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Snack Pellets Market Analysis

ID: MRFR//4937-HCR | 100 Pages | Author: Snehal Singh| June 2024

The snack pellets industry had sizable upheavals during the periods of late years especially due to changes in consumers tastes, lifestyles as well as evolving habits regarding foods. It is the growing need of the consumers for ready meals which plays a significant role in the market dynamics along with factors such as price levels and brand loyalty. In other words, the trend that modern society experiences being fast spiralling, consumers are searching for snack options which can be prepared quite easily and on the move. Snack pellets, owing to their versatility and speedy preparation, have become a widely accepted snack solution among consumers who wish to avoid carrying out the preparation of their snacks in situations where they have to always be on the go.

Along with health considerations, another market factor is with the rise of the fitness and wellness. As aware customers develop about their dieting accepting a healthier snack option there has been seen the rise movement of this market. Snack pellets producers are jumping on this band wagon by utilizing quality raw materials with healthy components like whole grain, vegetables and legumes. This conversion to the healthier alternatives imply the fashion and health conscious world, and thus the snack manufacturer enter the market also.

Globalization and culture diversity have an enormous effect on the mechanisms for creating market for snack pellets. Nowadays the consumers are no longer tied to only the snacks on their local market. They have several options from across the globe. This fact has brought about an appetite for trying out new flavors and textures. Snack pellets constitute a multi-variant canvas, opening the door for myriad flavor mixologist who can satisfy today's fantasy diets’ world through creativity and innovation. Whether it is the exchange of cultural values within the snack industry or the birth of creativity and innovation, cultural exchange doesn't just expand the market, but it also enhances it.

Factories reduce the amount of waste they produce and reuse materials to reduce emissions and conserve natural resources to minimize the negative impacts on the environment as they implement the key principle of sustainability that affects market dynamics. There is an emergence of green-mindedness as environmental education becomes popular; consumers begin to purchase eco-friendly and sustainable items for themselves in perceived value. The pellet manufacturers are recognizing the extent to which they are contributing to the environmental degradation and adapting to the ecologically sustainable manners through sourcing, packaging waste reduction and environmentally friendly production methods. A brand's attention to sustainability gives society a great connection to their values, which becomes a definite plus provided that their competitors are not so differentiating.

The cutthroat nature of competition is also an additional dimension that has to be considered as part of the dynamics of the market. Food pellets market has a very wide variety of players on which the popular ones are the already established the multinational corporations and also the new and innovative startups. This variety sparks effective competition and stimulates continuous innovation as businesses are under pressure in regard to the different products they undergo dissemination of, quality and marketing strategies.

Snack Pellets Market Overview


Snack Pellets Market is anticipated to develop at a CAGR of 5.6% and reach USD 2.80 billion By 2030. The Snack Pellets Market is expected to grow at a Significant CAGR During Forecast Period. Snack Pellets are non-expanded intermediate products created from raw ingredients such as potato, corn, rice, tapioca, and cereals. These semi-finished items are typically sold to snack makers, who subsequently process them using various methods such as frying and hot air baking, as well as adding various flavoring ingredients, to create final ready-to-eat snacks. Because of the new healthy living trend, current customers prefer simpler and healthier formulations, flavors, and diet formats, which has considerably contributed to the Market Value and Snack Pellets Market Growth. Nuts and seeds have a good reputation for providing a lot of protein and a lot of energy. An expanding number of nut- and seed-based snack manufacturers are capitalizing on this reputation through product innovation, incorporating seeds and nuts as ingredients into their product lines. Consumers are increasingly choosing healthier foods, such as snacks high in fiber, protein, and whole grains. Manufacturers are working on fat reduction in snacks and delivering trans-free snacks to meet consumer demand. Thus, all these factors have contributed to the Snack Pellets Market Outlook and have increased Market Trends and Market Share during the Snack Pellets Market Analysis.


COVID Analysis


The COVID-19 pandemic has resulted in a massive loss of human life around the world, posing an unprecedented challenge to public health, food systems, and the workplace. This has resulted in a significant shift in the healthy food segment, and as a result, the Snack Pellets Market Share and Snack Pellets Market Size, which is focused on improving customers' health, is projected to see an increase in demand as a result of the COVID-19 scenario around the world. The need for optimal immunity, particularly during pandemics, has increased the demand for snack pellets in the retail market. The increased demand for prepared and convenience food products is driving the expansion of the Snack Pellets Market Value and Snack Pellets Market Trends even during the epidemic times. Furthermore, the increased emphasis on facility expansion, marketing strategies, and information exchange programs to raise awareness and increase snack pellet consumption has helped to increase the Market Outlook.


Market Dynamics


Drivers


The rise of the processed food industry is essentially driving the snack pellets market during the Snack Pellets Market Forecast. The population's changing lifestyles and high disposable incomes have raised the demand for ready-to-eat food products, which save time and effort. Furthermore, the desire for processed foods, as well as an increase in the tendency of snacking between meals, are boosting the market for extruded food products. Fillers are necessary for children and young people in between meals. Snacks, which serve as alternatives to such fillers, are therefore commonly desired. Snacks are becoming more popular among customers due to their ease of consumption and purchase. As a result, snack makers are requesting more and more diverse snack pellets to improve production and meet the rising demand for snack pellets.


