The global processed snacks market is expected to grow significantly by 2020.

A new report from Trchnavio has revealed that the global processed snacks market is expected to encounter significant growth over the next four years. In fact, the market study from Technavio indicates that the global processed snacks market will grow at a CAGR of nearly 5% during the forecast period.

This research report titled ‘Global Processed Snacks Market 2016-2020’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This market research report also includes an up to date analysis and forecasts for various market segments and all geographical regions.

The report categorizes the global processed snacks market into three major types. They are:

• Extruded snacks
• Tortilla chips/corn chips
• Pork scratchings

Global Processed Snacks Market by Extruded Snacks
The global processed snacks market by extruded snacks is expected to exceed $37 billion by 2020. The market will show moderate growth during the forecast period. “The main attributes significantly driving the market are growing demand for healthy snacks and rapidly changing consumer habits,” said Arushi Thakur, an industry expert for food research at Technavio.

Also, the growing demand from emerging economies such as APAC is expected to fuel the global extruded snacks market during the forecast period. Extruded snacks are available in different size, shapes and colors. Their appearance and packaging are the key differentiators for consumers. Use of a wide range of ingredients in the production of extruded snacks has been driving the sales growth. The various ingredients used for extruded snacks include corn, wheat, rice, potato, tapioca and oats.

In addition, growing demand for healthier snacks is influencing manufacturers to launch healthy extruded snacks as consumers are expecting snack products that are low in fat and salt. Modern extruded snacks have no artificial preservatives, zero trans fats, low sodium and do not contain MSG. Various new technologies such as twin screw extrusion technology have emerged in the market to help improve the operational efficiency of vendors.

Global Processed Snacks Market by Tortilla Chips/Corn Chips
The global processed snacks market is expected to exceed $15 billion by 2020, growing at a CAGR of over 5%. The global processed snacks market by tortilla chips/corn chips is expected to grow at a steady pace during the forecast period. Increasing per capita consumption in developed regions like the Americas and Europe is a major growth driver for this product segment. Changing taste preferences have also affected the increasing sales of tortilla chips/corn chips. Interesting flavors, new shapes and health ingredients are making tortilla chips a popular snack among U.S. consumers. Tortilla chips have become a common snack due to the growing Hispanic population in the U.S. In 2014, tortilla chips accounted for 13% of sales of the salty snacks market.

The variance of taste preferences from various regions has forced the global marketers to introduce region-specific flavored chips. Frito-Lay launched its tortilla chips under the brands Doritos and Tostitos.

Global Processed Snacks Market by Pork Scratchings
The global processed snacks market by pork scratchings is expected to grow at a CAGR of over 5%. The global processed snacks market by pork scratchings will grow at a steady pace during the forecast period. Pork scratchings are considered to be a pub snack that is consumed with drinks.

“The global meat snacks market is likely to see healthy growth during the forecast period. The increasing demand from MEA for meat snacks is driving the sales growth,” said Arushi. The Americas have the largest market for meat snacks. However, in 2014, it grew by only 15% whereas the MEA market for meat snacks grew by 25% in the same year.

The top vendors highlighted by Technavio’s research analysts in this report are:

• Calbee Foods
• Intersnack Group
• Kellogg
• PepsiCo