Newark, NJ, March 03, 2020 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the global ready-to-eat popcorn market is expected to grow from USD 2.53 billion in 2018 to USD 6.22 billion by 2026 at a CAGR of 12.85% during the forecast period from 2019-2026.
Popcorn sales has been on the rise and now the market is shifting from traditional favours to more innovative range of flours and its combinations. Ready to eat popcorn companies are offering new dynamic range of flours as well as healthy, natural and portable snacks and eating occasions, fuelling the growth of market. Ready to eat popcorn offers pre-popped convenience and perfect medium for a range of flavours and toppings. Thus, consumers today are interested in flavour innovation—both familiar and unexpected—in the ready to eat popcorn category.
Popcorn is defined as a type of snack made from maize or corn kernel. It is produced by heating corn kernels with vegetable oil or butter in a pot, stove, kettle, or microwave. Owing to its high nutritional value, popcorn is consumed as a snack food all over the world in two forms-ready-to-eat (RTE), and microwave popcorn. These are consumed as the most favourite snack at homes as well as at movie theatres, sports events, fairs, and other public places. Popcorns are rich and concentrated sources of fiber, polyphenolic compounds, vitamin B complex, antioxidants, and various proteins.
Global ready-to-eat popcorn market is expected to witness rapid growth over the forecast period, owing to increased consumption of ready-to-eat popcorn at home as well as in multiplex theatres and high disposable income accompanied with change in lifestyles. In addition to this, rise in health consciousness among individuals is estimated to drive the ready-to-eat popcorn market during the forecast period. However, an expanding array of creative new flavours, but also by tapping into growing interest in healthy, natural and portable snacks and eating occasions may lead to growth of the in coming years. But popcorns might cause an allergic reaction to some individuals which may negatively impact the market growth.
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Key players operating in the global ready-to-eat popcorn market are The Hershey Company (Amplify Snack Brands, Inc.), Conagra Brands, Inc., Snyder's-Lance, Inc. (Diamond Food), Intersnack Group GmbH & Co. KG. (KP Snacks Limited), PepsiCo (Frito-Lay), Eagle Family Foods Group LLC (Popcorn, Indiana LLC), Propercorn, Quinn Foods LLC, The Hain Celestial Group, Inc., and Weaver Popcorn Company, Inc. among others. To enhance their market position in the global ready-to-eat popcorn market, the key players are now focusing on adopting the strategies such as product innovation, recent developments, mergers & acquisitions, joint venture, collaborations, and partnership.
- For instance, in January 2019, Lisa's Passion for Popcorn has launched a brand new way to eat popcorn -- a popcorn bar!
- In December 2017, The Hershey Company (Amplify Snack Brands, Inc.) announced the launch of ready to eat popcorn brand Popwell in the market.
- In March 2019, Angie's BOOMCHICKAPOP, a brand of Conagra Brands, Inc. announced the launch of two new snacks in the ready to eat popcorn category: Sea Salt Air-Popped Popcorn and White Cheddar Puffs.
- In October 2019, PepsiCo has expanded its better-for-you snack portfolio with the introduction of Smart50, a ready-to-eat popcorn, a popcorn full of flavour for 50 calories or less for the consumers who are diet conscious.
- In August 2017, Eagle Family Foods Group, announced the acquisition of Popcorn, Indiana, the maker of the well-known ready-to-eat ("RTE") popcorn products, as part of the Company's continued initiative to increase its snacks portfolio.
Savoury segment is anticipated to grow at the highest CAGR of 12.8% over the forecast period
Type segment is divided into segments such as savoury, sweet, and others. Savoury segment is anticipated to grow at the highest CAGR of 12.8% over the forecast period. Besides the traditional salty flavour of popcorn several companies are using fruity, tangy, sweet, and seasonal flavours for increasing consumer interest. Thus, increasing demand for savoury ready-to-eat popcorn, boosting the growth of market.
The household segment is dominating the market with the highest market share of 53.23% in 2018
The end user segment is segmented into household and commercial. The household segment is dominating the market with the highest market share of 53.23% in 2018. This is mainly due to the numerous health benefits attached with popcorns. It is being considered as a healthier option for breakfast.
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Regional Segment Analysis of the Ready-To-Eat Popcorn Market
- North America (U.S. , Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of the Europe)
- Asia-Pacific (China, Japan India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
The regions analysed for the market include North America, Europe, South America, Asia Pacific, and Middle East and Africa. North America held the largest market share of 31.23% in the year 2018. This is mainly due to increasing consumer interest in the ready to eat popcorn owing to its convenience and availability of different types of flavours across the region. In addition to presence of key vendors in the region, further boosting the growth of market. The Asia Pacific region is anticipated to grow rapidly due to the rise in awareness of health benefits associated with popcorn along with increasing consumer preference which has led to increase in the growth of the market demand.
About the report:
The global ready-to-eat popcorn market is analysed on the basis of value (USD Billion), volume (Thousand Units), imports (Thousand Units) and exports (Thousand Units). All the segments have been analyzed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.
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