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(MoneyNewsWire.Net, April 11, 2018 ) The global food extrusion market, by food product and equipment, is projected to grow at CAGRs of 4.26% and 2.41% from 2017 to 2022, to reach a projected value of USD 68.38 Billion and USD 7.11 Billion, respectively, by 2022. Factors such as increasing consumer preference towards convenience foods indirectly favor the increasing demand for extruded food products, subsequently driving the extrusion equipment industry. In addition to this, the rapid growth of the processed food industry in the fast-growing urban households of developing economies is projected to drive the demand for extruded food products. These factors are driving the demand for food extruders from food manufacturers, driving the growth of the food extrusion market.
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On the basis of extruder, the food extrusion market was led by twin screw extruder, followed by single screw extruder, in 2016. Ease of functionality, low cost of production, better control of process parameters, high level of process flexibility, and remarkable mixing capability are the key features of twin screw extruders.
The food extrusion market, on the basis of process, is segmented into hot and cold extrusion. The hot extrusion segment accounted for a larger market share in 2016. Rapid high energy transfer into the mass with high-temperature short-time advantages is the key factor for the increasing preference for hot extrusion operations.
On the basis of food product, the savory snacks segment accounted for the largest market share in 2016, followed by breakfast cereals. Extrusion technology gave a phenomenal boost to the snack food industry by increasing the possibility of new shapes and sizes and textures using various raw materials.
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Asia Pacific accounted for the largest market share of the food extrusion market in 2016. This market is driven by the growing demand for processed food such as extruded snacks in developing countries such as India, China, Japan, and Australia. The European region accounted for the largest market share for the food extrusion equipment market in 2016. Innovations, diversified applications, and multi-functionality of food extrusion equipment drive the market in Europe.
The major restraining factor for the food extrusion market is the price and availability of raw materials. Changes in climatic conditions across the globe have reduced the production of raw materials such as potato, corn, and tapioca. The increasing prices of raw materials is an important concern for extruded food manufacturers.
Companies such as Bühler (Switzerland), Baker Perkins (UK), and Coperion (Germany) have acquired a leading market position through the provision of a broad portfolio, catering to the varied requirements of the market, along with a focus on the diverse end-user segments. They are also focused on innovation and are geographically diversified.
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