Portland, OR — The global popcorn industry generated $9.86 billion in 2020 and is projected to reach $18.82 billion by 2031, growing at a CAGR of 5.3 percent from 2022 to 2031, according to a report from Allied Market Research.
The report found that busy and hectic lifestyles, surge in inclination toward ready-to-eat convenient food over traditional meals, and growing awareness regarding health among individuals have boosted the growth of the global popcorn market, while a surge in disposable income and desire to live a standard life would open new opportunities. However, easy availability of alternative snack food items could hinder market growth.
Demand for the microwave popcorn increased during the pandemic as people saw it as a comfort food during the lockdown period, while sales in theaters and amusement parks dropped.
By end user, the household segment held the lion’s share in 2020, accounting for more than two-thirds of the global popcorn market, because of the consumption of popcorns and surge in availability of ready-to-cook popcorns. However, the commercial segment is projected to portray the highest CAGR of 6.1 percent during the forecast period, because of an increase in demand for popcorn at commercial spaces such as movie theaters and a rise in entertainment industry.
By type, the ready-to-eat segment is anticipated is estimated to register the highest CAGR of 5.6 percent from 2022 to 2031. The segment contributed more than two-thirds of the global popcorn market in 2020 because of easy availability and increased preference for convenience associated with the ready-to-eat popcorns.
By region, North America held the largest share in 2020, accounting for nearly three-fifths of the market, owing to high demand for popcorn from household and commercial spaces and surge in demand for on-the-go and ready-to-eat popcorn in the U.S. However, the market across Asia-Pacific is anticipated to register the highest CAGR of 6.5 percent during the forecast period, due to increase in demand for popcorns at theaters, households and other commercial spaces.
Key market players are: Amplify Snack Conagra Brands, Inc.; PepsiCo (Frito-Lay); KP Snacks Limited; Quinn Foods, LLC; Diamond Food; Propercorn; The Hain Celestial Group, Inc.; Snyder’s-Lance, Inc.; and Weaver Popcorn Co., Inc.