Popcorn Market Growth & Trends
The global popcorn market size is expected to reach USD 6.24 billion by 2028, registering a CAGR of 9.4% over the forecast period from 2021 to 2028, according to a new report by Grand View Research, Inc. Rising preference for the combinations of flavors and shapes of popcorn from traditional product forms, is expected to expand the market size on a global level.
With increasing popularity of on-the-go snacks, the adoption rate of the popcorn is rising among the consumers in major economies, including the U.S., Germany, the U.K., and China. Moreover, despite the financial stress observed during the COVID-19 pandemic, the market has shown positive signs. Factors such as the rising consumer awareness about the nature of food ingredients and the rising demand during the lockdown situation are projected to further drive the market growth.
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Asia Pacific is the fastest-growing segment and is expected to witness a CAGR of 11.5% from 2021 to 2028. The countries such as China and India, have the largest consumer base that demands the popcorn for consumption. Increasing consumer disposal income has increased their spending capacity on nutritious food. This factor is projected to boost the regional product demand.
Companies are looking to maintain their brand image and gain customer loyalty by offering innovative, wide range of combinations of popcorn as per customer specifications by analyzing consumer behavior patterns. The key players in the market are offering customized popcorn flavors such as butter, cheesy, chocolate, strawberry, and other.
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Popcorn Market Report Highlights:
• North America is held the largest market share of more than 30% in 2020 owing to the increasing awareness among the citizens in the U.S. and Canada about the nature of food ingredients
• The microwave segment is expected to foresee the fastest CAGR of 9.6% from2021 to 2028. Easy availability and popularity among the consumers has boosted the segment growth
• Savory products held the largest market share in 2020, contributed more than 60% of the total revenue. Savory popcorn is the most popular flavor due to the taste as well as the wide availability and the quantity offered at price
• The mushroom segment is expected to foresee the fastest CAGR of 10.2% during the forecast period. Increasing demand for various flavor combinations is anticipated to fuel the growth
Popcorn Market Segmentation
For this study, Grand View Research has segmented the global popcorn market based on product, flavor, shape, application, and region:
Popcorn Product Outlook (Revenue, USD Million, 2017 – 2028)
Popcorn Flavor Outlook (Revenue, USD Million, 2017 – 2028)
Popcorn Shape Outlook (Revenue, USD Million, 2017 – 2028)
Popcorn Application Outlook (Revenue, USD Million, 2017 – 2028)
Popcorn Regional Outlook (Revenue, USD Million, 2017 – 2028)
• North America
• Asia Pacific
• Central & South America
• Middle East & Africa
List of Key Players of Popcorn Market
• The Hershey Company
• Conagra Brands, Inc.
• Snyder’s-Lance, Inc.
• Eagle Family Foods Group LLC
• CATAPULT ENTERPRISES LTD
• Quinn Foods LLC
• Weaver Popcorn Bulk LLC.
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