Report : North America 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 6.3% CAGR, the North America Extruded Snacks Market is speculated to be worth US$ 18.91 billion by 2028, says Business Market Insights
According to Business Market Insights’ research, the North America extruded snacks market was valued at US$ 13.13 billion in 2022 and is expected to reach US$ 18.91 billion by 2028, registering an annual growth rate of 6.3% from 2022 to 2028. The growing demand for fortified extruded snacks and increased penetration of retail chains are the critical factors attributed to the market expansion.
The demand for fortified extruded snacks is increasing owing to changing consumer preferences towards healthy snacking option, rising awareness regarding healthy benefits, and rising number of health-conscious population. With growing demand for healthy food products has surged replacing traditional used corn starch, wheat starch, and other raw materials with healthy nutritional raw materials. Consumers are looking for the nutritional statements and are looking for free-from claims, such as grain-free, gluten-free, GMO-free, animal-free (vegan), and allergen-free. They also want added protein, fiber, and nutrients, and amongst others. Furthermore, increasing demand for healthy food products has surged manufacturers opting for healthy alternatives such as extruded snacks with protein boost. Manufacturers are engaged in developing new form of starch which are healthier as compared to traditional starch used for extruded snacks. Growing healthier snack trends has surged the use of tubers as a raw material for manufacturing of extruded snacks, which will help develop snacks with better nutritional characteristics, functional, and sensory. Thus, increasing demand for fortified extruded snacks is expected to pose a growth opportunity to the extruded snacks market.
On the contrary, technological and processing challenges and high initial investment hurdles the growth of North America extruded snacks market.
Based on raw material, the North America extruded snacks market has been segmented into roots and tubers, cereals and grains, pulses and lentils, and others. The cereals and grains segment held 54.7% market share in 2022, amassing US$ 7.18 billion. It is projected to garner US$ 10.41 billion by 2028 to expand at 6.4% CAGR during 2022–2028. Based on roots and tubers the market is further sub-segmented into potato, tapioca, and others. Based on cereals and grains the market is further sub-segmented into corn, wheat, and others.
Based on category, the North America extruded snacks market has been divided into second generation snacks and third generation snacks. The second generation snacks segment held 72.4% market share in 2022, amassing US$ 9.50 billion. It is projected to garner US$ 13.50 billion by 2028 to expand at 6.0% CAGR during 2022–2028.
Based on distribution channel, the North America extruded snacks market has been segmented into supermarkets and hypermarkets, convenience stores, online retail, and others. With 55.7% share of the domain, the supermarkets and hypermarkets segment dominated the market in 2022. It accrued US$ 7.31 billion in 2022 and is estimated to generate US$ 10.87 billion by 2028 to grow at a CAGR of 6.8% over the forecast period.
Based on country, the North America extruded snacks market is categorized into the US, Canada, and Mexico. Our regional analysis states that US captured 72.9% market share in 2022. It was assessed at US$ 9.57 billion in 2022 and is likely to hit US$ 14.10 billion by 2028, exhibiting a CAGR of 6.7% during the forecast period.
Key players dominating the North America extruded snacks market are Calbee; General Mills Inc.; Hain Celestial; Kellogg’s Company; Meiji Holdings Co. Ltd.; Mikesell’s Snack Food Company; Old Dutch Foods, Inc.; Pepperidge Farm Incorporated; and PepsiCo, Inc among others.
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