Asia Pacific Extruded Snacks Market was worth USD 8.21 billion in 2022 and estimated to be growing at a CAGR of 4.6%, to reach USD 10.28 billion by 2028.The market is showcasing evident potential in the mentioned forecasting period.
Extruded snack foods are made by the extrusion of various ingredients such as corn, tapioca, oats, potatoes, wheat, etc. Some of the most prevalent extruded snack foods include breakfast cereals, onion rings, pasta, jelly beans, macaroni, processed cheese, breads, etc. The extrusion process gives the freedom of choosing the ingredients and how one wants to process them.
The food industry is a huge industry with various segments and sub segment markets. Being based directly off agriculture, the foods industry caters to various demographics. With a vast scope of opportunities from fast food to food safety, the food industry will continue to grow with such a momentum for the foreseeable future.
Despite reaching maturity levels in the developed markets, the demand for extruded snack foods is expected to increase in the emerging markets over the forecast period driven by a number of growth inducing factors. As a result of the rising urbanisation, a vast majority of population lives a fast paced lifestyle. The long working hours make it difficult for individuals to have proper meals. As a result, they resort to ready to eat food including many extruded snacks. Widespread availability of different snacking options is made available at pocket friendly prices in the Asia Pacific region. Furthermore, consumers in this region are product cost conscious and competitive prices offered from prime companies ultimately boosts product demand in this region. One major factor which could be restraining the growth of the market is people’s rising consciousness towards their health and lifestyle. These food products are loaded with carbohydrates and fats. Most of them use white refined flour which contains a lot of fat. Majority of them are fried in oil again making them unfit for consumption.
The Asia Pacific market for Extruded Snacks is categorized into type, distribution channel and region. By type, it is further categorized into potato, corn, rice, tapioca, mixed grains and others. The potato segment holds the largest market share accounting for about 34%of the total market share. Increasing per capita consumption is a major driver for the growth of the extruded potato snacks segment. Moreover, the local flavours of various regions have encouraged the manufacturers to introduce such region specific flavoured snacks. This in turn will boost the market growth to a great extent. By distribution channel, it is categorized into hypermarkets& supermarkets, independent retailers and convenience stores. Hypermarkets& supermarkets form a major chunk of the market accounting to 53% of the total revenue. These stores provide a great choice to customers as they are equipped with multiple options and varieties form different brands. Consumers prefer hypermarkets and supermarkets for their shopping due to the in store promotions by retailers and price comparisons.
Geographically the Asia Pacific Extruded Snacks Market is segmented into India, Japan, China, Australia, Singapore, Malaysia, South Korea, New Zealand, and Southeast Asia. The Indian market is projected to grow at a CAGR of 12% making it the fastest growing market.
Key Players in the Market:
Major Key Players in the APAC Extruded Snacks Market are
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