Popcorn Market to Garner $18.82 Bn, Globally, by 2031 at 5.3% CAGR: Allied Market Research
Busy and hectic lifestyle, surge in inclination toward ready-to-eat convenient food over traditional meals, and growing awareness regarding health among individuals have boosted the growth of the global popcorn market.
PORTLAND, Ore., April 14, 2022 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Popcorn Market by Type (Microwave, Ready To Eat), by End User (Household, Commercial), by Shape (Butterfly, Mushroom): Global Opportunity Analysis and Industry Forecast, 2020-2031" As per the report, the global popcorn industry generated $9.86 billion in 2020, and is projected to reach $18.82 billion by 2031, growing at a CAGR of 5.3% from 2022 to 2031.
Drivers, restraints, and opportunities
Busy and hectic lifestyle, surge in inclination atoward ready-to-eat convenient food over traditional meals, and growing awareness regarding health among individuals have boosted the growth of the global popcorn market. However, easy availability of alternative munching food items hinders the market growth. On the contrary, surge in disposable income and desire to live a standard life would open new opportunities in the future.
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Covid-19 scenario:
- The Covid-19 pandemic resulted in prolonged lockdown in several countries. The commercial and public spaces including fairs, movie theatres, and carnivals were restricted to remain operative. This reduced the demand for popcorns.
- However, the demand for the microwave popcorn increased during the pandemic as people saw it as a comfort food during the lockdown period.
The household segment dominated the market
By end user, the household segment held the lion's share in 2020, accounting for more than two-thirds of the global popcorn market, due to huge consumption of popcorns and surge in availability of ready-to-cook popcorns. However, the commercial segment is projected to portray the highest CAGR of 6.1% during the forecast period, due to increase in demand for popcorns at commercial spaces such as movie theatres and rise in entertainment industry.
The ready-to-eat segment to register the highest CAGR through 2031
By type, the ready-to-eat segment is anticipated is estimated to register the highest CAGR of 5.6% from 2022 to 2031. Moreover, the segment held the lion's share in 2020, contributing to more than two-thirds of the global popcorn market, due to easy availability and increased preference for convenience associated with the ready-to-eat popcorns. The report analyzes the microwave segment as well.
North America held the lion's share
By region, the global popcorn market across North America held the largest share in 2020, accounting for nearly three-fifths of the market, owing to high demand for popcorn from household and commercial spaces and surge in demand for on-the-go and ready-to-eat popcorn in the U.S. However, the market across Asia-Pacific is anticipated to register the highest CAGR of 6.5% during the forecast period, due to increase in demand for popcorns at theatres, households, and other commercial spaces.
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Key market players
- Amplify Snack Conagra Brands, Inc.
- PepsiCo (Frito-Lay)
- KP Snacks Limited
- Quinn Foods, LLC
- Diamond Food
- Propercorn
- The Hain Celestial Group, Inc.
- Snyder's-Lance, Inc.
- Weaver Popcorn Company, Inc.
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SOURCE Allied Market Research
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