Snack pellets allow the manufacturers to offer a clean label to their products by way of offering pellets that have similar texture and expansion and meeting consumer need for healthy and safe snacking options. Fewer investments, less impact of government regulations, less maintenance costs allow the manufacturers to expand and innovate in accordance with the growth of the market.
One of the key factors pushing the growth of the market includes transition in the lifestyle of the consumers in terms of feeding habits. Over the years, the feeding habits of the consumer have witnessed a significant change, where it has evolved to the consumption of processed foods in heightened quantities. The consumers, especially the young population have become more inclined towards the consumption of processed food and ultra-processed food. Their consumption patterns are mostly influenced by the western culture. Further, the busy lifestyle of the consumers, especially for the young population have resulted in time constraint issues, where they have minimal time to consumed proper cooked food. Due to this factor, the resort to the consumption of ready to eat/processed foods for efficient time management. This trend has increased significantly over the past few years, especially in the developing countries on account of increased employment opportunities, resulting in increasing purchasing power of the consumers.
Ultra processed breads and cereals constitute an approximate of 12% of the daily food consumption per capita, while ice creams, cakes and other sweets constitute of a similar percentage. Soda and fruit drinks comprise of approximately 7% while frozen packaged meals account for approximately 4%. On an average, ultra-processed foods and processed foods account for approximately 67% of the daily food consumption per capita. Improvement in manufacturing techniques is yet another major factor driving the demand for the snack pellets market at the global level.
However, high content of acrylamide in processed foods is a major factor hindering the growth o the market at present. Acrylamide is a chemical compound with chemical formula C3H5NO and it is an odorless crystalline solid that is soluble in water, ether, chloroform and ethanol. Human exposure to acrylamide can come in several ways, consumption of processed foods being one of the major causes. Exposure to acrylamide has potential harmful effects such as drowsiness, disturbance, memory loss, numbness of lower limbs, vibratory loss and various others.
Further, high sugar content and high fructose corn syrup content, trans fats and processed vegetable oil, inclusion of artificial ingredients, refined carbohydrates are some of the major negative traits of processed foods. Additionally, they are low in nutrient content and fiber as well. Such factors have created a negative impact on the demand for processed foods among the health conscious consumers in the developing countries such as U.S, U.K., Germany and France among others. Health issues such as obesity have led the consumers to drift away from the consumption of such foods, thus barring the growth of the processed foods market, which in turn is barring the growth of the snack pellets market as well.
Product innovations, expansion in untapped markets and potential future investments are some areas of growth for this market in the future.
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.
The global snack pellets market is marked by some intense competition from the major players operating in this field. 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. 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.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
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:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
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?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.