Popcorn sales are expected to increase globally over the next four years.
Technavio analysts forecast the global popcorn market to grow at a CAGR of almost 8% between 2017-2021.
The research study covers the present scenario and growth prospects of the global popcorn market. The major factors that will drive the growth of the global popcorn market are the launch of new products containing innovative flavors, the growing awareness of the health benefits of popcorn consumption, the rising number of multiplex theaters in the developed and developing countries, and the increasing opportunities in the snacks food industry.
Technavio analysts highlight the following three factors that are contributing to the growth of the global popcorn market:
Increase in the number of products containing innovative flavors launched
The global popcorn market has seen a surge in the launch of new products containing innovative flavors over the last two years. To capture the popcorn market in the UK, food and beverages market leader PepsiCo launched a new popcorn intensive brand named Pop Works and Company in 2016. This brand offers new flavors of popcorns like Sticky toffee pudding, Peanut butter and caramel, sweet-salty, and Apple pie.
Manjunath Reddy, a lead food research analyst at Technavio, said, “Butter and caramel flavors have been the market leaders in the U.S. popcorn market since the last two years. Most of the microwaveable products are available in flavors like butter, cheese, and caramel.”
Growing awareness of the health benefits of consuming popcorn
Popcorns are consumed widely mainly because of their health benefits. Previously, popcorns were only perceived as a leisure snack consumed during entertainment. However, due to growing health consciousness among people, popcorns are now perceived as a healthy snack food. Popcorns are rich and concentrated sources of various proteins, antioxidants, fibers, polyphenolic compounds, and vitamin B complex.
“Popcorns are also gluten free. Finely ground, they can be used in place of breadcrumbs for a crunchy coating on chicken and fish or can be topped over salads. Popcorns contain a type of fiber that can remove excess cholesterol from the walls of blood vessels and arteries,” added Manjunath.
Increasing popularity of multiplex theaters and the growth of the movie industry
The U.S. is the third-largest market for movies in the world in terms of total tickets sold, following India and China. The increase in movie ticket sales and home watching in recent years has increased the sales of popcorns, which is consumed while watching movies, both at theaters and homes.
In APAC, India and China are the two well-established markets for movies and feature films. Rising disposable incomes and busy lifestyles have increased ticket sales and the footfall in theaters in recent years.
Snyder’s-Lance (Diamond Foods)
Amplify Snack Brands
Weaver Popcorn Company