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Popcorn Market Size & Share, 2021-2028 | Industry Growth Report

Popcorn Market Size, Share & Trends Analysis Report By Product (Ready-to-Eat, Microwave), By Flavor (Sweet, Savory), By Shape (Mushroom, Butterfly), By Application (Home, Commercial), And Segment Forecasts, 2021 - 2028

Report ID: MN17620212  |  Published: April 2021  |  No of Pages: 85
Format: Electronic (PDF)  |  Industry: Food  |  Publisher: Grand View Research

Report Overview

The global popcorn market size was valued at USD 3.03 billion in 2020. It is expected to expand at a compound annual growth rate (CAGR) of 9.4% from 2021 to 2028. The increasing awareness about improving the immunity and increased availability of an innovative wide range of flavors are the factors expected to have a positive impact on the market growth. Over the past few years, changing lifestyle has played a key role in promoting the consumers to buy food products. Popcorn is rich in fiber, antioxidants, vitamin B complex, and proteins, which is anticipated to fuel the demand in the forthcoming years.

U.S. popcorn market size, by application, 2017 - 2028 (USD Million)

The manufacturers are offering a wide range of popcorn to match the consumer taste and demand for flavor. Some of the popular types made available in the market include mushrooms, butterfly, sweet, and savory. From teenager to elderly segments, the buyers prefer to consume popcorn either at home or at commercial places such as theatres, stadiums, malls, fairs, and other public places and events. The young consumers from countries such as the U.S., Germany, the U.K., China, and India, demand a variety of combinations of popcorn. This factor is expected to increase the consumption of popcorn.

The lockdown situation caused by the COVID-19 pandemic has increased the consumption of popcorn at home as snacks and party food. During the lockdown, citizens were paid more attention to health and focused on consuming healthier food products including popcorns as a healthy snacking option. It is increasingly being consumed more during home celebrations such as birthdays and family reunions. As a result, there is increased consumption and spending on popcorn. Thus, this market is expected to register a healthy CAGR in the forthcoming years.

Flavor Insights

The savory segment has contributed to the largest market share of more than 70% in 2020. Savory popcorn is the most common flavor popular among consumers of all age groups. The trend of consuming popcorn at commercial places such as theatres, multiplexes, and stadiums during sporting events is anticipated to drive the product demand.

The sweet segment contributed to more than 20% of the market share in 2020 and is expected to register a significant CAGR during the forecast period. With increased disposal income, consumer demand for various flavors of popcorns such as butter, chocolate, strawberry, and cheesy has increased. Sweet flavor has become more popular, especially among kids thus creating growth opportunities for the segment.

Shape Insights

The butterfly segment held the largest market share of more than 70% in 2020. The low price, adequate quantity, and exceptional taste are some of the factors projected to work in favor of the growth of this segment.

The mushroom segment is expected to expand at the fastest CAGR of 10.2% from 2021 to 2028. This growth is mainly attributed to the increasing introduction of popcorn flavors such as chocolate, butter, caramel, cheese, garlic, and gourmet flavors that have become popular among consumers.

Application Insights

The home application contributed a market share of more than 60% in 2020. Home and commercial are the major application segments. Rising consumption of popcorn for breakfast along with snacking is expected to fuel the growth of this segment. Popcorn is rich in vitamin B complex, antioxidants, and fibers, making it a healthy food product.

The commercial application is expected to register the fastest CAGR of 11.1% from 2021 to 2028. Increasing consumption of various flavors of popcorn at commercial places such as theaters, stadiums, and multiplexes is anticipated to drive the growth of this segment during the forecast period.

Product Insights

The microwave segment contributed to the largest market share of more than 60% in 2020. Increasing use of microwaves due to the reduced preparation time is contributing to the growth of the segment. Popular brands such as Presto, Lekue, and Conagra offer microwave popcorn.

