Report : Middle East and Africa 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 7.8% CAGR, the Middle East & Africa Extruded Snacks Market is speculated to be worth US$ 10.49 billion by 2028, says Business Market Insights
According to Business Market Insights’ research, the Middle East & Africa extruded snacks market was valued at US$ 6.69 billion in 2022 and is expected to reach US$ 10.49 billion by 2028, registering an annual growth rate of 7.8% from 2022 to 2028. The increased penetration of retail chains and increasing demand for convenience and on-the-go products are the critical factors attributed to the market expansion.
Rapid emergence of retail chain is posing one of the driving factors for extruded snacks during the forecast period. Retail chain are key contributors toward the increasing awareness about the extruded snacks among consumers. The strong presence of retail chain across the region are contributing towards the growth of the market. Penetration of retail chains are increasing across the region. Furthermore, expansion plans of major retailers across rural and semi-urban areas across the region is expected to increase consumer awareness and availability of extruded products in coming years, thereby driving the market growth. Increasing foreign direct investment in various emerging countries is further posing growth opportunity for the extruded snacks market. Furthermore, some retailers are introducing their private label products in order to cater the rising consumer demand for extruded snacks market. Thus, the increasing penetration of retail chain is expected to drive the growth of the extruded snacks market during the forecast period.
On the contrary, technological and processing challenges and high initial investment hurdles the growth of Middle East & Africa extruded snacks market.
Based on raw material, the Middle East & Africa extruded snacks market has been segmented into roots and tubers, cereals and grains, pulses and lentils, and others. The cereals and grains segment held 56.3% market share in 2022, amassing US$ 3.77 billion. It is projected to garner US$ 5.93 billion by 2028 to expand at 7.9% CAGR during 2022–2028.
Based on category, the Middle East & Africa extruded snacks market has been divided into second generation snacks and third generation snacks. The second generation snacks segment held 74.5% market share in 2022, amassing US$ 4.99 billion. It is projected to garner US$ 7.71 billion by 2028 to expand at 7.5% CAGR during 2022–2028.
Based on distribution channel, the Middle East & Africa extruded snacks market has been segmented into supermarkets and hypermarkets, convenience stores, online retail, and others. With 52.7% share of the domain, the supermarkets and hypermarkets segment dominated the market in 2022. It accrued US$ 3.53 billion in 2022 and is estimated to generate US$ 5.71 billion by 2028 to grow at a CAGR of 8.4% over the forecast period.
Based on country, the Middle East & Africa extruded snacks market is categorized into South Africa, Saudi Arabia, the UAE, and the rest of Middle East & Africa. Our regional analysis states that the rest of Middle East & Africa captured 48.1% market share in 2022. It was assessed at US$ 3.22 billion in 2022 and is likely to hit US$ 4.79 billion by 2028, exhibiting a CAGR of 6.8% during the forecast period.
Key players dominating the Middle East & Africa extruded snacks market are General Mills Inc.; Hain Celestial; Kellogg’s Company; Meiji Holdings Co. Ltd.; and PepsiCo, Inc among others.
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