Popcorn Market Research, 2031
The global popcorn market was valued at $9,868.40 million in 2020, and is projected to reach $18,827.12 million by 2031, growing at a CAGR of 5.3% from 2022 to 2031.
The busy and hectic lifestyle has motivated individuals to adopt convenient solutions such as instant and ready-to-eat convenient food over traditional meals. In addition, growing awareness related to health among individuals have changed their eating habits drastically, enforcing them to have healthy food. Popcorn is the most popular snack falls into the category of both instant, convenient and healthy food. It is prepared by heating the corn kernels in a kettle, pot or stove-top by adding vegetable oil or butter. Popcorn is one of the oldest and popular snack consumed across the globe at movie theatres, fairs, carnivals and stadiums. It requires minimal preparation time and can be cooked easily at homes or can be consumed as ready-to-eat snack. Popcorn is a rich and concentrated source of nutrients such as proteins, antioxidants, fiber, vitamin B complex and others, which is making it popular among households as a healthy alternative for breakfast and meals. Emergence of microwave popcorn is the key factor that drives the microwavable popcorn market demand. Other factors such as increased disposable income, desire to live standard life and change in lifestyles, further fuel the growth of the popcorn industry.
The popcorn market is segmented on the basis of type, end-use, shape, and region. On the basis of type, the popcorn market is classified as microwave popcorn, and ready-to-eat popcorn. By end-use, it is divided into household, and commercial. Depending on shape, the popcorn market is segregated into butterfly and mushroom. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
In 2020, household segment accounted for the highest market share. Owing to the numerous health benefits associated with popcorns, consumer consider it as a healthier option for breakfast. Whereas, the commercial segment is anticipated to grow at the highest CAGR owing to rise in commercial places such as theatres, multiplexes, stadiums and others. Furthermore, the rising demand for the popcorn as on-the-go snack and its availability in a wider variety of flavors is expected to propel the commercial popcorn market growth.
In 2020, ready-to-eat popcorn accounted for the highest market share and is anticipated to dominate the market during the forecast period. Due to busy and fast paced lifestyle, people are becoming more health conscious and thus demands healthy diet. Due to increase in disposable income consumer prefers convenience over price thereby driving ready-to-eat (RTE) popcorn market. Growing number of commercial places such as movie theatres, multiplexes and stadiums in developed as well as developing regions further contributes to the growth of the RTE popcorn market.
Based on the shape, the butterfly segment accounted for highest popcorn market share in 2020. This is attributed to the increased availability and consumption of butterfly popcorn across the globe. The penetration of the butterfly shaped popcorn in commercial spaces is higher and hence, it is highly consumed across the globe.
In 2020, North America accounted for the highest market share in the global popcorn market. Higher corn production in the states of Indiana, Iowa, Nebraska and Illinois in the U.S. drives the market growth in the region. Availability of raw materials, high disposable income, and popularity of eating popcorn as snacks in theaters, sports events and public places are the major factors propelling the growth of popcorn market in North America. Whereas, Asia-Pacific is anticipated to grow at the highest CAGR from 2022 to 2031. Countries such as China and India, are experiencing a growing population and growing entertainment industry. The rising number of commercial spaces such as theatres, stadiums, and multiplexes in the developing nations of Asia-Pacific is expected to foster the demand for popcorn during the forecast period.
The key players operating in the global popcorn market are Amplify Snack Conagra Brands, Inc., KP Snacks Limited, PepsiCo (Frito-Lay), Quinn Foods, LLC, Indiana, Propercorn, Diamond Food, Snyder's-Lance, Inc., The Hain Celestial Group, Inc. and Weaver Popcorn Company, Inc.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the popcorn market size, market segments, current trends, estimations, and dynamics of the popcorn market analysis from 2020 to 2031 to identify the prevailing popcorn market opportunities.
- The market research is offered along with information related to key drivers, restraints, and popcorn market opportunity.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the popcorn market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global popcorn market trends, key players, market segments, application areas, and market growth strategies.
Popcorn Market Report Highlights
By End User
Key Market Players
Weaver Popcorn Company, Inc., snyder's-lance, inc., Conagra Brands, Inc., Intersnack Group GmbH & Co. KG, eagle family foods, Quinn Foods LLC, propercorn, PepsiCo, the hershey company, The Hain Celestial Group, Inc.
Strains of corn are cultivated specifically as popping corns. Six major varieties of corn that are used as popcorn are dent corn, flint corn, pod corn, popcorn, flour corn, and sweet corn. When heated, the oil and the water within the kernel of corn turns the moisture into pressurized steam forcing it to pop.
High consumption of ready-to-eat popcorn in theaters, home and other public places is anticipated to drive the popcorn market. Increasing number of microwaves has raised the demand for microwavable popcorn. In addition, growing health consciousness among people coupled with high health benefit associated with eating popcorns further supplements the market growth. The rising popularity of snacking among the young population has boosted the need for innovative flavors. Thus, introduction of innovative flavors and rise in single theatres and multiplexes in emerging economies such as India and China, may open new opportunities for driving the market growth. However, higher availability of other healthy snacks substitutes may hamper the market growth.