Global Snack Pellets Market to Leverage the Surge in Demand for Healthy Convenience Foods During the Coronavirus Pandemic, Says Future Market Insights
Snack pellet manufacturers have been pushing to expand production facilities in Asia Pacific countries, to leverage low costs of labor and raw materials in the region.
DUBAI, UAE / ACCESSWIRE / August 11, 2020 / Future Market Insights: The snack pellets market is projected to display notable growth between 2020 and 2030. The coronavirus pandemic is anticipated to generate lucrative opportunities for snack pellet manufacturers, as consumers are increasingly seeking nutritious convenience food options during the crisis period. Organic and immune-boosting ingredients in particular are gaining major traction. This growth is likely to continue well after the contagion is brought under control.
“Globalization is a key factor that is bolstering the demand for snack pellets in years to come. This trend will aid market players in collaborative efforts towards product improvement, with new ingredients and recipes to meet frequently changing consumer demands.,” says the FMI study.
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Snack Pellets Market – Important Takeaways
- Corn based snack pellets are expected to witness increased production, driven by cost benefits and wider range of flavor combinations.
- Fried snack pellets continue to hold major market share owing to superior flavor characteristics, but are gradually losing ground over health concerns.
- Europe is a major consumer and producer of snack pellets, owing to major collaborations among players in the region, and the resultant variety of flavor combinations available to consumers.
Snack pellets Market – Driving Factors
- Growing health consciousness and demand for low calorie snack options is generating lucrative opportunities for snack pellet manufacturers.
- Easy storage and higher shelf life in comparison to other snack alternatives supports market growth.
Snack pellets Market – Leading Constraints
- Growing costs of raw materials is a key challenge faced by most snack pellet manufacturers in developing and developed economies.
- Health concerns over the presence of acrylamide in snack pellet products restricts adoption rates.
Expected Impact on Market by Coronavirus Outbreak
The coronavirus pandemic will have minimal impact on the snack pellets market. The crisis has generated higher demand for processed and packaged foods, owing to convenience and shelf life factors. Manufacturers in the industry are focusing on optimizing distribution channels to keep up inventories at retail outlets. Also, agricultural produce used for snacks are being delivered by suppliers to ensure operations of supply chains in the months ahead.
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Competition Landscape
Some of the key players participating in the snack pellets market are Mafin SpA, Noble Agro Food Products Ltd., Bach Snacks s.a.l., Limagrains Cereales Ingredients, Van Marcke Foods, J.R. Short Milling, Leng d’Or S.A., Pasta Foods Ltd., Grupo Michel, and Liven S.A.
Major players in the snack pellet market are pushing for expansion of production capacities, either through strategic acquisitions, or the expansion of existing facilities.
For instance, UK-based KP Snacks is constructing a new snack pellet production facility at the company’s factory in Billingham. Similarly, Intersnack Group has acquired five snack pellet frying systems for Kiremko B.V. for factories located around Europe. Bunge Ltd. has announced the acquisition of Heartland Harvest Inc. to expand portfolio of die cut snack pellet products.
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More on the Report
FMI’s provides in-depth insights on the snack pellets market. The market is segmented in terms of type (potato-based, rice-based, corn-based, multi-grain, tapioca-based, and others), and form (laminated, three-dimensional, die-face, gelatinized, and others), across seven regions (North America, Latin America, Europe, East Asia, South Asia, Oceania, and Middle East & Africa).
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About FMI
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SOURCE: Future Market Insights
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