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Popcorn Products Market Size, Share, & Trends Analysis Report (2023 – 2030)
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Report Overview
The global popcorn products market was valued at USD 23.6 billion in 2022 and is projected to expand at a CAGR of 7.2% from 2023 to 2030. Popcorn is a type of snack food that is made from corn kernels that are heated until they burst and then popped. It is a popular snack among consumers, especially in the United States, where it is often consumed during movie theater visits. The rising convenience of snack food consumption has also been driving the demand for popcorn products. The increasing popularity of popcorn as a healthy snack option is also driving the demand for popcorn products.
The growing popularity of various flavored popcorn products is propelling the market growth. Manufacturers are introducing innovative flavors, such as caramel, cheddar cheese, and honey, to attract consumers. For instance, in April 2021, Garrett Popcorn, owned by the Kraft Heinz Company, launched a new line of popcorn flavors, such as CaramelCrisp, CheeseCorn, and Buttery, for the U.S. market. The company also plans to expand its portfolio of flavored popcorn products in the future.
The rising trend of snacking is boosting the demand for popcorn products. According to the International Food Information Council Foundation, in 2019, 68% of consumers in the United States opted for snacks instead of meals. In addition, the availability of a wide variety of these products online is accelerating the demand. The e-commerce platform further provides various offers on these products, which is boosting online sales.
Furthermore, increasing demand for organic popcorn products is expected to further support the growth of the market. Companies are introducing organic popcorn products to meet the growing demand from consumers who prefer organic products. For instance, in August 2021, Snack Pop introduced organic popcorn products, such as Kettle Corn and White Cheddar, in the U.S. market. The company also plans to introduce new flavors and products in the near future.
Moreover, the growing demand for microwave popcorn products is also driving the demand for the market. Companies are introducing microwave popcorn bags with improved designs and packaging to increase the shelf life of these products. For instance, in April 2021, The Popcorn Factory launched a new range of microwave popcorn bags, including Caramel and Cheese, in the U.S. market. The company also plans to launch more microwave popcorn products in the near future.
Product Insights
The microwave popcorn segment is anticipated to expand at the fastest CAGR of 5.8% over the forecast period. Growing demand for convenience food, surging demand for microwave popcorn due to its low cost and convenience, and advancements in packaging and shelf stability are some of the key factors driving the growth of the segment. According to an article published by Mintel, in 2019, over 40% of US popcorn consumers opt for microwave popcorn due to its convenience.
The ready-to-eat popcorn segment is projected to account for a share of around 58.4% in 2022. Ready-to-eat popcorn is a popular snack among all age groups, owing to its convenience and availability. Additionally, the product is available in a variety of flavors, textures, and colors, which has been driving the demand for ready-to-eat popcorn among consumers. Furthermore, its low cost and availability in bulk quantities have been driving the growth of the segment.
Distribution Channel Insights
The supermarkets and hypermarkets segment dominated the market in 2022, accounting for a major share of over 48.3%. The high share of the segment is attributed to the rising number of supermarkets & hypermarkets worldwide, which offer a wide variety of popcorn products at competitive prices. Moreover, supermarkets & hypermarkets provide customers with the convenience of easy product availability and wider product selection, thus boosting the demand for popcorn products.
The online segment is expected to register the highest CAGR of 10.5% over the forecast period. A growing number of consumers are opting for online platforms to purchase popcorn products, which is driving the segment’s growth. The convenience and ease of online shopping, along with attractive discounts, is driving the online segment’s growth. Furthermore, the availability of a wide range of products and the convenience of doorstep delivery are some of the factors that have been driving the online segment’s growth.
Type Insights
The unpopped popcorn segment accounted for the largest revenue share of 56.3% in the year 2022. This can be attributed to the high availability of unpopped popcorn in the market. Unpopped popcorn is easily available in supermarkets, hypermarkets, convenience stores, and online stores. Thus, the rising number of retail stores has increased the availability of unpopped popcorn and is likely to boost the market growth during the forecast period.
