Snack Pellets Market Size and Forecasts (2020 - 2030), Global and Regional Share, Trends, and Growth Opportunity Analysis Report Coverage: By Source (Potato, Corn, Rice, Tapioca, Multigrain, and Others), Type (Plain and Flavored), Form (Laminated, Die Fac

Snack Pellets Market Size and Forecasts (2020 - 2030), Global and Regional Share, Trends, and Growth Opportunity Analysis Report Coverage: By Source (Potato, Corn, Rice, Tapioca, Multigrain, and Others), Type (Plain and Flavored), Form (Laminated, Die Face, Tri Dimensional, and Others), and Geography

The snack pellets market size is projected to grow from US$ 7.22 billion in 2022 to US$ 9.93 billion by 2030; the market is expected to register a CAGR of 4.1% from 2022 to 2030.

The demand for snack pellets attributed to rising demand for convenience food products and increasing adoption of advanced technologies in snack pellet manufacturing. In addition, rising trend of healthy snacking has further posed the growth opportunity for snack pellet manufacturers to develop healthy snack pellets such as multigrain based and vegetable based. These pellets are produced dried and semi processed for easy storage and shipments. This semi processed products are sold to snack manufacturers, where they are further processed by various methods such as frying, hot air baking. Extrusion technology, a crucial process in snack pellet production, has evolved, enabling manufacturers to create diverse snack products with improved quality, texture, and taste. These technological advancements have increased production efficiency and facilitated the creation of innovative and appealing snack options, catering to the changing preferences of consumers.

Snack pellet manufacturers are focusing on developing innovative products with clean, all-natural, organic, and genetically modified organisms (GMO)-free ingredients that are ethically sourced. Consumers also focus on the wellness of the farmers and workers across the supply chain and favor products with transparent labels. Therefore, snack pellet manufacturers focus on procuring raw materials certified by agencies like Fairtrade. Fairtrade-certified raw materials ensure that farmers and workers are given fair compensation and treatment. Thus, the rising demand for clean-label, ethical, and sustainable snacking products is expected to open potential opportunities in the global snack pellets market over the coming years.

Based on type, the snack pellets market is segmented into plain and flavored. The plain segment accounted for the largest share of the snack pellets market in 2022. The demand for plain snack pellets is upsurging across the MENA region due to their neutral flavor and versatile nature. These snack pellets serve as a blank canvas, allowing snack manufacturers to add a wide range of flavors, appealing to the diverse tastes of the local population. One key factor driving the popularity of plain snack pellets is their compatibility with traditional regional spices and seasonings. The rich culinary heritage globally encompasses an array of aromatic and flavorful ingredients, and plain snack pellets provide an excellent base to showcase these tastes. These factors propel the segment’s growth.

Geographically, the snack pellets market is segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South & Central America. In 2022, Asia Pacific held the largest share of the snack pellets market, and South & Central America is estimated to register the highest CAGR over the forecast period. In South & Central America, the market growth in the region is attributed to increasing consumption of on-the-go food products, changing lifestyles, and increasing working women population. Increased demand for convenient and tasty snacks among the young generation has driven snack pellet manufacturing in the region. In addition, rapid urbanization, and the availability of raw materials in the region have contributed to the growth of the snack pellets market. Peru is one of the largest potato producers in the region, which helps manufacturers minimize the cost of products. According to the Food and Agriculture Organization (FAO), Peru produced 5,661.44 kilo metric ton of potatoes in 2021. Thus, the easy availability of raw materials such as potatoes has provided significant opportunities for the snack pellets market in the country. These factors are expected to boost the demand for snack pellets and projected to drive the snack pellets market growth in the region.

Bach Snacks SAL, Snack Creations Ltd, Balance Foods Inc, LENG-D'OR SAU, Quality Pellets AS, J.R. Short Milling Co, Le Caselle SpA, Mafin SRL, Noble Agro Food Products Pvt Ltd, and Societe Cooperative Agricole Limagrain are among the key players operating in the snack pellets market. These companies offer a wide range of products for the snack pellets market. The huge presence of these companies across the globe is likely to provide them a growth opportunity to serve a large customer base and increase the market share. These market players are highly focused on developing innovative products to serve their customers better.

The overall snack pellets market size has been derived using primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. Also, multiple primary interviews have been conducted with industry participants to validate the data and gain more analytical insights into the topic. The participants of this process include industry experts such as VPs; business development managers; market intelligence managers; national sales managers; and external consultants, including valuation experts, research analysts, and key opinion leaders, specializing in the snack pellets market.