Popcorn Market
Popcorn Industry Thrives Post-Pandemic: Microwave & Ready-to-Eat Dominate, Driven by Health-Conscious Consumers and Rising Commercial Spaces.
โ Allied Market Research
WILMINGTON,NEW CASTLE, DELAWARE 19801 USA, UNITED STATE, January 16, 2024 /EINPresswire.com/ — The global popcorn market was valued at $9,868.40 million in 2020. It is projected to reach $18,827.12 million by 2031, growing at a CAGR of 5.3% from 2022 to 2031.
The COVID-19 pandemic initially caused losses in the global popcorn industry due to lockdowns affecting commercial and public spaces, but the demand for microwave popcorn surged during the pandemic
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๐๐๐ซ๐ค๐๐ญ ๐๐๐ ๐ฆ๐๐ง๐ญ๐๐ญ๐ข๐จ๐ง:
The market is segmented based on type (microwave popcorn, ready-to-eat popcorn), end-use (household, commercial), shape (butterfly, mushroom), and region (North America, Europe, Asia-Pacific, LAMEA).
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๐๐๐ญ๐จ๐ซ๐ฌ ๐๐ซ๐ข๐ฏ๐ข๐ง๐ ๐๐๐ซ๐ค๐๐ญ ๐๐ซ๐จ๐ฐ๐ญ๐ก:
The busy and hectic lifestyle of individuals has led to the adoption of convenient solutions like instant and ready-to-eat food.
Popcorn is perceived as a convenient and healthy snack rich in nutrients, making it popular among households.
The emergence of microwave popcorn and factors like increased disposable income and changing lifestyles contribute to the industry’s growth.
๐๐๐ ๐ฆ๐๐ง๐ญ ๐๐ง๐ฌ๐ข๐ ๐ก๐ญ๐ฌ:
In 2020, the household segment accounted for the highest market share, driven by health-conscious consumers considering popcorn a healthier breakfast option.
The commercial segment is expected to grow at the highest CAGR, fueled by the rise in commercial places like theaters, multiplexes, and stadiums.
Ready-to-eat popcorn dominated the market in 2020 and is anticipated to continue its dominance, driven by busy lifestyles and a preference for convenient and healthy snacks.
The butterfly-shaped popcorn accounted for the highest market share in 2020, attributed to its higher consumption in commercial spaces.
๐๐๐ ๐ข๐จ๐ง๐๐ฅ ๐๐ง๐ฌ๐ข๐ ๐ก๐ญ๐ฌ:
In 2020, North America held the highest market share, driven by higher corn production, availability of raw materials, high disposable income, and the popularity of popcorn in various entertainment venues.
Asia-Pacific is expected to grow at the highest CAGR from 2022 to 2031, attributed to the growing population, entertainment industry, and the rising number of commercial spaces in developing nations like China and India.
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๐๐๐ฒ ๐๐ฅ๐๐ฒ๐๐ซ๐ฌ: ๐๐๐ฃ๐จ๐ซ ๐ฉ๐ฅ๐๐ฒ๐๐ซ๐ฌ ๐ข๐ง ๐ญ๐ก๐ ๐ ๐ฅ๐จ๐๐๐ฅ ๐ฉ๐จ๐ฉ๐๐จ๐ซ๐ง ๐ฆ๐๐ซ๐ค๐๐ญ ๐ข๐ง๐๐ฅ๐ฎ๐๐
โข Amplify Snack Conagra Brands, Inc.
โข KP Snacks Limited
โข PepsiCo (Frito-Lay)
โข Quinn Foods, LLC
โข Indiana
โข Propercorn
โข Diamond Food
โข Snyder’s-Lance, Inc.
โข The Hain Celestial Group, Inc.
โข Weaver Popcorn Company, Inc.
Market Opportunities and Challenges:
The report provides a quantitative analysis of the market size, current trends, and opportunities.
Porter’s five forces analysis is included to highlight the potency of buyers and suppliers.
The report also identifies key drivers, restraints, and market opportunities.
Analyst Review:
The report emphasizes strains of corn cultivated specifically for popping, major varieties of popcorn, and the science behind the popping process.
Factors driving market growth include high consumption of ready-to-eat popcorn, increasing demand for microwavable popcorn, and health consciousness among consumers.
Popcorn Market Report Highlights:
The report offers detailed information on end-users, types, shapes, regions, and key market players.
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As per the popcorn market trends, in 2020, North America accounted for the highest market share in the global popcorn market. Higher corn production in the states of Indiana, Iowa, Nebraska and Illinois in the U.S. drives the market growth in the region. Availability of raw materials, high disposable income, and popularity of eating popcorn as snacks in theaters, sports events and public places are the major factors propelling the growth of popcorn market in North America. Whereas, Asia-Pacific is anticipated to grow at the highest CAGR from 2022 to 2031. Countries such as China and India, are experiencing a rising population and growing entertainment industry. Increase in number of commercial spaces like theatres, stadiums, and multiplexes in the developing nations of Asia-Pacific is expected to foster the demand for popcorn during the forecast period.
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KEY FINDINGS OF THE STUDY
Region wise, Asia-Pacific is expected to grow at the highest CAGR of 6.5% from 2022 to 2031, followed by LAMEA.
By type, ready-to-eat popcorn segment accounted for approximately 67.4% of the popcorn market share in 2020, in terms of value, and is expected to grow at the highest CAGR of 5.6%.
In 2020, North America generated the highest revenue, and is expected to grow at a CAGR of 4.9%.
In 2020, U.S. generated the highest revenue, accounting for approximately 39.9% share in the global market.
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Article originally published on www.einpresswire.com as Popcorn Market Surges, Projected to Reach $18.83 Billion by 2031 with a 5.3% CAGR.