Puffed and Extruded Snack Market Outlook: Industry Overview and Forecast (2024 to 2031)
Executive Summary
The global Puffed and Extruded Snack market research reports indicate a steady growth trajectory in the coming years. The market is expected to grow at a CAGR of % during the forecasted period. The increasing demand for convenient and healthier snack options, coupled with changing consumer preferences and a rising inclination towards on-the-go snacks, is driving the growth of the market.
Key market trends in the Puffed and Extruded Snack industry include a growing focus on product innovation, with manufacturers introducing new flavors, shapes, and healthier formulations to cater to evolving consumer tastes. The market is also witnessing a rise in demand for gluten-free and natural ingredient snacks, as health-conscious consumers seek healthier snack options.
In terms of geographical spread, North America holds a significant share in the Puffed and Extruded Snack market, driven by a high demand for convenient and on-the-go snacks in the region. The Asia Pacific region is also experiencing substantial growth, driven by a growing young population and increasing disposable incomes in countries like China and India. Europe and the USA are also key markets for Puffed and Extruded Snacks, with consumers increasingly opting for convenient and healthier snack options.
In conclusion, the Puffed and Extruded Snack market is expected to witness steady growth in the coming years, driven by changing consumer preferences and a growing demand for convenient and healthier snack options. Key market trends include product innovation and a focus on natural ingredients, while key geographical markets include North America, Asia Pacific, Europe, USA, and China.
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Market Segmentation:
This Puffed and Extruded Snack Market is further classified into Overview, Deployment, Application, and Region.
In terms of Components, Puffed and Extruded Snack Market is segmented into:
- Frito Lay Inc.
- PepsiCo, Inc.
- ITC,
- Kellogg’s
- Calbee
- Old Dutch Foods
- Modalez International Inc
- Robina Corporation
- JFC International
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The Puffed and Extruded Snack Market Analysis by types is segmented into:
- Filled Pillow Puffs Snack
- Crispy Chips Snack
- Sticks Snack
- Other
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The Puffed and Extruded Snack Market Industry Research by Application is segmented into:
- Hypermarkets and Supermarkets
- Independent Retailers
- Convenience Stores
- E-commerce Platforms
In terms of Region, the Puffed and Extruded Snack Market Players available by Region are:
North America:
- United States
- Canada
Europe:
- Germany
- France
- U.K.
- Italy
- Russia
Asia-Pacific:
- China
- Japan
- South Korea
- India
- Australia
- China Taiwan
- Indonesia
- Thailand
- Malaysia
Latin America:
- Mexico
- Brazil
- Argentina Korea
- Colombia
Middle East & Africa:
- Turkey
- Saudi
- Arabia
- UAE
- Korea
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Key Drivers and Barriers in the Puffed and Extruded Snack Market
Key drivers in the puffed and extruded snack market include increasing consumer demand for convenient and portable snack options, growing popularity of healthy snacks made from natural ingredients, and innovation in flavors and textures. However, barriers in the market include fluctuating raw material prices, stringent regulations regarding food safety and quality, and competition from other snack categories. Challenges faced in the market include managing production costs, maintaining consistent product quality, and addressing shifting consumer preferences and demand for healthier snack alternatives. Additionally, rising competition and the need for continuous innovation present ongoing challenges for companies in the puffed and extruded snack market.
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Competitive Landscape
Frito Lay Inc., a subsidiary of PepsiCo, Inc., is one of the largest players in the competitive puffed and extruded snack market. The company was founded in 1932 and has since become known for popular snack brands such as Lay's, Doritos, Cheetos, and Tostitos. Frito Lay Inc. has experienced consistent market growth and currently holds a significant share of the global snack market.
Another key player in the market is Kellogg's, a multinational food manufacturing company headquartered in the United States. Kellogg's is well-known for its range of breakfast cereals, but also produces a variety of puffed and extruded snacks under brands such as Pringles and Cheez-It. The company has a long history dating back to 1906 and has expanded its market presence globally.
ITC, an Indian conglomerate with a presence in multiple industries including FMCG, is also a significant player in the puffed and extruded snack market. The company's snack brands include Bingo and Yumitos, which are popular choices among consumers in India. ITC has seen strong market growth in recent years and continues to innovate and introduce new snack products to meet consumer demands.
In terms of sales revenue, PepsiCo, Inc. reported a total revenue of $ billion in 2020, while Kellogg's reported a revenue of $13.77 billion. Meanwhile, ITC reported a revenue of $5.89 billion in the same year. These figures demonstrate the robust financial performance of these companies in the competitive snack market.
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