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Extruded Snacks Global Market Navigating Trends, Market Size, and Future Outlook 2024-2033 | General Mills Inc., ITC Limited, Calbee Inc., Kellogg Company, Campbell Soup Company
Extruded Snacks Global Market
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According to The Business Research Company's, The extruded snacks market size has grown strongly in recent years. It will grow from $61.53 billion in 2023 to $65.24 billion in 2024 at a compound annual growth rate (CAGR) of 6.0%. The growth in the historic period can be attributed to changed consumer preferences, urbanization and busy lifestyles, affordability and accessibility, rise in snacking culture.
The extruded snacks market size is expected to see strong growth in the next few years. It will grow to $84.19 billion in 2028 at a compound annual growth rate (CAGR) of 6.6%. The growth in the forecast period can be attributed to health and wellness concerns, innovative flavors and variants, convenience and on-the-go lifestyles, product diversification, sustainable practices. Major trends in the forecast period include product innovation, innovative flavors and textures, global flavor fusion, clean label and natural ingredients, snacking culture.
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Market Drivers and Trends:
Rising urbanization is expected to propel the extruded snacks market going forward. Urbanization refers to the process of increasing the population concentration in urban areas, typically resulting from rural-to-urban migration and natural population growth within cities and towns. In the context of urbanization, extruded snacks play a pivotal role in meeting the evolving dietary habits and lifestyles of urban dwellers. As cities grow and individuals lead increasingly busy lives, the demand for convenient, ready-to-eat snacks rises. Extruded snacks, known for their portability, long shelf life, and diverse flavor profiles, perfectly align with the fast-paced urban lifestyle. They offer a quick and satisfying solution for on-the-go consumption, whether during work commutes, leisure activities, or social gatherings. For instance, in October 2022, the World Bank, a USA-based international financial institution published an article that said globally, over 50% of the population lives in urban areas in 2022. By 2045, the world's urban population is expected to increase by 1.5 times to 6 billion. Therefore, the rising urbanization is driving the extruded snacks market.
Major companies operating in the extruded snacks market are adopting new technologies such as extrusion sheeting technology to sustain their position. Extrusion sheeting technology is a manufacturing process that involves the extrusion of materials, typically plastic or rubber, to create thin, continuous sheets with a consistent thickness. This technology utilizes an extruder, a machine designed to melt and shape raw materials, to produce sheets of various sizes and specifications. For instance, in February 2023, Baker Perkins Ltd, a UK-based engineering company for food processing equipment, launched extrusion sheeting technology, to create creates opportunities for snack developments. This technology uses a twin-screw extruder with an innovative wide-slot die to produce a thin sheet of dough directly feeding a rotary cutter. The lines are simple to operate and, having fewer units, give significant reductions in cleaning time and maintenance costs. This technology can assist in manufacturing high-protein or high fiber snack products.
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• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
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• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
Major Key Players of the Market:
General Mills Inc., ITC Limited, Calbee Inc., Kellogg Company, Campbell Soup Company, JFC International Inc., Old Dutch Foods Inc., Grupo Bimbo SAB de CV, Amica Chips SPA, Want Want Holdings Limited, Axium Foods Inc., ICA Foods International Inc., Tropical Heat Group, Meiji Holdings Co. Ltd., Hain Celestial Group, Mikesell's Snack Food Company, Golden Flake Inc., Good Health Natural Products Inc., Great Lakes Potato Chip Co., Herr Foods Inc., Poore Brothers Inc., Popchips LLC, Medora Snacks LLC, Primizie Foods Inc., PepsiCo Inc., Shearer's Foods LLC, 7 Snacks LLC, Snyder's-Lance Inc., Snack Brands Inc., The Hain Celestial Group Inc.
Extruded Snacks Market 2024 Key Insights:
• The extruded snacks market size is expected to see strong growth in the next few years. It will grow to $84.19 billion in 2028 at a compound annual growth rate (CAGR) of 6.6%.
• The Impact Of Rising Disposable Income On The Extruded Snacks Market
• Transforming The Extruded Snacks Market With Baker Perkins' Cutting-Edge Technology
• Asia-Pacific was the largest region in the extruded snacks market in 2023 and is expected to be the fastest-growing region in the forecast period
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