London — The global market for processed snacks, which include items such as extruded products and tortilla chips, is expected to grow 5 percent, compounded annually, in the coming four years, according to market researcher Technavio.
“The main attributes driving the market are growing demand for healthy snacks and rapidly changing consumer habits,” says Arushi Thakur, industry expert for food at the market research firm.
Extruded snacks will show modest growth during the period, with sales anticipated to reach $37 billion by 2020. Increasing demand in emerging markets, such as the Asia Pacific, is expected to drive much of this growth, Technavio reports.
In addition, increasing demand for healthier snacks is causing manufacturers to develop extruded products that are low in fat and salt, and contain no artificial preservatives, trans fats, and MSG.
Tortilla chips are expected to have steady growth during the period, with increasing consumption in developed markets such as the Americas and Europe being the major growth driver for the segment, according to Technavio.