Report : Asia Pacific Extruded Snacks Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Raw Material (Roots and Tubers, Cereals and Grains, Pulses and Lentils, and Others), Category (Second Generation Snacks and Third Generation Snacks), and Distribution Channel (Supermarkets and Hypermarkets, Convenience Stores, Online Retail, and Others)
At 8.3% CAGR, the Asia Pacific Extruded Snacks Market is speculated to be worth US$ 32.54 billion by 2028, says Business Market Insights
According to Business Market Insights’ research, the Asia Pacific extruded snacks market was valued at US$ 20.16 billion in 2022 and is expected to reach US$ 32.54 billion by 2028, registering an annual growth rate of 8.3% from 2022 to 2028. The growing demand for convenience and on-the-go products and rising development of new varieties of extruded snacks are the critical factors attributed to the market expansion.
Growing popularity of ready-to-eat, convenience, and on-the-go snacking is one of the major factors propelling the growth of extruded snacks market. The need for on-the-go items that offer a quick feeling of fullness in a busy schedule is mostly driven by the growing number of people entering the formal workforce, which results in their stressed and chaotic lifestyles. In a busy workday, these handy portable packets provide you a little energy boost. Due to the ease and variety of product options that meet the demand for many eating times, the on-the-go snacking trend is becoming more and more popular among millennials. Additionally, cereal-based savory snacks are performing well in stores thanks to their tasty bites and healthy qualities. The rising demand for cereal-based snacks helps the market expand. Furthermore, the demand for snacking increased significantly during COVID-19 pandemic owing to increased preference for convenience food. Moreover, the demand for savory snacks in is increasing owing to rising popularity of savory snacks such as crisp, crisp snacks, popcorn nuts, and amongst others. Consumers are seeking snacks with favorable organoleptic properties which is further surging the demand for extruded snacks during the forecast period. Thus, increasing demand for convenience and ready-to-eat products is surging the demand for extruded snacks during the forecast period.
On the contrary, technological and processing challenges and high initial investment hurdles the growth of Asia Pacific extruded snacks market.
Based on raw material, the Asia Pacific extruded snacks market has been segmented into roots and tubers, cereals and grains, pulses and lentils, and others. The cereals and grains segment held 55.6% market share in 2022, amassing US$ 11.21 billion . It is projected to garner US$ 18.19 billion by 2028 to expand at 8.4% CAGR during 2022–2028.
Based on category, the Asia Pacific extruded snacks market has been divided into second generation snacks and third generation snacks. The second generation snacks segment held 75.7% market share in 2022, amassing US$ 15.27 billion . It is projected to garner US$ 24.35 billion by 2028 to expand at 8.1% CAGR during 2022–2028.
Based on distribution channel, the Asia Pacific extruded snacks market has been segmented into supermarkets and hypermarkets, convenience stores, online retail, and others. With 52.0% share of the domain, the supermarkets and hypermarkets segment dominated the market in 2022. It accrued US$ 10.48 billion in 2022 and is estimated to generate US$ 17.48 billion by 2028 to grow at a CAGR of 8.9% over the forecast period.
Based on country, the Asia Pacific extruded snacks market is categorized into Australia, China, India, Japan, South Korea, and the rest of Asia Pacific. Our regional analysis states that China captured 29.3% market share in 2022. It was assessed at US$ 5.91 billion in 2022 and is likely to hit US$ 10.42 billion by 2028, exhibiting a CAGR of 9.9% during the forecast period.
Key players dominating the Asia Pacific extruded snacks market are Calbee; General Mills Inc.; Hain Celestial; Kellogg’s Company; Meiji Holdings Co. Ltd.; and PepsiCo, Inc among others.
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