Popcorn Market Size, Share & Trends Analysis Report By Product (RTE, Microwave), By Distribution Channel (B2B, B2C), By Region (Asia Pacific, North America, Europe, MEA), And Segment Forecasts, 2022 - 2030
Popcorn Market Growth & Trends
The global popcorn market size is expected to reach USD 13.53 billion by 2030, registering a CAGR of 11.2% from 2022 to 2030. The growing awareness about health among consumers is propelling the industry’s growth. The demand for salty snacks along with innovation in terms of flavors is boosting the growth. New product innovations are becoming more popular among consumers, particularly in the Asia Pacific and North America regions. For instance, in July 2021, a Spanish snack company launched Chupa Chups popcorn in a watermelon flavor. Popcorn is in high demand due to the wide variety of flavors available, which encourages manufacturers to focus on expanding their product line.
Moreover, sustainability has become an essential trend in this era as consumers have become more concerned about health, wellness, and environmental issues, such as the depletion of natural resources and environmental degradation.Thus, continuous innovation in terms of product quality, along with packaging design improvements drive customer traction.
The ready-to-eat (RTE) popcorn industry is booming with sales growing faster than microwave popcorn due to a rise in gourmet varieties and a reputation as a healthy snack meal.The demand for RTE is expected to grow in developing, countries such as India.
With over 50 popcorn flavors and varieties, 4700BC, for example, has seen a 200+ percent increase in retail and e-commerce sales in October 2021.
The COVID-19 pandemic affected the industry and caused a significant shift in consumer purchasing preferences.Demand for nutritious, convenient, and sustainably produced foods is increasing, and plant-based proteins are becoming more popular.
Consumers are now demanding products that are vegan, natural, organic, clean, reef-friendly, free of GMOs, gluten, & soy, and recyclable.In July 2021, Scottie Pippen, a basketball player, launched a vegan superfood snack business, Husk.
Several companies have been working on developing new product lines in both RTE/RTC (Ready-to-Cook) sectors to provide healthy & more versatile products for all-day snacking and better-for-you snacks.
In addition, there has been a considerable shift in the channels through which people shop for food and beverage products.The lockdown severely affected this aspect of the snacking industry as most of the brick-and-mortar stores were shut down for weeks.
However, there was a significant rise in product sales through e-commerce channels in 2020.More people started buying their food and beverage products online due to the pandemic.
Thus, the pandemic fueled product sales through online channels, and the trend is expected to boost online sales in the coming years.
Popcorn Market Report Highlights
• Based on type, the RTE segment accounted for the largest revenue share in 2021. However, the microwave popcorn segment is expected to register the fastest CAGR from 2022 to 2030
• The B2C distribution channel segment dominated the industry in 2021 and is expected to grow at a steady CAGR over the forecast period
• The supermarkets/hypermarkets sub-segments held the largest share in the B2C segment as most consumers prefer to buy physically from stores, such as supermarkets/hypermarkets or general stores, to ensure product quality
• The online segment, on the other hand, is expected to grow at the fastest CAGR over the forecast period. This is due to benefits, such as doorstep delivery, simple payment options, substantial savings, and a huge assortment of products on a single platform. Moreover, due to rising internet usage and client preference for shopping apps, companies are rapidly constructing e-commerce websites in potential areas
• APAC was the dominant region in 2021 and is estimated to register the fastest CAGR during the forecast years