Popcorn Market by Type (Microwave Popcorn, Ready-to-Eat (RTE) Popcorn), End-User (Household, Commercial), & Region for 2024-2031
Published Date: August - 2024 | Publisher: MIR | No of Pages: 320 | Industry: latest updates trending Report | Format: Report available in PDF / Excel Format
View Details Download Sample Ask for Discount Request CustomizationPopcorn Market by Type (Microwave Popcorn, Ready-to-Eat (RTE) Popcorn), End-User (Household, Commercial), & Region for 2024-2031
Popcorn Market Valuation – 2024-2031
The growing demand for healthier snack options, combined with the rising popularity of at-home entertainment, is driving considerable development in the popcorn market. According to the analyst from Market Research, the popcorn market is estimated to reach a valuation of USD 22.24 Billion over the forecast subjugating around USD 14.17 Billion valued in 2023.
The growing preference for gluten-free and non-GMO snacking, together with the rising popularity of creative flavors and packaging, is moving the popcorn market forward. It enables the market to grow at a CAGR of 5.8% from 2024 to 2031.
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Popcorn MarketDefinition/ Overview
Popcorn is a type of maize kernel that expands and puffs up when cooked, resulting in a light and fluffy snack recognized for its crunchy texture and salty or sweet flavor. It is usually created by heating the kernels until the moisture inside turns into steam, forcing them to burst apart. Popcorn is a popular snack meal in a variety of varieties, including buttered, salted, caramel-coated, and flavored with flavors such as cheese or chili.Furthermore, its adaptability allows it to be used in a variety of settings, from movie theaters and sporting events to parties, gatherings, and casual nibbling at home. Also, popcorn is increasingly regarded for its health benefits, as it is low in calories and high in fiber, making it a popular choice among those looking for healthier snack options.
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What Factors are Propelling the Growth of the Popcorn Market?
Consumers around the world are increasingly adopting healthier eating habits. Popcorn, as a whole grain snack high in fiber and low in calories (when not loaded with butter and salt), is considered a healthier alternative to many other snack foods. Because of this health-conscious trend, popcorn has become a popular choice for consumers seeking guilt-free snacking options.
Microwave popcorn’s popularity has grown significantly due to its convenience. Consumers with hectic lifestyles need quick and convenient snack options. Microwave popcorn fits the bill well, providing a quick and easy way to enjoy a delightful snack that is also quite healthful. The variety of flavors available in microwave popcorn appeals to a wide range of taste preferences, which contributes to its popularity.
Furthermore, the development of streaming services and home entertainment options has increased in individuals staying at home to watch movies and television. Popcorn is typically connected with movie watching, and this association persists even in home entertainment. As a result, the expansion of the home entertainment industry has had a direct impact on the rise in popcorn consumption, with consumers more likely to eat popcorn while watching their favorite movies or television shows at home.
What are the Primary Challenges Hindering the Growth of the Popcorn Market?
While popcorn is a healthful snack, many pre-packaged or microwave variations contain extra flavors, butter, and salt, which greatly raises the calorie, fat, and sodium content. The processed variants are coming under increasing scrutiny as customers grow more health-conscious. The market faces the problem of balancing taste and convenience with health concerns, which may need reformulation or the introduction of healthier alternatives that do not sacrifice flavor, consequently affecting market growth.
Furthermore, the snack food market is extremely broad and competitive. Popcorn competes not just with classic snack foods like chips and chocolate, but also with a growing selection of healthy snacks including nuts, seeds, fruit snacks, and protein bars. Each of these alternatives caters to different customer preferences for health, convenience, and taste, making market penetration and expansion difficult for popcorn, particularly in segments that are already saturated with alternatives.
Category-Wise Acumens
What are the Drivers that Contribute to the Demand for Ready-to-Eat (RTE) Popcorn?
According to analysis, the ready-to-eat (RTE) popcorn segment is estimated to hold the largest market share during the forecast period. RTE popcorn provides unrivaled convenience because it requires no preparation or special equipment to eat. This convenience of use is consistent with modern consumers’ fast-paced lifestyles, who desire snacks that are ready to eat right out of the packaging. This convenience feature contributes greatly to the segment’s domination, as it caters to on-the-go snacking, lunch boxes, fast office breaks, and so on.
RTE popcorn frequently places itself within the healthy snacking trend by providing options that are lower in calories, use healthier fats such as olive or avocado oil, and include fewer artificial flavors and preservatives than classic snack items, including microwave popcorn types. This congruence with consumer interest in healthier eating habits has increased the popularity and market share of the RTE popcorn segment.
Furthermore, the RTE popcorn segment has experienced an increase in flavor innovation and premium options, such as gourmet and artisanal variations. The taste profiles range from typical butter and salted varieties to more unique flavors such as truffle, caramel, and cheese, catering to a wide range of palates. Also, the use of premium, organic, and non-GMO products appeals to health-conscious shoppers ready to spend a premium for higher-quality snack options. This trend of premiumization and variety has greatly increased the segment’s market share and appeal.
What are the Potential Factors for the Dominance in the Household Segment?
