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The ready-to-eat (RTE) popcorn market is estimated to grow by USD 2,952.16 million at a CAGR of 7.5% between 2022 and 2027. The growth of the market depends on several factors, including the expansion of retail stores, growing demand for healthier snacks, and growing preference for convenience food products in the working population.
It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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The expansion of retail stores is notably driving the market growth, although factors such as fluctuating prices of corn may impede the market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The expansion of retail stores is notably driving the market growth. Supermarkets, hypermarkets, and specialized shops are becoming more prevalent, which reflects the expansion of the organized retail industry. Snacks are primarily sold by large, organized retailers such as Walmart and Tesco. companies operating in this market compete for limited shelf space in large retail stores. Supermarkets constitute a major distribution channel for nutritious and affordable food products.
Given their busy lifestyles, convenience, and value for money are important factors for customers. Organized retailers meet these parameters by stocking a wide variety of products under a single roof. Thus, consumer preference has shifted toward supermarkets and hypermarkets and increased the importance of organized retailers among companies. Such factors are expected to drive the growth of the global market during the forecast period.
The evolving taste preferences of customers are the key trends in the market. Consumer preferences for savory snacks are changing as they are more eager to experiment and open to trying new things. This is especially true for younger customers. Through the development of new products, brand extensions, and the launch of new brands, manufacturers attempt to satisfy such demand. Every industry needs ongoing product development and innovation to stay viable, and the market is no exception. As a result, producers are concentrating on releasing a variety of products with different flavors and ingredients.
Most manufacturers target millennials, a growing health-conscious consumer segment, especially in Europe and the Americas. Increasing consumer interest in ethnic and exotic flavors is pushing companies to experiment with innovative flavors such as fruit-flavored chutney popcorn and barbecue popcorn. Such factors are expected to fuel the growth of the global market during the forecast period.
Fluctuating prices of corn is the major challenge in the market. The fluctuation in the prices of corn is a major challenge faced by companies operating in the market. Due to climate factors, maize supply has varied throughout several geographical areas, some of which have had an impact on market companies' operations. For instance, the effects of El Nino across the US caused severe damage to standing crops. Also, spring and summer rains delayed the planting of corn in the Eastern Corn Belt, consisting of Western Ohio, Indiana, and Illinois. There is still a lot of uncertainty about the overall impact of El Nino on corn crop yields.
Therefore, any sudden rise or fall in corn prices due to an abnormal climate affects the profit margins of many corn-based food manufacturers. Such fluctuations and volatility in prices often create production problems, affecting the market's demand and supply gap which, in turn, will hinder the growth of the global market during the forecast period.
The market report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Market Customer Landscape
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.
Oogies Snacks LLC - The company focuses on offering a range of snacks such as popcorn, seasonings, puffcorn, and chickpea rings. The company offers butter microwave popcorn, and organic butter microwave popcorn.
The 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 market share growth of the household segment will be significant during the forecast period. The adoption of in many households is fostering the growth of the segment. 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. Some recent launches in the segment include the first-ever ready-to-eat popcorn named Pipoca Pronta by the Yoki brand.
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The household segment was valued at USD 3,789.73 million in 2017 and continued to grow until 2021. The household segment is expected to grow at the highest CAGR during the forecast period. This is increasingly popular across the world, particularly in the US, Canada, Mexico, the UK, Germany, China, and India. The segment is witnessing growth because of the increasing demand for convenient, healthy, and ready-to-eat snacks. The rising demand among customers and the launches of new products are expected to propel the growth of the household segment of the global market during the forecast period.
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North America is estimated to contribute 35% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The market in North America is primarily driven by an increase in demand for conventional flavors as well as a more inventive spectrum of flours and their combinations. These are marketed as low-cost, high-quality, and fresh items. Furthermore, these snacks have attained the same appeal as foods sold in restaurants and other food outlets in North America. Furthermore, they are the most popular snack in households, movie theatres, sporting events, fairs, and other public areas. Thus, market participants are focusing on strategic steps to establish a solid footing in North America, which is boosting the growth of the regional market.
The market research report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the market growth and trends opportunities from 2017 to 2027.
The market is witnessing a surge in popularity due to its convenience and variety of flavors. Manufacturers are focusing on using polyphenolic chemicals to enhance the nutritional value of their products. Variants like uncooked butterfly and mushroom popcorn cater to different preferences. With a growing trend towards plant-based proteins, RTE popcorn is becoming a popular choice in the food and beverage industry.
Companies are expanding their product offerings to include gourmet flavored RTE popcorn, catering to the demand for premium snacks. This has led to increased contractual agreements, investments, and collaborations in the market. Despite the competitive environment, there is a shift towards local production to meet consumer preferences for freshness and quality.
Market Scope |
|
Report Coverage |
Details |
Page number |
162 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 7.5% |
Market growth 2023-2027 |
USD 2,952.16 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
6.96 |
Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
Performing market contribution |
North America at 35% |
Key countries |
US, China, Japan, UK, and Germany |
Competitive landscape |
Leading companies, Market Positioning of companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
American Garden, American Pop Corn Co., Campbell Soup Co., Conagra Brands Inc., Cretors, Garrett Popcorn Holding Company LLC, Gary Poppins LLC, General Mills Inc., Newmans Own Inc., Oogies Snacks LLC, PnC popcorn, PROPER Snacks, Quinn Foods LLC, Shallowford Farms Inc., Simply 7 Snacks LLC, The Hershey Co., The J.M Smucker Co., Weaver Popcorn Manufacturing Inc., Intersnack Group GmbH and Co. KG, and PepsiCo Inc. |
Market dynamics |
Parent market analysis, Market Forecasting, 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 Application
7 Market Segmentation by Product
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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