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.
Popcorn Market by Type (Microwave, Ready To Eat), by End User (Household, Commercial), by Shape (Butterfly, Mushroom): Global Opportunity Analysis and Industry Forecast, 2020-2031
Popcorn is a type of snack made from maize or corn kernel. It is prepared by heating corn kernels with vegetable oil or butter in pot, stove, kettle or microwave. Owing to its high nutrition content, popcorn is consumed as a snack food all over the world in two forms- ready-to-eat (RTE) and microwave popcorn. Microwave and RTE popcorn are consumed as the most favorite snack at homes as well as at movie theatres, sports events, fairs and other public places.
Popcorns are rich and concentrated sources of fiber, polyphenolic compounds, vitamin B complex, antioxidants and various proteins. Increase in health consciousness among consumers coupled with health benefits of eating popcorn are contributing to the growth of popcorn market. Significant rise in theatres and multiplexes in developed countries has led to the growth of popcorn market. Moreover, increasing number of microwaves has raised the demand for microwavable popcorn further driving the popcorn market growth.
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Covid 19 Impact Analysis:
The COVID-19 pandemic resulted in the implementation of the lockdown regulations across the globe and the commercial and public spaces such as movie theatres, fairs, and carnivals were restricted to remain operative. This resulted in huge losses to the global popcorn industry. However, the demand for the microwave popcorn spiked during the pandemic. People saw popcorn as a type of comfort food in during the lockdown period and extended stay hours at home.
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, prefer a 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 RTE popcorn market.
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Segment Review:
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, 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.
Major Players:
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.
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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.
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