Expanded Snacks: Market outlook
Revolution in the food and beverage industry owing to innovations and changing consumer preferences have significantly transformed the trend of snacking. Being healthy is the prime concern among the consumers which is one of the major driving force, pushing the growth of expanded snacks market over the decades. Expanded snacks are typically crispy, puffy, and crunchy cereal or starch finger foods. These characteristics make expanded snacks more preferable to people with a busy schedule. The hectic and busy schedule has upsurge the demand for ready-to-eat food products, amplifying the demand for expanded snacks. In the global ready-to-eat snacks market, expanded snacks market hold good market share owing to their convenience in consumption. Expanded snacks are available in a variety of shapes and sizes, making them attractive, tasty and fun. Also, there is a significant increment in the consumption of expanded snacks owing to their enhanced ingredients, making them a healthy snacking option. In the global extruded snacks market, North America and Europe hold the major share in production and consumption of extruded snacks owing to the presence of major global players in the region. Also, unique promotional strategies applied by manufacturers in the region is contributing to the growth of the market by gaining traction from the manufacturers. With the burgeoning demand for expanded snacks among consumers, it can be anticipated that there would be lucrative growth of expanded snacks market over the forecast period.
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Increasing Demand for Expanded Snacks among Millennials and Busy Scheduled Professionals
Healthy snacking is one the major trend in the global food and beverages market, which has gained the attention of various manufacturers. Manufacturers in the food and beverage industry are seeking an opportunity to bring healthy expanded snacks in their production line. Further, greater emphasis is being placed on identifying and determining characteristics of functional quality and critical nutrition of expanded snacks. Besides, the popularity of expanded snacks is more among teenagers and children, owing to their availability in multiple shapes and color. Expanded snacks are generally baked or roasted which bring additional benefits over the fried snacks. Baked snacks have lesser calories and prepared by hot air oven to expand the pellets of expanded snacks. As this technology is considered as very niche marking the growth phase of the expanded snacks market in global food and beverage industry. Manufacturer such as Baker Perkins has introduced expanded snacks with a coating of vitamins and minerals, making them favorable among different age segments. Also, many manufacturers are emphasizing on to cater to the burgeoning demand of vegan snack by launching various expanded snacks with vegan certification. On the other hand, boycotting food products with high-calorie content is among the major hindrance, which is restraining the growth of expanded snacks market.
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Global Expanded Snacks: Market Segmentation
Based on the source, global expanded snacks market can be segmented as
- Other products
Based on shape, global expanded snacks market can be segmented as
- Sticks and pillows,
- Star, rings, and curls
Based on type, global expanded snacks market can be segmented as
- Savory snacks
- Sweet Snacks
Based on the distribution channel, global expanded snacks market can be segmented as
- Convenience Store
- Specialty Stores
- Other grocery Retailers
Global Expanded Snacks: Key Players
Some of the key player operating their business in global expanded snacks market are Baker Perkins Limited, Buhler AG, Solute Group, Clextral S.A.S, Avebe, Jeppy Foods, Al Behar Group, Lalesse Extrusion B.V., and others.
Opportunities for Market Participants:
In the global food and beverage market, manufacturers are actively focusing on the development of processes that allow preservation of the optimal nutritional quality of expanded snacks. Also, manufacturers are adopting advanced technologies that help in boosting commercial capacity for value-added expanded snacks without compromising on the quality. Such innovations are allowing the expanded snacks industry to explore opportunities. In recent years, manufacturers and food brands are increasingly collaborating and entering into partnerships to find new application areas. Apart from all the above-mentioned factors, significant increment in consumer awareness about expanded snacks is expected to propel the growth of expanded snacks market over the forecast period.
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Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
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The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
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Below is a snapshot of these quadrants.
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The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
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10. What will be the barrier to entry for new players in the market?
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