Report : South and Central 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 4.4% CAGR, the South & Central America Extruded Snacks Market is speculated to be worth US$ 7.33 billion by 2028, says Business Market Insights
According to Business Market Insights’ research, the South & Central America extruded snacks market was valued at US$ 5.65 billion in 2022 and is expected to reach US$ 7.33 billion by 2028, registering an annual growth rate of 4.4% from 2022 to 2028. The rising development of new varieties of extruded snacks and growing demand for fortified extruded snacks are the critical factors attributed to the market expansion.
Snacking is becoming more popular with increasing in demand for convenience food and read-to-eat food products. Extruded snacks market is fragmented with presence of a large number of international as well as domestic players. However, the major market of extruded snacks is being captured by few players with strong consumer base. Further, in order to retain customers, major players in the market are continuously involved in developing and innovating their product portfolio with new varieties of extruded snacks such as products including regional flavors, attractive products for capturing new customer base. Therefore, increasing development of new varieties of extruded snacks in order to cater new consumer base is emerging as a significant trend in overall extruded snacks market.
On the contrary, technological and processing challenges and high initial investment hurdles the growth of South & Central America extruded snacks market.
Based on raw material, the South & Central 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 57.8% market share in 2022, amassing US$ 3.26 billion. It is projected to garner US$ 4.26 billion by 2028 to expand at 4.5% CAGR during 2022–2028.
Based on category, the South & Central America extruded snacks market has been divided into second generation snacks and third generation snacks. The second generation snacks segment held 76.6% market share in 2022, amassing US$ 4.32 billion. It is projected to garner US$ 5.55 billion by 2028 to expand at 4.2% CAGR during 2022–2028.
Based on distribution channel, the South & Central America extruded snacks market has been segmented into supermarkets and hypermarkets, convenience stores, online retail, and others. With 51.5% share of the domain, the supermarkets and hypermarkets segment dominated the market in 2022. It accrued US$ 2.91 billion in 2022 and is estimated to generate US$ 3.90 billion by 2028 to grow at a CAGR of 5.0% over the forecast period.
Based on country, the South & Central America extruded snacks market is categorized into Brazil, Argentina, and the rest of South & Central America. Our regional analysis states that the rest of South & Central America captured 58.0% market share in 2022. It was assessed at US$ 3.28 billion in 2022 and is likely to hit US$ 4.10 billion by 2028, exhibiting a CAGR of 3.8% during the forecast period.
Key players dominating the South & Central America extruded snacks market are General Mills Inc.; Kellogg’s Company; Meiji Holdings Co. Ltd.; and PepsiCo, Inc among others.
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