The popped popcorn segment is anticipated to expand at the highest CAGR of 12.2% over the forecast period. This can be attributed to the increasing demand for healthy snacks. Increasing awareness about health and wellness and the rising health-related issues are encouraging consumers to prefer healthy snacks. Thus, the growing consumption of popped popcorn as a healthy snack is driving the growth of the segment. Moreover, the increasing convenience of packaged popped popcorn products is further propelling the market. For instance, in May 2020, Kellogg’s, a brand of Kellogg Company, launched a range of microwaveable popcorn in India.
Regional Insights
North America is expected to witness the highest growth in the coming years, due to the increasing popularity of popcorn as a snack food among consumers. The presence of several large-scale manufacturers that are focusing on the development of innovative flavors to meet the changing consumer preferences is further driving the regional market. Additionally, the introduction of ready-to-eat popcorn has also made it easier for consumers to enjoy this snack food. In 2021, PepsiCo launched the brand PopWorks & Company with a variety of flavored, ready-to-eat popcorn.
Europe is expected to witness a significant growth in the coming years due to the increasing demand for healthy snack options among consumers in the region. The presence of leading global players such as Nestle, PepsiCo, and Kellogg’s is further driving the growth of the regional market. Additionally, the increasing awareness regarding the health benefits of popcorn is expected to create lucrative opportunities for the market in the region. For instance, in 2021, Snacka launched a range of healthy popcorn snacks with flavors such as sea salt & black pepper and chili & cumin.
Financial Projections
In this part of the popcorn products business plan, we will provide a detailed breakdown of all income and expense categories of the business. These forecasts include cash flow projections and capital requirements for your popcorn business. Usually, these projections are drafted for a 5-year period.
Revenue Assumptions
The main sources of revenue for a popcorn products business come from the sale of popcorn, popcorn gift baskets, and popcorn-related merchandise. Here you will find a list with a description of each of them and other possible sources of profit such as fundraising, the sale of popcorn-related accessories, and online sales.
Projecting Expenses
In this section, all the regular expenses related to keeping the popcorn business running will be described. The list of operating expenses includes ingredients and packaging, wages, utilities, insurance policies, advertising, and others.
Key companies & market share insights
Some of the key companies operating in the popcorn products market are increasingly focusing on product launches and expansion of the distribution channel to gain prominent visibility among consumers. Some of the initiatives are:
– In October 2022, Jiffy Pop launched the ‘Snack-Time’ range of popcorn products.
– In December 2022, Orville Redenbacher’s launched a range of microwaveable popcorn products.
– In November 2022, Pop Secret launched a range of flavored popcorn products.
Some of the prominent players in the popcorn products market include:
– Jiffy Pop
– Orville Redenbacher’s
– Pop Secret
– Pop Weaver
– Kernel Season’s
– Act II
– Jolly Time
– ConAgra Foods
– Amys Kitchen
– Frito-Lay
Global Popcorn Market Segmentation
This report forecasts growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the global popcorn products market based on product, distribution channel, type, and region:
1. Product Outlook (Revenue, USD Million, 2017 – 2030)
– Salted Popcorn
– Caramel Popcorn
– Cheese Popcorn
– Chocolate Popcorn
– Others
2. Distribution Channel Outlook (Revenue, USD Million, 2017 – 2030)
– Supermarkets & Hypermarkets
– Online
– Others
3. Type Outlook (Revenue, USD Million, 2017 – 2030)
– Ready-to-eat Popcorn
– Ready-to-cook Popcorn
4. Regional Outlook (Revenue, USD Million, 2017 – 2030)
– North America
– Europe
– Asia Pacific
– Central & South America
– Middle East & Africa
Frequently Asked Questions
[Q]: What is the Drivers of Growth for the Global Popcorn Products Market?
[A]: The increasing demand for convenience food, growing demand for healthy food products, and changing consumer preferences are the major drivers of growth for the global popcorn products market. Moreover, the increasing popularity of flavored popcorn products and the presence of various manufacturers in the market are likely to create lucrative opportunities for the market.
