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The Popcorn Market size is projected to increase by USD 3,972.8 million and the market size is estimated to grow at a CAGR of 9.79% between 2022 and 2027.
This popcorn market research report extensively covers market segmentation by product (ready-to-eat and microwave), end-user (household and commercial), and geography (APAC, North America, Europe, South America, and the Middle East and Africa). Our report examines historic data from 2017 to 2021, besides analyzing the current market scenario.
The growing demand for healthy snacks is driving growth in the popcorn market size. The health benefits of popcorn principally contribute to its global popularity as a widely consumed snack item. As more and more people realize the health benefits of Popcorn, it is now considered to be a healthy snack. Popcorn is a rich and concentrated source of various proteins, antioxidants, fibers, polyphenolic compounds, and vitamin B complex. More people are choosing healthy options for their snacks, as health consciousness increases in an increasing number of consumers. The ready-to-eat popcorn category has benefited from this shift in perception and change in eating habits as popcorn is a familiar, natural, trusted, and healthy snack. The few health benefits of popcorn coupled with increasing demand for healthy snacks will drive the market in focus during the forecast period.
The Popcorn Market shows an Accelerated CAGR during the forecast period.
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The growth of online retailing is a key trend in the popcorn market. The global expansion of e-commerce enterprises such as Alibaba, Amazon, and Flipkart, among others, has been fueled by increasing internet access. A new opportunity has been opened to the suppliers of popcorn through online shopping, which will allow them to increase sales, expand their geographical reach, and enhance customer relations and profitability. With an online presence, manufacturers and distributors can boost their product visibility across regions.
However, a number of producers and distributors are focusing on Internet sales owing to consumers' increased interest in online sales, as well as their preference for the convenience this offers. Online retailers facilitate business-to-business (B2B) and business-to-consumer (B2C) transactions, encouraging vendors to concentrate on the internet-savvy consumer segment and explore new online retail formats. Such factors are expected to boost the growth of the global popcorn market during the forecast period.
The fluctuating prices of corn are a major challenge in the popcorn market. Due to climatic conditions, there have been fluctuations in the supply of corn from some geographic regions, some of which have affected the operations of the vendors in the market. The fluctuation in the prices of corn is a major challenge faced by vendors operating in the market.
Moreover, any sudden rise or fall in corn prices due to an abnormal climate affects the profit margins of many corn-based food manufacturers in the US. This volatility of prices and price changes, affecting market demand and the gap in supply, is a frequent cause of production problems. Thus, fluctuating prices of corn will negatively impact the market in focus during the forecast period.
Popcorn is increasingly popular across the world, particularly in the US, Canada, Mexico, the UK, Germany, China, and India. In addition, popcorn has become common at picnics, house parties, and gatherings of family and friends. The growth of this segment is attributable to the adoption of popcorn in a large number of households. This is being fueled by the proliferation of posts on social media platforms such as Instagram and Facebook that show people cooking and eating this ready-to-eat popcorn. The rising demand for ready-to-eat popcorn among customers and the launches of new products are expected to propel the growth of the household segment of the global popcorn market during the forecast period.
The market share growth by the ready-to-eat segment will be significant during the forecast period. Preferences for ready-to-eat (RTE) snacks, including popcorn, are evolving, with consumers, especially the youth, eager to experiment and constantly seeking different products. Increased consumer interest in convenience foods is driving up the market for prepared and eaten snacks.
The read-to-eat segment was valued at USD 3,757.92 million in 2017 and continued to grow until 2021.
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RTE goods are becoming more popular because of short cooking time, ease of preparation, and long shelf life. To meet this demand, manufacturers are seeking to innovate products, extend their brand names, and introduce new brands. Increasing consumer interest in ethnic and exotic flavors is pushing vendors to experiment with innovative flavors such as fruit-flavored chutney popcorn and barbecue popcorn. Such factors are expected to fuel the growth of the ready-to-eat segment and market in focus during the forecast period.
APAC is estimated to contribute 33% to the growth of the global market during the forecast period
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Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. In 2022, APAC was the largest market for popcorn in the world. China, India, Japan, South Korea, Australia, Taiwan, New Zealand, Singapore, and Indonesia are the major APAC countries with huge market potential for popcorn in APAC. Over the last five years, imports of popcorn have increased from countries such as China, Australia, and India, which are the companies operating in the world market for popcorn, this is a positive sign. The APAC region is the world's biggest population area and has a huge potential for growth in popcorn. The increasing disposable income of consumers and the rising number of organized retail outlets offering ready-to-eat popcorn are the major drivers estimated to drive the growth of the popcorn market in APAC during the forecast period.
The popcorn market in APAC was challenged by the second wave of the COVID-19 pandemic in the first half of 2021. However, various countries in the region initiated large-scale vaccination drives in the first half of 2021, which led to a decline in the number of COVID-19 cases. Industrial operations have resumed as restrictions have been lifted, which increased the demand for ready-to-eat popcorn in 2021-2022. As a result, vendors in the region have witnessed significant growth in e-commerce platforms. Few factors are expected to drive the growth of the regional popcorn market during the forecast period.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
The popcorn market analysis report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The popcorn market forecast report market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Popcorn Market Scope |
|
Report Coverage |
Details |
Page number |
148 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 9.79% |
Market growth 2023-2027 |
USD 3,972.8 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
9.25 |
Regional analysis |
APAC, North America, Europe, South America, and the Middle East and Africa |
Performing market contribution |
APAC at 33% |
Key countries |
US, China, Japan, Germany, and the UK |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
American Pop Corn Co., Campbell Soup Co., Conagra Brands Inc., Garrett Popcorn Holding Company LLC, Intersnack Group GmbH and Co. KG, Newmans Own Inc., PepsiCo Inc., PROPER Snacks, Quinn Foods LLC, The Hershey Co., The J.M Smucker Co., Weaver Popcorn Bulk LLC, Popz USA LLC, Popcorn Superpop Group Pty Ltd., Kettle Foods Ltd., Jonnys Popcorn Delights, Joes Gourmet Foods Ltd., Great American Popcorn Co., CORNiCO Co. s.r.o, and Coda Manufacturing LLC |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by End-user
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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