The household segment is estimated to dominate the popcorn market during the forecast period. With the widespread availability of streaming services such as Netflix, Amazon Prime, and Disney+, there has been a considerable shift toward home entertainment. This trend has been accelerated by worldwide events such as the COVID-19 pandemic, which resulted in lengthier lockdowns and more time spent at home. Popcorn, which is synonymous with movie watching, has experienced increased consumption as families and individuals spend more time watching movies and TV shows at home, hence increasing household consumption.
The convenience of microwave popcorn is ideal for the household market. Microwave popcorn is a popular snack for movie nights or as a quick snack option because it is simple to prepare and requires little time and effort. The variety of tastes and serving sizes cater to a wide range of household preferences, making it a popular choice for both families and individuals.
Furthermore, there is a growing emphasis on health and well-being, and customers are looking for healthier snack options. Popcorn, especially air-popped and with little chemicals, is seen as a healthier option to other snacks such as chips or sweets due to its high fiber content and low-calorie count. The home category, which comprises health-conscious adults and families looking for healthier snacking options, has quickly adopted popcorn as a preferred snack, contributing to its market dominance.
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Country/Region-wise Acumens
What are the Key Factors Contributing to North America’s Dominance in the Market?
According to analyst, North America is estimated to dominate the popcorn market during the forecast period. Popcorn has a long cultural history in North America, particularly in the United States, where it is strongly established in entertainment and eating habits. It is a popular snack at movie theaters, sporting events, fairs, and even at home for movie nights or as a quick snack. This cultural anchoring promotes high consumption rates, making North America the main market for popcorn.
North America has sophisticated distribution networks and retail infrastructure, thus popcorn is readily available to customers through a variety of channels, including supermarkets, convenience stores, movie theaters, and online platforms. This ease of availability, combined with good marketing techniques by popcorn makers, has greatly aided the market’s expansion in this region.
Furthermore, the popcorn market in North America is distinguished by a high level of product innovation. Manufacturers are always introducing new flavors, healthier options (such as organic, non-GMO, or low-calorie popcorn), and convenient packaging styles to accommodate evolving consumer demands. This emphasis on innovation not only appeals to a diverse consumer base but also maintains the market dynamic and competitiveness, leading to its long-term growth and supremacy.
How is the Expansion of Retail and Distribution Channels Shaping the Market in Asia Pacific?
The Asia Pacific region is estimated to exhibit the highest growth within the market during the forecast period. The rise of supermarkets, hypermarkets, and online retail platforms in the Asia-Pacific region has made it easier for people to obtain a wide range of snack products, including popcorn. Improved distribution networks have also let multinational popcorn brands enter the market, enhancing availability and consumer choice. This improved retail infrastructure promotes the expansion of the popcorn business by making items more accessible to a broad audience.
Furthermore, the Asia-Pacific region has had tremendous economic expansion, resulting in a growing middle class with more disposable money. This demographic is more likely to spend money on non-essential items, such as snacks like popcorn, which drives market demand. Also, the increasing middle class is more prone to adopt Western eating patterns, such as snacking, which boosts the appeal of popcorn in the region.
Competitive Landscape
The popcorn market is characterized by a dynamic and competitive landscape, influenced by factors such as shifting consumer preferences, technological improvements, and changing health trends. In addition, partnerships with retailers, effective marketing efforts, and a focus on product quality and sustainability are critical measures used by industry participants to obtain a competitive advantage and increase market presence.
Some of the prominent players operating in the popcorn market include
ConAgra Brands, PepsiCo, The Hershey Company, Kellogg Company, Archer Daniels Midland Company, Conagra Brands, Jinmai Langfang Food Co., Rajkot Popcorn Industries Ltd., Grupo Bimbo, Yokomo, Angie’s Boom Chicka Pop, Garrett Popcorn Shops, Joe & Seph’s, SkinnyPop Popcorn, BOOM SNACK
Latest Developments
- In April 2024, ConAgra Brands announced a cooperation to enhance its product distribution in China.
- In April 2024, The Hershey Company unveiled a new range of sugar-free Reese’s Peanut Butter Puffs, which could influence popcorn sales.
Report Scope
| REPORT ATTRIBUTES | DETAILS |
|---|---|
| Study Period | 2018-2031 |
| Growth Rate | CAGR of ~5.8% from 2024 to 2031 |
| Base Year for Valuation | 2023 |
| Historical Period | 2018-2022 |
| Forecast Period | 2024-2031 |
| Quantitative Units | Value in USD Billion |
| Report Coverage | Historical and Forecast Revenue Forecast, Historical and Forecast Volume, Growth Factors, Trends, Competitive Landscape, Key Players, Segmentation Analysis |
| Segments Covered |
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| Regions Covered |
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| Key Players |
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| Customization | Report customization along with purchase available upon request |
Popcorn Market, By Category
Type
- Microwave Popcorn
- Ready-to-Eat (RET) Popcorn
End-User
- Household
- Commercial
Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
Research Methodology of Market Research
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Reasons to Purchase this Report
• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors• Provision of market value (USD Billion) data for each segment and sub-segment• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled• Extensive company profiles comprising of company overview, company insights, product benchmarking, and SWOT analysis for the major market players• The current as well as the future market outlook of the industry with respect to recent developments which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions• Includes in-depth analysis of the market of various perspectives through Porter’s five forces analysis• Provides insight into the market through Value Chain• Market dynamics scenario, along with growth opportunities of the market in the years to come• 6-month post-sales analyst support
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