The global snack pellets market size is expected to reach US$ 2671.82 Mn by the end of 2030. According to a study by Future Market Insights (FMI), the market will show a steady rise at 5.5% CAGR between 2020 and 2030. According to the report, the growth of the snack pellets market is driven by the rising demand for prepared and convenience food products. The report offers a comprehensive overview of the market, covering key growth drivers, restraints, opportunities, and prevailing trends. It uses unique research methods to offer the most accurate analysis of the market.
It includes in-depth insights into the snack pellets market. Some of these are:
- The estimated value of the market was at US$ 1563.5 Mn in 2020. Through the course of the report’s forecast period, the market is exhibited to show a steady pace of growth.
- North America is projected to dominate the snack pellets market throughout the forecast period.
- The emergence of COVID-19 has brought with it travel bans and quarantines; massive slowing of the supply chain; uncertainty in the stock market; falling business confidence, and growing panic among the population.
- Europe dominates the global market with more than one-third of the market share.
- The potato snack pellets segment dominates the global market.
- The global snack pellets market is highly competitive.
“The increasing awareness about the health and intake of nutritional ingredients through ready to eat food is responsible for the research and development activities and penetration of new variety product in the snack market,” said a lead analyst at FMI.
The snack pellets market is primarily driven by the growth of the processed food industry. The changes in lifestyles and high disposable incomes of the population have led to an increased demand for ready-to-eat food products, as they help save time and efforts. In addition to this, the demand for processed food and an increase in the trend of snacking between meals are also fueling the demand for extruded food products. Children and young adults require fillers in between their meals. Snacks act as alternatives to such fillers and are hence widely preferred. Being easy to consume and buy, consumers are increasing their purchase of snacks. Hence, snack manufacturers are demanding more and varied snack pellets to increase their production and meet the rising demand of snack pellets. The rise in per capita income and the trend of snacking between meals are fueling the demand for snack pellets. Consumer preferences in emerging economies such as China, India, Brazil, and the Middle East have gradually transitioned from traditional home-made breakfasts and snacking meals to ready-to-eat products over the last couple of decades.
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Who is Winning?
Some of the major players operating in this market include Limagrain Cereales Ingredients, Liven S.A., Grupo Industrial Michel, Pasta Foods Ltd, and Dalmaza Food Industries among others.
Product innovations, strategic mergers and acquisitions, joint venture and partnerships, geographical expansions are some of the key strategies adopted by these players to ensure long term sustenance in the market. Various global companies are contributed the descent growth to the global snack pellets market. The key players from Europe and Asia Pacific are leading the global snack pellets market in terms of revenue and volume.
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Future Market Insights, in its new report, presents an unbiased analysis of the global snack pellets market, covering historical demand data and forecast figures for the period between 2020 and 2030. The study divulges compelling insights into growth witnessed in the market. Based on type, the snack pellet market is classified into potato-based snack pellets, rice-based snack pellets, corn-based snack pellets, multigrain snack pellets and tapioca-based snack pellets among others. Based on form the market is classified into die-face, tridimensional, laminated and gelatinized. Based on regions, the market is classified into North America, Europe, Asia Pacific, Middle East and Africa and Latin America.
About Food & Beverages division of FMI
Expert analysis, actionable insights, and strategic recommendations - the Food & Beverages team at FMI helps clients from all over the globe with their unique business intelligence needs. With a repertoire of over 1,000 reports and 1 million+ data points, the team has analyzed the food & beverage industry lucidly in 100+ countries for over a decade. The team provides end-to-end research of the global food & beverage market and consulting services; know how we can help.
About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in London, the global financial capital, and has delivery centres in the U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and take critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously track emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.