ingredients to meet the growing demand for healthy snacks.
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