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Food Extrusion Market Competitive And Growth Analysis 2024 - Market Size, Growth Rate, Major Drivers And Key Trends
Food Extrusion Global Market Report 2024
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According to The Business Research Company's, The food extrusion market size has grown strongly in recent years. It will grow from $85.1 billion in 2023 to $91.25 billion in 2024 at a compound annual growth rate (CAGR) of 7.2%. The growth in the historic period can be attributed to increased demand for processed and convenience foods, rising popularity of snack foods, cost-effectiveness in food production, expansion of the pet food industry, enhanced product shelf life.
The food extrusion market size is expected to see strong growth in the next few years. It will grow to $125.92 billion in 2028 at a compound annual growth rate (CAGR) of 8.4%. The growth in the forecast period can be attributed to growing demand for healthy snack alternatives, rise in plant-based and alternative protein products, expansion of functional food market, increased adoption in developing regions, sustainable and eco-friendly practices. Major trends in the forecast period include technological advancements in extrusion equipment, rising interest in plant-based and alternative proteins, diversification in product offerings, focus on health and nutrition, emphasis on sustainable practices.
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Market Drivers and Trends:
The rapid growth in the consumption of processed food is expected to propel the growth of the food extrusion market going forward. Processed products refer to products that are cooked and packed. It is a process of converting agricultural products into food, they are also called ready-to-eat food. The food extrusion process in packaged and processed food improves the digestibility of proteins and starches and destroys the anti-nutritional factors in food. The changing lifestyles and increased disposable incomes for the people are leading to the increasing demand for ready-to-eat products as they reduce time and effort for the people. For instance, according to the Agricultural and Processed Food Products Export Development Authority (APEDA), in India, processed food products exports touched 21.5 billion from April 2021-to February 2022. Therefore, the rapid growth in the consumption of processed food is significantly contributing to the growth of the food extrusion market.
Technological innovations have emerged as the key trend gaining popularity in the food extrusion market. Major companies operating in the food extrusion market are developing new technological innovations to sustain their position in the market. For instance, in August 2021, GEA, a German-based company that designs and manufactures food extrusion machinery launched its high-capacity extruder named as Tru Twin series based on screw assembly technology. By using this Tru Twin series, users can increase the production capacity up to 40%. This model is used for both the food and pet food industries. This model of the Tru Twin series helps to increase the production capacity of the plants.
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Major Key Players of the Market:
Snactek Food Machines Pvt. Ltd., Bunge Loders Croklaan Group B.V., Hiwant International Inc., Techtronics Machinery Pvt. Ltd., Arca Continental S.A.B de C.V., GEA Group AG, Coperion GmbH, Schenck Process Holding GmbH, Bühler Holding AG, Groupe Legris Industries, Aasted ApS, Axium Foods Inc., Clextral Inc., Baker Perkins Ltd, Wenger Manufacturing Inc., The Bonnot Company, Reading Bakery Systems, PacMoore Products Corporate, Amandus Kahl GmbH & Co. KG, C.A.PICARD SAS, Pavan SPA, American Extrusion International, FBF Italia Srl Company, Akron Tool & Die Co Inc, Doering Systems Inc., Grace Food Processing & Packaging Machinery, Almex USA Inc., Shandong Light M&E Co. Ltd, Diamond America Inc., Snacks Développement SAS
Food Extrusion Market 2024 Key Insights:
• The food extrusion market size is expected to see strong growth in the next few years. It will grow to $125.92 billion in 2028 at a compound annual growth rate (CAGR) of 8.4%.
• Processed Food Consumption Fuels Food Extrusion Market Growth
• Technological Innovations In Food Extrusion Market
• Europe was the largest region in the food extrusion market in 2023
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