The snack pellets market is expanding rapidly, thanks to the wide range of goods available in terms of shapes, textures, colors, and flavors. Pellets are in high demand by snack processors all over the world due to their long shelf life and high density, as well as their ease of storage and cost-effective shipping. Some of the primary drivers driving market expansion include a preference for new and diverse tastes, hectic work schedules, increased per capita disposable income, and the adoption of global trends during the Market Analysis.


Restraints


Snack pellets are further prepared for consumption by frying or hot air expansion. The production of acrylamide while frying is a serious issue for the snack pellets sector. When asparagine and glucose in food react at temperatures above 248°F, they generate acrylamide. When ingested in excess, acrylamide can be carcinogenic and harm the taste of the snack pellets. Acrylamide has harmed the growth of potato-based snack pellets. Thus, manufacturers should apply to fry at a controlled temperature input, vacuum condition, and flash frying to reduce acrylamide levels in potato-based snack pellets.


Technology Analysis


Extruded snack demand is predicted to expand in emerging economies such as China, India, Brazil, and Russia as consumer preferences shift toward ready-to-eat food products. To enter these markets, snack producers are increasing production, which is raising the demand for food extruders in the region. Extruded foods are becoming increasingly popular around the world. This motivates snack pellet makers to develop and upgrade their manufacturing facilities. Technology has played a vital role in increasing the snack pellets market growth. Government measures are assisting snack pellet manufacturers in expanding their operations, hence creating an opportunity for the snack pellet market to grow.


Segment Overview


The Global Snack Pellets Market is further bifurcated into various segments depending on various factors to help the market to grow as per the predicted CAGR growth by the end of the forecast period in 2030. The Global Market is segmented based on the following:


Based on the type, the global snack pellets market has been segmented as follows:



  • Potato-Based

  • Corn-Based

  • Rice-Based

  • Tapioca-Based

  • Multigrain-Based

  • Others


Based on the form, the global market has been segmented as follows:



  • Laminated

  • Three-Dimensional

  • Die-Face

  • Gelatinized

  • Others


Based on the region, the global snack pellets market has been segmented as follows:


North America



  • US

  • Canada


Europe



  • Germany

  • France

  • Italy

  • Sweden

  • Spain

  • UK

  • Rest of Europe


Asia-Pacific



  • China

  • India

  • Australia

  • Singapore

  • Rest of Asia Pacific


Rest of the world



  • Brazil

  • Argentina

  • Saudi Arabia

  • South Africa

  • Others


Regional Classification


Geographically, Asia-Pacific has seen the biggest demand for snack pellets due to the constantly increasing population's consumption of snacks and convenience foods. Countries with developing economies, such as China and India, are indulging more in snacks as convenient food items to support their busy schedules. Furthermore, snack pellet makers' marketing strategies such as discounts, promotion, information exchange programs, and a variety of other tactics are propelling the market in this region. North America has the fastest-growing snack pellet industry, owing to an expanding number of snack companies encouraging millennials to choose to snack over sit-down meals. Europe is a favorable market for snack pellets since countries such as Germany and the United Kingdom have been consuming more potato-based snacks, giving rise to potato-based snack pellets. When it comes to food, European consumers are health-conscious. It can be seen that the increased awareness of healthy components used in the production of snack pellets is contributing to the region's expanding demand for snack pellets. Furthermore, a variety of interesting flavors and forms are a few important aspects that contribute to the majority of the appeal for snacks.


Competitive Landscape


To maintain their position as industry leaders, major businesses are broadening their geographical reach and product portfolio. Furthermore, important businesses place a strong emphasis on supplying consumers with novel and exotic flavors, as well as functional benefits in each of their goods. The major key players in the snack pellets market are as follows:



  • Intersnack Group GmbH & Co. KG (Germany)

  • Limagrain Cereales Ingredients (France)

  • Liven S.A. (Spain)

  • Grupo Industrial Michel (Mexico)

  • Leng-d'Or, S.A.U. (Spain)

  • Balance Foods, Inc.  (US)

  • Pasta Foods Ltd.  (UK)

  • Novozymes A/S (Denmark)

  • Quality Pellets A/S (Denmark)

  • Chhajed Foods Pvt. Ltd. (India)

  • Pellsnack-Products GmbH (Germany)


Recent Developments



  • In recent years, firms such as Novozymes A/S (Denmark) have introduced enzymes that assist reduce acrylamide levels while masking the insipid flavor. J.R. Simplot Company (US) created genetically modified (GM) potato types known as Innate Generation 1 and Innate Generation 2.

  • Limagrain Céréales Ingrédients has agreed to acquire all of the shares of Unicorn Grain Specialties (the Netherlands). This arrangement will strengthen Limagrain's strong presence in the pulses and cereals markets in Northern Europe. It would also supply specialized ingredients to businesses including breakfast cereals, baking, snacking, animal nutrition, and nutrition markets.


Report Overview


The report's overview provides a comprehensive review of the market, as well as main industry applications and the specialty market's growth potential. The study focuses on the key bottlenecks, hurdles, and drivers influencing the market size. The research also discusses the major events that transpired following the COVID-19 pandemic, as well as the impact of the novel coronavirus and the sector's lockdown. Aside from comprehensive market segmentation, the research also covers the most recent business scenario, including future and historical volume and value, technical advances, and the most important aspects driving the market growth. The report also emphasizes the importance of buyers and suppliers in assisting stakeholders in making profitable business decisions and strengthening their supplier-buyer network.

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