Need for Convenience to Drive the Global Processed Snacks Market Through 2020, Says Technavio

According to the latest market study released by Technavio, the global processed snacks market is expected to grow at a CAGR of close to 5 percent during the forecast period.

LONDON β€” (BUSINESS WIRE) β€” According to the latest market study released by Technavio, the global processed snacks market is expected to grow at a CAGR of close to 5% during the forecast period.

This research report titled β€˜Global Processed Snacks Market 2016-2020’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This market research report also includes an up to date analysis and forecasts for various market segments and all geographical regions.

The report categorizes the global processed snacks market into three major types. They are:

  • Extruded snacks
  • Tortilla chips/corn chips
  • Pork scratchings

Global processed snacks market by extruded snacks

The global processed snacks market by extruded snacks is expected to exceed USD 37 billion by 2020. The market will show moderate growth during the forecast period. According to Arushi Thakur, an industry expert for food research at Technavio, β€œThe main attributes significantly driving the market are growing demand for healthy snacks and rapidly changing consumer habits.”

Also, the growing demand from emerging economies such as APAC is expected to fuel the global extruded snacks market during the forecast period. Extruded snacks are available in different size, shapes, and colors. Their appearance and packaging are the key differentiators for consumers. Use of a wide range of ingredients in the production of extruded snacks has been driving the sales growth. The various ingredients used for extruded snacks include corn, wheat, rice, potato, tapioca, and oats.

In addition, growing demand for healthier snacks is influencing manufacturers to launch healthy extruded snacks as consumers are expecting snack products that are low in fat and salt. Modern extruded snacks have no artificial preservatives, zero trans fats, low sodium, and do not contain MSG. Various new technologies such as twin screw extrusion technology have emerged in the market to help improve the operational efficiency of vendors.

Global processed snacks market by tortilla chips/corn chips

The global processed snacks market is expected to exceed USD 15 billion by 2020, growing at a CAGR of over 5%. The global processed snacks market by tortilla chips/corn chips is expected to grow at a steady pace during the forecast period. Increasing per capita consumption in developed regions like the Americas and Europe is a major growth driver for this product segment. Changing taste preferences have also affected the increasing sales of tortilla chips/corn chips. Interesting flavors, new shapes, and health ingredients are making tortilla chips a popular snack among US consumers. Tortilla chips have become a common snack due to the growing Hispanic population in the US. In 2014, tortilla chips accounted for 13% of sales of the salty snacks market.

The variance of taste preferences from various regions has forced the global marketers to introduce region-specific flavored chips. Frito-Lay launched its tortilla chips under the brands Doritos and Tostitos.

Global processed snacks market by pork scratchings

The global processed snacks market by pork scratchings is expected to grow at a CAGR of over 5%. The global processed snacks market by pork scratchings will grow at a steady pace during the forecast period. Pork scratchings are considered to be a pub snack that is consumed with drinks.

β€œThe global meat snacks market is likely to see healthy growth during the forecast period. The increasing demand from MEA for meat snacks is driving the sales growth,” says Arushi. The Americas has the largest market for meat snacks. However, in 2014, it grew by only 15% whereas the MEA market for meat snacks grew by 25% in the same year.

The top vendors highlighted by Technavio’s research analysts in this report are:

  • Calbee Foods
  • Intersnack Group
  • Kellogg
  • PepsiCo

About Technavio

Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies. Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.

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