New York, Sept. 03, 2019 (GLOBE NEWSWIRE) -- Rising demand for convenience foods, increasing shift towards new food flavours, a longer shelf life and the ease of storage of these products are key factors contributing to high CAGR of Snack Pellets during the forecast period.
According to the current analysis of Reports and Data, the global Snack Pellets market was valued at USD 1.97 Billion in 2018 and is expected to reach USD 2.94 Billion by year 2026, at a CAGR of 5.1%. With rapidly changing consumer lifestyles, the demand for processed and convenience foods is rising. The increase in disposable incomes is further boosting the consumer spending on food consumption and establishing a healthy snacking trend in the market. A significant change is the shift from home-made breakfasts to ready-to-eat snack alternatives. Such factors combined are boosting the growth of this market.
Snack pellets have a longer shelf life and promise enhanced nutritive value in comparison to other conventional processed snacks. Moreover, market players are experimenting with and introducing new flavours and textures of snacks that come with nutritional claims. They are gradually penetrating the densely populated markets of Asia Pacific and Latin America, to exploit the heavy demand for ideal snacks in the region. However, despite favourable growth scenarios in most regions, this market is expected to face difficulties due to operational complexities during food processing and a deficient transport system in some developing regions. Moreover, high acrylamide content in fried snacks is also restricting the market growth as a high acrylamide content results in the development of carcinogenic compounds in these fried foods.
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Further key findings from the report suggest
- The multigrain category under the type segmentation is the most prominent within the market. The segment is growing because of rising consumer focus on healthy snacking and low-fat content in snacks.
- By form, the gelatinized segment held the largest market share in 2018. It is expected to dominate the market because of its benefits over other forms of pellets, such as a uniform thickness.
- The die-face segment is expected to record the fastest growth during the period of forecast. The reason behind the fast-paced growth is the scope of diversity and creativity in offering new shapes and textures to snacks.
- By technique, the single-screw extruder segment is expected to register the largest share in this market. Single screw extruders enable production of complex extruded snack food products, that are witnessing a high demand.
- The twin-screw extruder segment is expected to register a modest rate of growth due to increasing applicability and enhanced technical ability to produce different shapes of snack pellets.
- The snack pellets market is witnessing favorable growth opportunities with the rising innovations in food extrusion processes and focused government and private investments into the processed foods segment.
- North America holds the largest share in the global snack pellets market. High levels of efficiency in food mechanisms and a growing awareness about food nutrition are major factors driving market growth.
- Emerging economies in the Asia Pacific region; such as India, China and Japan are offering lucrative growth opportunities for the snack pellets market and are expected to drive the market growth further.
- The European market also holds a substantial share in the market and are expected to register a moderate CAGR during the forecast time frame. High produce of cereals and grains, along with the presence of some major market players are crucial contributing factors.
- Acquisitions are frequently witnessed in the market as part of companies’ attempts of expanding their footprints in the market. Limagrain Cereales Ingredients, a top producer of snack pellets, acquired Unicorn Grain Specialities from Nordian Capital in May 2018.
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Segments covered in the report:
For the purpose of this study, Reports and Data have segmented the Snack Pellets market on the basis of type, form, flavour, technique and region:
Type (Revenue, USD Million; 2016–2026)
- Potato
- Corn
- Rice
- Tapioca
- Multigrain
- Others
Form (Revenue, USD Million; 2016–2026)
- Laminated
- Tridimensional
- Die-Face
- Gelatinized
Flavour (Revenue, USD Million; 2016–2026)
- Plain
- Flavored
- Nutritional
Technique (Revenue, USD Million; 2016–2026)
- Single-Screw Extruder
- Twin-Screw Extruder
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Regional Outlook (Revenue in USD Million; 2016–2026)
- North America
- U.S.
- Canada
- Europe
- Germany
- France
- UK
- Spain
- Italy
- Rest of the Europe
- Asia Pacific
- China
- India
- Japan
- Rest of Asia-Pacific
- Middle East & Africa
- Latin America
- Brazil
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