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Extruded products consumption to reach US$170 billion by 2019 end: Report
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Thursday, 05 December, 2019, 08 : 00 AM [IST]
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Our Bureau, Mumbai
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Advancements in extrusion technologies have led to an increment in the use of extruded products in various food applications. Furthermore, food manufacturers are using these technologies to produce different types of products. These innovative technologies, which include twin screw extrusion, cracking, and jellification, are useful to ensure retention of nutrients and reduce the fat content in extruded products.
According to a report by Persistence Market Research, extruded products market has witnessed substantial growth in the past few years, and this growth is expected to continue increasing throughout the forecast period of 2019-2029. Sales of extruded products will account for a market value of US$170 billion by the end of 2019.
Products such as swurves, chips, and slim chips, are some of the notable examples of products which are popular among consumers. Consumers want every food product to fulfil their nutritive requirements, while adhering to dietary restrictions.
Extruded products including breakfast cereals, snacks, noodles, and pasta will witness strong consumption rates in future. According to the FAO (Food and Agriculture Organization), the global cereal production is estimated to expand by 12% by the end of 2025. This is anticipated to boost profit margins of the manufacturers of extruded products.
Organic extruded products are projected to gain traction during the forecast period of 2019-2029. The thriving trend of ‘go organic’ is also positively impacting the consumption of extruded products. European Union alone has witnessed 47.7% increment in the retail sales of organic food products between 2012 and 2016.
Grain-based extruded products are projected to create lucrative opportunities for the extruded products market owing to their as high protein and fibre content.
Developing regional markets are projected to show substantial growth rates in the extruded products market, particularly in case of breakfast cereals, pastas, frozen food, and confectionery.
Manufacturers could gain substantial profits by focussing on nutritional extruded products, with a special focus on vegan, organic, and non-GMO offerings. Acrylamide formation while cooking extruded products can pose a major threat to the product sales as it is perceived as unhealthy.
Competitive landscape
Players in extruded products market are adapting their market strategies as per the current trends in the market. Leading manufacturers are using strategies including acquisitions, segment specific investments, and enhancing production capacities of their units.
Additionally, these companies are also focussing on investments in research and development facilities to further provide tailored solutions for the various extruded products.
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