Snack Pellets Market’s Opportunities & Challenges

CITY, Country, 2019-Oct-28 — /EPR Network/ —

The snack pellets market is estimated to be valued at USD 1,953.8 million in 2018 and is projected to reach USD 2,534.3 million at a CAGR of 5.3% during the forecast period. The snack pellets market is projected to reach 1,840.3 KT by 2023 and grow at a CAGR 3.9%, in terms of volume, from 2018. The increase in the consumption of snack pellets through various sources such as cereals, several grains, and legumes in the emerging markets of Asia Pacific and Europe has driven the growth of the snack pellets market. Rising health consciousness and sedentary lifestyles have resulted in a shift of demand from fat-containing snacks to healthy eating options. Hence, the existing players need to improvise to meet the changing needs of the consumers.

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What are the emerging opportunities in the extruded snack industry?

Health awareness among consumers has increased the opportunity for the development of “healthy snack” products. With the rise in obesity and related issues, consumers are demanding more nutritional snack products. In 2013, according to Business Development Bank of Canada, “health concerns are rising, and health awareness is growing among Canadian consumers and will continue to accelerate as the population ages, with 25% of the population over the age of 65 by 2031.” According to a study conducted by the United Nations Department of Economic and Social Affairs, in 2013, the rise in aging population, coupled with an increase in incidences of chronic diseases, has led to changed eating patterns.

Technological advancements and genetic modification in crops have resulted in raw materials with higher nutritional values. Thus, snack pellet manufacturers with breakthrough technologies are developing new products such as low-salt, fiber-fortified snack pellets. The snack pellets market players include companies such as Liven S.A. (Spain), Limagrain (France), and Intersnack Group GmbH & Co. KG (Germany). These companies largely invest in new product development and modify the existing product portfolio through the addition of flavors, forms, and textures. For instance, Limagrain offers salt-free pellets in various textures and shapes to broaden its nourishment-based product line. Companies are focusing on the production of multigrain snack pellets, which also include some of the super foods such as quinoa. Consumers are demanding products with better taste and nutritional benefits. This is driving the companies to focus on their product portfolio and introduce pellets with supplementary health benefits.

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What are the challenges caused by the lack of transport infrastructure support in emerging markets?

Most snack pellets are highly fragile. Refrigerated storage and transportation of farm produce (raw materials) are the prerequisites for an efficient supply chain in the snack pellets market. However, developing markets such as the Asia Pacific, Gulf, and Latin American countries lack efficient transport infrastructures and are not well connected. The missing links in these networks continue to constrain route choice, while insufficient capacity and the poor quality of the infrastructure add costs and time to the transit. These developing countries offer a huge opportunity for investments in the refrigerated transport market; however, disorganized infrastructure acts as a challenge for the snack pellets market.