Global popcorn market share, by product, 2020 (%)

The ready-to-eat segment is contributing to the steady growth of this market. Ready-to-eat popcorn is convenient, delicious, and is available in ready-to-serve flavors such as fruity, tangy, and seasonal flavors. The increasing popularity of these products is expected to drive the growth of the segment in the forthcoming years.

Regional Insights

North America held the largest market share of over 30% in 2020. The dominance of this region is attributed to the high awareness of the consumer from the U.S. and Canada about the nutrition and health benefits of food products. Furthermore, the major manufacturers belong to this region and contribute to market growth by innovating various combinations of popcorn flavors.

Asia Pacific is expected to witness the fastest CAGR of 11.5% from 2021 to 2028. In the Asia Pacific, countries such as China and India have the largest consumer base. Increasing disposal income has increased consumer spending on food products. This factor is boosting the product demand in the Asia Pacific region.

Key Companies & Market Share Insights

The global market is characterized by the presence of various well-established players and several small and medium players. However, the industry is dominated by the top international players such as The Hershey Company; Conagra Brands, Inc.; Snyder's-Lance, Inc.; Intersnack; PepsiCo; Eagle Family Foods Group LLC; CATAPULT ENTERPRISES LTD; Quinn Foods LLC; and Weaver Popcorn Bulk, LLC. In December 2020, PVR Cinemas announced to launch ‘Popmagic’, a microwave popcorn brand that would be sold on eCommerce platforms and at PVR Cinemas. The manufacturers are aggressively following organic as well as inorganic strategies to expand their footprints across the geography.

Some of the prominent players operating in the global popcorn market are:

    • The Hershey Company
    • Conagra Brands, Inc.
    • Snyder's-Lance, Inc.
    • Intersnack
    • PepsiCo
    • Eagle Family Foods Group LLC
    • CATAPULT ENTERPRISES LTD
    • Quinn Foods LLC
    • Weaver Popcorn Bulk LLC.

Popcorn Market Report Scope

Report Attribute

Details

The market size value in 2020

USD 3.03 billion

The revenue forecast in 2028

USD 6.24 billion

Growth Rate

CAGR of 9.4% from 2021 to 2028

The base year for estimation

2020

Historical data

2017 - 2019

Forecast period

2021 - 2028

Quantitative units

Revenue in USD million/billion and CAGR from 2021 to 2028

Report coverage

Revenue forecast, company ranking, competitive landscape, growth factors, and trends

Segments covered

Product, flavor, shape, application, region

Regional scope

North America; Europe; Asia Pacific; Central & South America; Middle East & Africa

Country scope

U.S.; Germany; U.K.; China; India; Brazil; UAE

Key companies profiled

The Hershey Company; Conagra Brands, Inc.; Snyder's-Lance, Inc.; Intersnack; PepsiCo; Eagle Family Foods Group LLC; CATAPULT ENTERPRISES LTD; Quinn Foods LLC; Weaver Popcorn Bulk, LLC.

Customization scope

Free report customization (equivalent up to 8 analysts’ working days) with purchase. Addition or alteration to country, regional & segment scope.

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Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2017 to 2028. For this study, Grand View Research has segmented the global popcorn market based on product, flavor, shape, application, and region:

• Product Outlook (Revenue, USD Million, 2017 - 2028)
    • Ready-to-Eat
    • Microwave

• Flavor Outlook (Revenue, USD Million, 2017 - 2028)
    • Sweet
    • Savory
    • Others

• Shape Outlook (Revenue, USD Million, 2017 - 2028)
    • Mushroom
    • Butterfly

• Application Outlook (Revenue, USD Million, 2017 - 2028)
    • Home
    • Commercial

• Regional Outlook (Revenue, USD Million, 2017 - 2028)
    • North America
        • U.S.
    • Europe
        • Germany
        • U.K.
    • The Asia Pacific
        • China
        • India
    • Central & South America
        • Brazil
    • Middle East & Africa
        • UAE

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