Snack Pellet Equipment MarketThe Shifting Consumer Preference Towards Ready to Eat Snacks Driving the Growth of Snack Pellet Equipment Market.
The Snack Pellet Equipment Market size is forecast to reach $1.67 billion by 2026, growing at a CAGR of 5.49% during the forecast period 2021-2026. Snacks pellet are considered as intermediate non expanded products. They are produced from raw material such as cereals, potato or vegetable powder. This semi- finished product is further expanded by the snacks vendors and manufacturers by using different snack pellet equipment such as cooking, laminating, frying, pre drying and cooling to form the final ready to eat snacks. As consumer preference is increasing towards the ready to eat snacks food which in turn is accelerating the growth of snack pellet equipment’s. The changing work culture of people across various regions and the manufacturing of convenience processed food such as snack granules is further set to enhance the growth of overall market for the Snack Pellet Equipment Market during the forecast period 2021-2026.
Snack Pellet Equipment Market Segment Analysis - By Product Type
The Multigrain held the largest share in the Snack Pellet Equipment Market in 2020 and is estimated to grow at a CAGR of 6.17% during the forecast period 2021-2026. Multigrain pellets are fat free product with high fibre content. They are used for mainly used as puffing ingredient to prepare popped chips, crunchy snacks, cookies and puffed cakes. Its high on nutritional content has increased its popularity amongst the consumers. Also, the enhanced taste such as crunchiness added with different flavours have also surged the demand for multigrain granule snack products. Earlier single grain types were already in use which constrained the dietary benefits thereby surging the demand for multigrain in order to enjoy the overall wellbeing along with great taste. Multi-grain is set to be the highest growing segment and is estimated to register the highest CAGR during the forecast period 2021-2026.
Snack Pellet Equipment Market Segment Analysis - By Equipment
Extrusion segment held the largest share in the Snack Pellet Equipment Market in 2020.
As manufacturing industry requires high quality equipment’s for their production line in order to satisfy the demands of the consumers. The advancement in technology is helping the manufacturers to focus on the improved versions of extrusion equipment’s such as the twin screw extruder. It is surging the demand by manufacturers owing to various advantages such as enhanced productivity, low cost and flexibility. Extrusion Equipment are set to be the highest growing segment and is estimated to register the highest CAGR during the forecast period 2021-2026.
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Snack Pellet Equipment Market Segment Analysis - By Geography
North America is anticipated to dominate the Snack Pellet Equipment Market in 2020 with a share of 38.67%, owing to various factors which includes the surge in demand towards ready to eat products and the presence of well-established manufacturers which will help to increase the production capabilities of the snack pellets in order to fulfil the rising consumer demand. Thus, North America is estimated to grow at a higher CAGR during the forecast period 2021-2026.
Snack Pellet Equipment Market Drivers
The shifting consumer preference towards ready to eat snacks
The changing consumer preferences and lifestyle is driving the market for snacks pellet equipment. The growing consumption of healthy diet is further propelling the demand for multi-grain granules thereby increasing the demand for snack pellet equipment’s. In addition, the tight working schedules of consumer have increased the popularity of convenience food among consumers will further help in expanding the snack pellet equipment market. Along with increasing consumer food safety concerns are also fueling the market growth as snack pellet equipment’s are hygienically manufactured in large quantities. Also, the easy availability of raw material is driving the production, easy and transportation of snack pellets. Thus, increasing the growth of the Snack Pellet Equipment Market during the forecast period 2021-2026.
Technological advancement in the snack pellet technology
The advancement in technology is further driving the demand for snack pellet equipment market. As the surge in demand is propelling the ready to eat segment, the demand for high quality snack production is also on rise. For high quality production, manufacturers are focusing are utilizing improves extrusion technologies with improved screw such as twin screws. Screws form the crucial part in evaluating the designing step of the extrusion process. The new improved technology are fueling the demand for snack pellet equipment by providing various advantages such as promoting cost effective production with greater flexibility in forming shapes and tastes. Thus, increasing the growth of the Snack Pellet Equipment Market during the forecast period 2020-2026.
Snack Pellet Equipment Market Challenges
High investment and maintenance costs of snack pellet equipment’s
Some of the factors that are set to impede the growth of the Snack Pellet Equipment Market includes the high investment and maintenance cost of the installed equipment’s for manufacturers in producing snacks. Along with presence of many small companies results in limiting the quality maintenance and approvals hinders the market growth for the snacks pellet equipment market.
Snack Pellet Equipment Market Industry Outlook
Product launches, mergers and acquisitions, joint ventures, and R&D activities are key strategies adopted by players in the Snack Pellet Equipment Market. In 2020, the Snack Pellet Equipment Market share is consolidated by the top ten players present in the market. Snack Pellet Equipment Market, the top 10 companies are Clextral, GEA Group, Buhler AG, N.P and Company Inc., Jas Enterprise, AC Horn Manufacturing, Grace Food Processing and Packaging Industry, Mutchall Engineering Pvt Ltd,Kiremko B.V., Jinan Dayi Extrusion Machinery Co. Ltd.
In Nov 2020, Clextral, participated in ESA Chips and snacks production course from 2nd Nov to 13th Nov 2020.The event promoted the opportunity towards discovering the snack production from raw material to formed products. Through this event Clextral aimed to promote its twin-screw extrusion technology to the attendees thereby promoting the knowledge on how it works and how it improves the production capabilities to meet the consumer demand.
North America is anticipated to dominate the Snack Pellet Equipment Market in 2020 owing to several factors such as increasing consumption of convenience food along with the presence of established manufacturers which will further help in increasing the production facilities in order to meet the growing demand for snacks. The Snack Pellet Equipment Market scope for different regions will be provided in the final report.
The surge in demand for convenience-based snacks such as snack granules and increasing technology advancement in equipment’s production in order to fulfil the rising demand of the consumers is likely to aid in the market growth of the Snack Pellet Equipment Market.
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 investment and maintenance cost of the Snack Pellet Equipment is poised to create hurdles for the Snack Pellet Equipment Market.
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