LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global popcorn market to grow at a CAGR of almost 8% during the forecast period, according to their latest report.
The research study covers the present scenario and growth prospects of the global popcorn market for 2017-2021. Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.
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.
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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, says, “Butter and caramel flavors have been the market leaders in the US 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,” adds Manjunath.
Increasing popularity of multiplex theaters and the growth of the movie industry
The US 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.
Top vendors:
- Conagra Brands
- Snyder's-Lance (Diamond Foods)
- PepsiCo (Frito-Lay)
- Amplify Snack Brands
- Weaver Popcorn Company
Browse Related Reports:
- Global Baked Savory Snacks Market 2016-2020
- Global Packaged Fruit Snacks Market 2017-2021
- Global Processed Snacks Market 2016-2020
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About Technavio
Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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