[Q]: Who are the Major Players in the Global Popcorn Products Market?
[A]: Major players in the global popcorn products market include ConAgra Foods, Inc., American Popcorn Company, Pop Weaver Popcorn, The Popcorn Factory, Popcorn Palace, Garrett Popcorn Shops, Inc., and Snappy Popcorn Co.
[Q]: What are the Different Types of Popcorn Products?
[A]: The various types of popcorn products include regular popcorn, flavored popcorn, gourmet popcorn, organic popcorn, and microwave popcorn.
[Q]: What is the Potential for Innovative Popcorn Products?
[A]: The potential for innovative popcorn products is high, as manufacturers are constantly introducing new flavors and types of popcorn. Moreover, the introduction of healthy popcorn flavors is expected to create significant opportunities for the market.
[Q]: What are the Major Regions Contributing to the Global Popcorn Products Market?
[A]: Major regions contributing to the global popcorn products market include North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. North America is expected to account for the largest market share during the forecast period.
Research Methodology
Impact Analytix employs a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecasts possible. The company utilizes a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. In Addition, a recurring theme prevalent across all our research reports is data triangulation which looks market from three different perspectives. Critical elements of the methodology employed for all our studies include:
Preliminary data mining
Raw market data is obtained and collated on a broad front. Data is continuously filtered to ensure that only validated and authenticated sources are considered. In addition, data is also mined from a host of reports in our repository, as well as a number of reputed paid databases. For a comprehensive understanding of the market, it is essential to understand the complete value chain and in order to facilitate this; we collect data from raw material suppliers, distributors as well as buyers.
Technical issues and trends are obtained from surveys, technical symposia, and trade journals. Technical data is also gathered from an intellectual property perspective, focusing on white space and freedom of movement. Industry dynamics with respect to drivers, restraints, and pricing trends are also gathered. As a result, the material developed contains a wide range of original data that is then further cross-validated and authenticated with published sources.
Statistical model
Our market estimates and forecasts are derived through simulation models. A unique model is created and customized for each study. Gathered information for market dynamics, technology landscape, application development, and pricing trends are fed into the model and analyzed simultaneously. These factors are studied on a comparative basis, and their impact over the forecast period is quantified with the help of correlation, regression, and time series analysis. Market forecasting is performed via a combination of economic tools, technological analysis, industry experience, and domain expertise.
Econometric models are generally used for short-term forecasting, while technological market models are used for long-term forecasting. These are based on an amalgamation of the technology landscape, regulatory frameworks, economic outlook, and business principles. A bottom-up approach to market estimation is preferred, with key regional markets analyzed as separate entities and integration of data to obtain global estimates. This is critical for a deep understanding of the industry as well as ensuring minimal errors. Some of the parameters considered for forecasting include:
Market drivers and restraints, along with their current and expected impact
Raw material scenario and supply v/s price trends
Regulatory scenario and expected developments
Current capacity and expected capacity additions up to 2030
We assign weights to these parameters and quantify their market impact using weighted average analysis, to derive an expected market growth rate.
Primary validation
This is the final step in estimating and forecasting our reports. Exhaustive primary interviews are conducted, face to face as well as over the phone to validate our findings and assumptions used to obtain them. Interviewees are approached from leading companies across the value chain including suppliers, technology providers, domain experts, and buyers so as to ensure a holistic and unbiased picture of the market. These interviews are conducted across the globe, with language barriers overcome with the aid of local staff and interpreters. Primary interviews not only help in data validation but also provide critical insights into the market, current business scenario, and future expectations and enhance the quality of our reports. All our estimates and forecast are verified through exhaustive primary research with Key Industry Participants (KIPs) which typically include:
Market-leading companies
Raw material suppliers
Product distributors
Buyers
The key objectives of primary research are as follows:
To validate our data in terms of accuracy and acceptability
To gain an insight into the current market and future expectations
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