Zion Market Research, the market research group announced the analysis report titled ‘Snacks Pellets Market: Global Industry Analysis, Size, Share, Growth, Trends, and Forecasts 2016–2022’
The study concludes that the global Snacks Pellets Market is expected to grow at a CAGR of 6.00% between 2017 and 2022. The market revenue of $5.50 billion in 2016, is expected to reach $7.75 billion by end of 2022. The main drivers for the growth of the market increase in numbers of women working outside the home.
Snack pellets are intermediate ready to eat snack made with raw materials that include corn, wheat, rice, tapioca or potatoes and other vegetables. Pellets become ready-to-eat snacks once they have been expanded. Snack pellets can also incorporate aromas and colors in their recipes. Food makers can thus cater to new consumer trends, including the use of vegetables and multi-grains for flavor enhancement in healthy snacks. Hot air expansion and hot oil frying are two of the most commonly used methods for the conversion of snack pellets into finished ready-to-eat form. Snacks pellets are increasingly considered as healthy, as a translation of snack pellets using hot air is considered to be healthy, as the use of excessive oil is avoided which results in avoidance in the formation of acrylamide that is considered as a common cause for some specific cancers and heart diseases.
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Heavy investment in R&D for development of novel products is expected to be the major driver for the global snack pellets market. In addition, growing demand for healthier snack food coupled along with the easier availability of raw material is expected to trigger the growth of snack pellets market in the coming years. Moreover, long shelf life of products and ease of transport is expected to play a vital role in the growth of snack pellets market. However, the increase in a number of market players has resulted in the price war which may pose the challenge to snack pellets market. Quality approval is also one of the major restraint as many small players exist into this market. Nevertheless, technological advancements and emerging markets across the globe are expected to act an opportunity for snack pellets market in near future.
Based on the type, snack pellets market has been segmented into the potato, corn, rice, tapioca, mixed grains, and others (cereals, legumes, etc.). Snack pellets market was dominated by potato based snack pellets segment which accounted for the largest revenue share across the globe in the year 2016. Corn-based snack pellets were the second largest segment in the year 2016. The snack pellets market is segmented based on the form into laminated, Die-face, tridimensional, gelatinized and others. Based on the type of equipment used the snack pellets market can be further segmented into the single screw and twin screw extruders.
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Europe is expected to remain the dominant region over the forecast period. Increasing demand for savory foods in this region offers good growth opportunities for snacks pellets in this region. Moreover, the increasing demand for thriving snacks is boosting the market in this region. North America was a second largest market for snacks pellets in 2016. Asia-Pacific is projected to be the fastest-growing region for snacks pellets market during the forecast period. Asia Pacific market is expected to achieve noticeable growth as a result of cheaper manufacturing facilities and increasing export from Asia to European countries. As a result of increasing demand in Brazil, Latin America market is also expected to experience significant growth in the years to come. The Middle East and Africa is projected to have a decent growth in the forecast period.
Some of the key players in snacks pellets market are Limagrain Cereal Ingredients, Balance Foods Inc., Liven S.A., Grupo International Michel, J.R. Short Milling Company, Intersnack Group Gmbh & Co, Pasta Foods Ltd., Dalmatia Food Industries Co, Quality pallet, Leng-Dor S.A. among others. Due to the presence of several manufacturers in snack pellets market, there has been intense competition among the players to sustain in the market. Product innovation is the key strategy practiced by the majority of the players to maintain their sales.
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