Popcorn Market Size Forecast to Reach $10.7 Billion by 2026
The Popcorn Market size is forecast to reach $10.7 billion by 2026, growing at a CAGR of 4.4% during the forecast period 2021-2026. Popcorn is a variety of corn kernel that extends and puffs up when it gets heated. A kernel popcorn hull contains the starchy shell endosperm that has 14-20% moisture content in it and it turns steam as the kernel gets heated. It is a type of snack that is made of corn kernel. It has high nutritional content and is consumed as a snack food. It exist in two forms that is ready to eat popcorn and microwave popcorn. Caramel corn is made of popcorn coated with a sugar or molasses based caramel candy shell. Popcorns are rich and concentrated sources of polyphenolic compounds, fiber, vitamin B, antioxidants, and several other proteins. Increasing theatres and multiplexes and increase in the number of microwaves is the major factors driving the growth of the market. Change in eating habits of consumers and increasing awareness regarding the improvement in digestive system is set to further enhance the overall market developments of the Popcorn Market.
Popcorn Market Segment Analysis – By Product
Ready-to-Eat held the largest share in the Popcorn Market in 2020 and is estimated to grow at a CAGR 5.0% during the forecast period 2021-2026. This is attributed to the various health benefits that are associated with it. Popcorns are high in fiber, contains phenolic acids, and is a type of antioxidants that helps in reducing the risk of diabetes, hypertension, and heart diseases. It also has a low glycemic index that helps to maintain the blood sugar levels more easily and also helps in avoiding fluctuation that are associated with foods high in GI. It improves the lipid and glucose levels in the body. Ready-to-Eat are estimated to register the higher CAGR over the period 2021-2026.
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Popcorn Market Segment Analysis – By Application
Household held the largest share in the Popcorn Market in 2020 and is estimated to grow at a CAGR 5.3% during the forecast period 2021-2026. This is attributed to the various health benefits that are associated with ready-to-eat popcorns. Busy and hectic lifestyle of consumers have motivated them to adopt ready to eat popcorns over traditional meals. Increasing awareness related to health, change in the preference of eating habits, and increasing awareness regarding the healthy food is also increasing the growth of the market. Popcorn is the most popular snack as it is healthy, instant, and convenient that is prepared by heating the corn kernels. Household are estimated to register the higher CAGR over the period 2021-2026.
Popcorn Market Segment Analysis – By Geography
North America dominated the Popcorn Market with a major share of 35.2% in 2020. This is owing to the increasing demand of popcorns for inculcating flavors. Increasing inclination of the consumers towards the healthy diet, and increasing number of applications in the commercial sectors is also increasing the growth of the market in this region.
However, Asia Pacific is estimated to grow at a higher CAGR during the forecast period 2021-2026 owing to the increasing demand of consumers towards the better texture, flavor, and appearance. Increasing usage of popcorns for reducing heart diseases, and increase in the consumption of ready-to-eat food is also increasing the growth of the market in this region.
Popcorn Market Drivers
Increasing Health Consciousness Among Consumers
Increasing health consciousness among consumers is increasing the growth of the Popcorn Market. This is owing to the nutritional benefits of the popcorn as it contains a huge amount of phenolic acids. Popcorn contains vitamin E that benefits the body as vitamin E supports reproduction, vision, and health of the brain, blood, and skin. Phenolic acids acts as an antioxidants that helps to prevent some serious health conditions. Popcorn has high fiber content and low calorie count, contributes to important health benefit. Thus, increasing the growth of the Popcorn Market during the forecast period 2021-2026.
Increasing Shift of the Consumers towards the Veganism
Increasing shift of the consumers towards the veganism is increasing the growth of the Popcorn Market. This is owing to the increasing awareness of the consumers regarding the health, social impact, and sustainability. There is an increasing shift of the consumers towards the veganism owing to the animal welfare, and personal health. Also, there is an increasing demand of the popcorns from household as well as commercial sectors. Thus, increasing the growth of the Popcorn Market during the forecast period 2021-2026.
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Popcorn Market Challenges
High Competition and Stringent Regulations
Some of the factors that are set to impede the growth of the Popcorn Market are high competition and stringent regulations. Allergic reactions associated with excess intake of popcorn and fluctuations in corn prices is also set to hinder the growth of the market.
Popcorn Market Landscape
Product launches, mergers and acquisitions, joint ventures, and R&D activities are key strategies adopted by players in the Popcorn Market. In 2020, the Popcorn Market share is consolidated by the top ten players present in the market. The Popcorn Market, top 10 companies are The Hershey Company, The Hain Celestial Group Inc., Weaver Popcorn Company Inc., Eagle Family Foods Group LLC, Conagra Brands Inc., and Propercorn among others.
Key Takeaways
North America dominated the Popcorn Market in 2020 owing to the increase in a huge number of commercial places and increasing awareness regarding healthy food. The Popcorn Market scope for different regions will be provided in the final report.
Increasing usage of nutritional supplements and increasing consumer inclination towards healthy diets are likely to aid the market growth of the Popcorn Market report.
Detailed analysis of the Strength, Weakness, and Opportunities of the prominent players operating in the market will be Popcorn Market report.
High competition and stringent regulations is poised to create the hurdles for the Popcorn Market.
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