Popcorn Market Size, Share and Trends Analysis Report by Product (RTE, Microwave), by Distribution Channel (B2B, B2C), by Region (Asia Pacific, North America, Europe, MEA) and Segment Forecasts, 2022 – 2030
New York, Dec. 14, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the “Popcorn Market Size, Share and Trend Analysis Report by Product, Distribution Channel, by Region and Segment Forecasts, 2022 – 2030” report. – https://www.reportlinker.com/p06373223/?utm_source=GNW
Popcorn Market Growth and Trends
The global popcorn market size is expected to reach USD 13.53 billion by 2030, registering a CAGR of 11.2% from 2022 to 2030. Growing health awareness among consumers is driving the growth of the industry. Demand for salty snacks along with innovation in flavors is driving growth. New product innovations are becoming more popular among consumers, particularly in the Asia Pacific and North American regions. For example, in July 2021, the Spanish snack company launched Chupa Chups popcorn in a watermelon flavor. Popcorn is in high demand because of the variety of flavors available, which encourages manufacturers to focus on expanding their product lines.
Furthermore, sustainability has become an essential trend in this era as consumers have become more concerned about health, wellness and environmental issues such as the depletion of natural resources and environmental degradation. Hence, continuous innovation in terms of product quality, along with packaging. design improvements drive customer engagement.
The ready-to-eat (RTE) popcorn industry is booming as sales grow faster than microwave popcorn thanks to the rise of gourmet varieties and a reputation as a healthy snack. Demand for RTE is expected to grow in developing countries such as: India.
4700BC, for example, with more than 50 flavors and varieties of popcorn, saw a 200+ percent increase in retail and e-commerce sales in October 2021.
The COVID-19 pandemic has impacted the industry and caused a significant shift in consumer shopping preferences. The demand for nutritious, convenient and sustainably produced food is increasing, and plant-based proteins are becoming more popular.
Consumers are now demanding products that are vegan, natural, organic, clean, reef-friendly, GMO-free, gluten-free and soy-free, and recyclable. In July 2021, basketball player Scottie Pippen launched vegan superfood snack business Husk. .
Several companies have worked to develop new product lines in the RTE/RTC (Ready-to-Cook) sectors to provide healthy and versatile products for all-day snacking and better-for-you snacks.
Additionally, there has been a significant shift in the ways people shop for food and beverages. The lockout severely affected this aspect of the snack industry, as most brick and mortar stores were closed for weeks.
However, 2020 saw a significant increase in sales of products through e-commerce channels. Due to the pandemic, more people started buying their food and drinks online.
Thus, the pandemic boosted product sales through online channels, and the trend is expected to boost online sales in the coming years.
Highlights of the Popcorn Market Report
• Based on type, the RTE segment accounted for the largest revenue share in 2021. However, the microwave popcorn segment is expected to register the fastest CAGR from 2022 to 2030.
• The B2C distribution channel segment dominated the industry in 2021 and is expected to grow at a steady CAGR during the forecast period.
• Supermarkets/hypermarkets sub-segments accounted for the largest share in the B2C segment as most consumers prefer to shop physically at stores such as supermarkets/hypermarkets or general stores to ensure product quality.
• On the other hand, the online segment is expected to grow at the fastest CAGR during the forecast period. This is due to benefits such as doorstep delivery, simple payment options, significant savings and a huge range of products on one platform. Furthermore, due to the increase in internet usage and customer preference for shopping apps, companies are rapidly building e-commerce sites in potential industries.
• APAC was the dominant region in 2021 and is estimated to register the fastest CAGR over the forecast years
Read the full report: https://www.reportlinker.com/p06373223/?utm_source=GNW
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