Popcorns: Key market research findings
- Rising popularity of gourmet popcorns
- Growing varieties and flavors of popcorn
Technavio has released a new market research report on the global popcorn market, which is expected to grow at a CAGR of 7% between 2016 and 2020. The growing opportunity in the snacks industry is the primary growth driver of this market. Globally, customers are spending more on convenient snacks, with some of these snacks acting as meal replacements. For instance, during 2015, online retailer Ocado started selling Joe & Seph’s popular popcorn flavors on their online supermarket. North America is the largest market for popcorns, accounting for 61% of the overall market share. The growing preference for convenient foods and the increasing number of flavors and varieties of popcorn are the primary drivers for the market growth in this region.
The new industry research report from Technavio discusses in detail the key drivers and trends responsible for the growth of this market and its sub-segments.
“One of the interesting trends gaining momentum in this market is the premium priced popcorn variety, which include the freshly made, organic and gourmet varieties. These are positioned such that consumers perceive it to be a superior quality and believe in their premium price. Consumers are shifting towards fresh foods and foods with superior quality and this has resulted in the healthy popularity of gourmet popcorn. Despite their high price, the customers are willing to buy these on impulse. Joe & Seph’s popcorns have expanded popcorn to multiple gourmet flavors like toffee, apple, cinnamon, peanut satay, and a blend of cheddar cheese and smoked paprika,” says Vijay Sarathi, Lead Analyst, Food & Beverages, Technavio Research.
The rising number of varieties and flavors of popcorn has also been contributing to the market growth. Numerous vendors have started including flavors like bacon, blue cheese, spicy or salted caramel, cheesecake and stout beer to cater to a large consumer based. For instance, Snacks101 offers baked and gluten free popcorn varieties such as white cheddar, sea salt, sweet & spicy sriracha and smoky chipotle.
The major players dominating the global popcorn market are Kerry, ConAgra, Diamond Foods, and American Popcorn. This market is highly fragmented due to the presence of numerous small and large vendors. The vendors in the market compete on the basis of price, quality, innovation, service, reputation, distribution, and promotion. The vendor competition in this market is expected to intensify during the forecast period due to an increase in the number of vendors offering gourmet and new flavors, the demand for healthy snacks by consumers, and price wars among vendors.
A more detailed analysis is available in the Technavio report, Global Popcorn Market 2016-2020.
We can customize reports by other regions and specific segments upon request.
Other related reports:
