The snack pellets market reached $1.0 billion in 2022, set to hit $3.0 billion by 2032 with a 4.0% annual growth rate. Global demand grew 4.2% YoY in 2022. Snacking trends show a rise in popularity, focusing on health and convenience, incorporating high protein and better-for-you options.
The snack pellets market is Forecast to be worth roughly US$ 1.0 billion in 2022 and, at a compound annual growth rate of 4.0%, is anticipated to reach a value of roughly US$ 3.0 billion by 2032. According to recently released statistics for the Snack Pellets business analysis, the global demand for the snack pellets industry as a whole grew 4.2% YoY in 2022.
Snacking appears to be growing in popularity according to recent trends, and health-related trends are probably here to stay. Convenience has always been the primary consideration, even if consumers today expect snack pellets to incorporate popular trends like high protein, healthy eating, and better-for-you selections.
FMI highlights the need of offering a more extensive selection of enhanced convenience food items, such as snack pellets, considering that consumers have an infinite number of on-demand choices.
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In addition, as customers rigidly follow directives to stay at home, the COVID-19 recession is boosting consumption of pre-prepared meals. In response, market participants are developing unique tactics to seize this value-capture potential.
Snack Pellets Market Size Study
- Consumption of convenience food products to reach new heights amid COVID-19 pandemic
- At-home consumption to soar as consumers follow pandemic-induced restrictions
- Market players to leverage online channels to remain competitive during the crisis
- Manufacturers to strictly follow hygienic production practices to maintain consumer retention
- Markets in East and South Asia to experience notable growth through 2030
COVID-19 Impact on Snack Pellets Market
While several sectors are on the cusp of the COVID-19 pandemic, the snacks sector is among the least afflicted and has emerged as one of the FMCG domains that is growing the fastest. Given the noticeable increase in home cooking and at-home consumption, the COVID-19-induced lockdowns have presented a multitude of opportunities and swung the tide in favour of some snack pellet manufacturers.
In recent weeks, since working from home has become the norm, ready-to-cook items like snack pellets have grown quite popular. The market for snack pellets has been able to generate significant returns despite a slight slowdown in growth due to lower demand. The market also provides great potential for both vertical and horizontal growth.
Due to this optimistic expansion, a number of businesses have entered the industry, but leading manufacturers are expanding into new markets to accelerate their revenue growth.
Snack Pellets Market – Competitive Intelligence
Snack pellets industry is highly fragmented owing to the presence of several large- and medium-scale industries striving to capture a bigger slice of market revenue. Market players are investing in acquisitions for further capacity expansion. Case in point, Limagrain Crales Ingrdients has taken over Unicorn Grain Specialties in a bid to improve its presence in Northern Europe, in the cereals and pulses industry.
Moreover, ever-changing trends in consumer expectations and purchasing behavior are expected to shape the snack pellets industry in the coming years. Manufacturers must roll out novel and better varieties of snack pellets with innovative recipes to remain well-placed for better returns. Noble Agro Food Products Ltd., for instance, is producing cereal-based snack pellets in various shapes 2D and 3D – and flavors/ colors.
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Segmentation Analysis of Snack Pellets Market
Global snack pellets market can be segmented on the basis of type, application, form, and geography.
By type:
- Potato
- Corn
- Rice
- Tapioca
- Mixed Grains
- Others (Cereals, Legumes, Etc.)
By way of flavor:
- Non-flavored
- Flavored
On the basis of technique:
- Single-Screw Extruder
- Twin-Screw Extruder
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East & Africa
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Key Questions Answered in the Report
- What was the market for snack pellet worth in 2022?
The global snack pellet market value was around USD 998.0 Mn in 2022.
- At what CAGR is the market poised to expand through 2032?
Snack pellet market revenue is expected to increase at a CAGR of around 4.0% during the period 2022-2032.
- How has the performance of snack pellet been over the past half-decade?
Sales of snack pellet market increased a CAGR of around 3.0% over the past half-decade.
- What are the drivers and restraints of snack pellet market?
The Snack Pellets Market is driven by rising demand for convenience foods, rising health consciousness, and demand for food items with low energy, saturated fats, and salt, as well as low investment needs. This market is constrained by the availability of substitute goods and the rise in raw material prices in developing countries.
- Who are the key players operating in the market?
Intersnack Group GmbH & Co. KG (Germany), Grupo Industrial Michel (Mexico), Limagrain Cereales Ingredients (France), Chhajed Foods Pvt. Ltd. (India), Liven S.A. (Spain), Leng-d’Or, S.A.U. (Spain), Balance Foods, Inc. (US), Pasta Foods Ltd. (UK), Quality Pellets A/S (Denmark), and Pellsnack-Products GmbH (Germany) are identified as Key Players in the Snack pellet market.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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