Increasing Demand for Extruded Snacks Products Is Increasing the Growth of the Snack Pellet Equipment Market.
Hyderabad, India - July 24, 2021 /MarketersMedia/ —
Snack Pellet Equipment Market size is forecast to reach $1.7 billion by 2026, growing at a CAGR of 5.5% during the forecast period 2021-2026. Snack pellets are ready-to-eat food products. The majority of customers prefer them because they have a longer shelf life, are more stable, and have a higher bulk density. Snack pellets are manufactured from a variety of grains and cereals such as maize, wheat, rice, tapioca, potatoes, and other vegetables. It is semi-finished items that are offered to snack manufacturers. They cook it in various ways, such as frying, hot air baking, and so on by adding different ingredients. There are various equipment used for preparing snack pellet such as twin Screw Extruder, seasoning, frying, drying and many others. Increasing consumption of convenience food products coupled with growing demand for extruded snacks are the major factors driving the growth of the market. Changing lifestyle of the people coupled with increasing disposable income is set to further enhance the overall market development of the Snack Pellet Equipment Market for the period 2021-2026.
Snack Pellet Equipment Market Segment Analysis – By Equipment Type
Extrusion held the largest share in the Snack Pellet Equipment Market in 2020 and is estimated to grow at a CAGR 6.0% during the forecast period 2021-2026. Extrusion is an important equipment for making extrusion snacks. Extrusion is a machine in which food content is pushed into a set of dies to produce desirable shapes. The two main types of extrusion machinery are single-screw extruders and twin-screw extruders. Because of their increased efficiency and capacity to produce good-quality snack pellets at a low rate, these screws continue to be in high demand. The efficiency of the screw must be evaluated during the design stage of the extrusion operation. Extrusion are estimated to register the higher CAGR over the period 2021-2026.
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Snack Pellet Equipment Market Segment Analysis – By Product Type
Multigrain Based held the largest share in the Snack Pellet Equipment Market in 2020 and is estimated to grow at a CAGR 6.2% during the forecast period 2021-2026. Multigrain snack pellets are made from a variety of grain and cereals which are rich in protein. Previously, snack pellets were manufactured from a single grain type, reducing the nutritional value of the goods. Because of their high fiber content, multigrain snack pellets are currently in high demand from consumers. They are easy to cook and convenient to digest. Multigrain Based are estimated to register the higher CAGR over the period 2021-2026.
Snack Pellet Equipment Market Segment Analysis – By Geography
Asia-Pacific dominated the Snack Pellet Equipment Market with a major share of 37.8% in 2020. This is owing to rising awareness about health advantages of snack pellet in this region. Furthermore, growing urbanization, increasing production of potatoes in this region are contributing to the growth of the market in this region. According to, Food and Agriculture Organization stat, Asian content is third largest region in terms of production of potatoes. However, North America is estimated to grow at a higher CAGR during the forecast period 2021-2026 owing to the rising demand for convenience food products and owing to busy lifestyle and rising disposable income of the people. Rising advancement in technology is also driving the growth of the market in this region.
Snack Pellet Equipment Market Drivers
Increasing Demand for Extruded Snacks
Increasing demand for extruded snacks products is increasing the growth of the Snack Pellet Equipment Market. Extruded snacks are high-fiber, high-protein, and low calorie snacks and some example consists of corn curls, onion rings and potato sticks. They are made on high shear extruders. Extruded snacks can be seasoned with a variety of tastes, oils, salt, sugar, and so on. Furthermore, as a result of people's hectic lifestyles, there is an increasing need for convenience foods. Thus, increasing the growth of the Snack Pellet Equipment Market during the forecast period 2021-2026.
Growing Technological Advancement in Snacks Equipment
Increasing technological advancement in snacks equipment is increasing the growth of the Snack Pellet Equipment Market. The food sector demands high-quality, reliable equipment with enhanced functionality in order to generate effective results and meet the expectations of consumers. Snack pellet extrusion manufacturers are primarily concerned with creating a diverse range of snack pellets for their global consumers. Thus, increasing the growth of the Snack Pellet Equipment Market during the forecast period 2021-2026.
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Snack Pellet Equipment Market Challenges
High Cost of Snack Pellet Equipment
Some of the factors that are set to impede the growth of the Snack Pellet Equipment Market are high cost of natural derived Snack Pellet Equipment. High maintenance cost and lack of compensation is also set to hinder the growth of the market.
Snack Pellet Equipment Market Landscape
The Snack Pellet Equipment Market, top 10 companies are GEA group, Tsung Hsing Food Machinery Co., Ltd., AC Horn Manufacturing, Grace Food Processing & Packaging Machinery, Kiremko B.V., Jinan Dayi Extrusion Machinery Co., Ltd., JAS Enterprises, Mutchall Engineering Pvt. Ltd., N.P. & Company, Inc., and Radhe Equipments India.
Key Takeaways
Asia-Pacific dominated the Snack Pellet Equipment Market in 2020 owing to changing eating habits of the people coupled with rising consumption of convenience food products. The Snack Pellet Equipment Market scope for different regions will be provided in the final report.
Increasing technological development in equipment are likely to increase the market growth of the Snack Pellet Equipment Market report.
Detailed analysis of the Strength, Weakness, and Opportunities of the prominent players operating in the market will be provided in the Snack Pellet Equipment Market report.
High price of Equipment is poised to create the hurdles for the Snack Pellet Equipment Market.
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Source URL: https://marketersmedia.com/snack-pellet-equipment-market-size-forecast-to-reach-17-billion-by-2026/89038301
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