Market Trends of Global Popcorn Industry
This section covers the major market trends shaping the Popcorn Market according to our research experts:
Innovation in Flavor driving the market
The United States Popcorn Board estimates that American consumers eat around 14 billion quarts of freshly popped popcorn per year, with 70% of that popcorn consumed at home. 90% of popcorn purchased for domestic use is unpopped, including RTE popcorn. Convenience food demand is increasing at a faster rate as a result of shifting social and economic patterns, rising food and beverage expenditure, more awareness of healthier foods, alterations in meal patterns and ingrained eating habits, and the desire to try new flavors is driving the market, Key players offer healthy ready-to-eat popcorn packets in different flavors which is further boosting the popcorn market. Also, there is an increased demand for popcorn as the young population thrives on a snack readily available in the market with various flavors. Consumers are now interested in flavor innovation in the popcorn category because ready-to-eat popcorn's pre-popped convenience makes it the ideal medium for multiple tastes and toppings. A large number of individuals purchase new and innovative flavors that include dried cranberries, candies, and ones with seasonal flavors like pumpkin spice and gingerbread, in addition to well-known flavors like cheese and chocolate or caramel-covered popcorn.
Additionally, in January 2022, in celebration of World Popcorn Day, INOX Leisure Ltd. (INOX), India's largest multiplex chain, announced the release of two new popcorn flavors: Tandoori and Tiramisu. These two varieties complement INOX's current selection of flavors, including Cheese, Caramel, and Classic Salted. It aims to provide delightful snacking options to improve the movie-going experience, strengthen its F&B offerings outside cinemas, and cater to a broader range of audiences.
North America the Leading Consumer for Popcorn
The Midwest, also referred to as the Corn Belt of the United States, produces the majority of the popcorn that is farmed and marketed globally. According to the United States Popcorn Board, the lengthy and hot summers in the Midwest provide ample time for agricultural growth. The soil is deep, nutritious, and abundant in organic matter, giving plants the nutrition they need to flourish. The Midwest receives ample water from neighboring rivers, lakes, and wells or through regular rainfall and irrigation systems. Crop planting and harvesting are made simpler by the flat terrain. The Midwest, particularly Illinois, Indiana, Iowa, Kentucky, Michigan, Missouri, Nebraska, and Ohio, is where the majority of United States popcorn is cultivated.
North America has traditionally been the largest market for popcorn globally. The trend of healthy snacking has impacted the growth of the popcorn market in the region. Much of this growth can be attributed to the double-digit growth rate associated with ready-to-eat popcorn. The factors driving the growth in the North American region are an increase in the consumption of popcorn in multiplexes, inflated consumption of popcorn owing to its health advantages, and the emergency of microwave popcorn. Also, innovations are creating items leisurely for humankind through machines like the popinator. In order to attain a larger share in the popcorn market in North America, manufacturers are revitalizing their product portfolios by presenting a clean-label ingredient version of the product range through existing brands or new launches.
