The global popcorn market to grow at a CAGR of 7.52% during the period 2017-2021.
The report covers the present scenario and the growth prospects of the global popcorn market for 2017-2021. To calculate the market size, the report include/excludes the new installations/shipments/sales/volume/value and retrofit/replacement/spares/aftermarket/services market. The report also includes a discussion of the key vendors operating in this market.
The latest trend gaining momentum in the market is packaging innovations. Innovation in packaging is a latest trend that is attracting consumers, and many companies are investing in R&D to come up with new and innovative packaging ideas. The snacks market has not only witnessed the launch of new products having innovative flavors but also development in the area of convenient and innovative packaging.
According to the report, one of the major drivers for this market is 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. In order 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. Popcorn Indiana, a US-based manufacturer of popcorn, launched a new flavor with a peppermint variety named New Dark Fudge Peppermint Drizzle corn in December 2016. Further, the report states that one of the major factors hindering the growth of this market is declining microwave popcorn industry. The microwave popcorn segment has witnessed a sharp decline in popularity and revenues over the last decade or so. The microwave popcorn market in the US was valued at $1.4 billion in 2016, while it was valued at $1.6 billion in 2011.
The growing awareness of the benefits of leading a healthy lifestyle and rising health concerns regarding the excessive amounts of oil, preservatives, and fats added to the popcorn bags in order to make them microwavable are the main reasons behind the decline in the demand for microwave popcorn. Many consumers are switching to RTE popcorn from microwave popcorn because RTE popcorn is more convenient to consume, has fewer calories, is gluten free and comes in many new exotic flavors and organic varieties.