Market Overview
RTE popcorn market is all set to touch close to USD 6.93 Billion by 2032, reveals Market Research Future (MRFR). During the analysis period (between 2023 and 2032), the market size can expand at a rate of 7.90%, also confirms MRFR.
Primary Boosters and Deterrents
The COVID-19 outbreak has facilitated the transition to e-commerce, as online shopping has garnered a lot of traction among consumers. This factor has favored the RTE popcorn market to a large extent. Surging consumption of ready-to-eat meals on account of the high prevalence of hectic lifestyles of the students, working professionals, and college grads contributes significantly to the market growth. The spike in the demand for minimally processed and additive-free foods that have extended shelf life such as ready to eat popcorn further benefits the global industry.
Ready to eat popcorns are relatively lower priced compared to the alternatives available in the market, given the fact that they are precooked. Their high availability in the market all year round adds to the market value as well, while media as well as print advertisements also boost the brand awareness among the consumers. Reputed industry participants frequently introduce new flavors to accommodate the constantly changing preferences and tastes of the consumers, which also helps strengthen their worldwide position.
To cite an instance, in June 2021, Opopop, a fast-emerging Microwave popcorn startup, has managed to raise USD 5 million, ahead of its latest product launch. The brand is about to launch a direct-to-consumer ready to eat popcorn, Flavor Wrapped Popcorn Kernels, based on a technology that flavor coats every kernel right before popping. These popcorns will be sold in six new flavors, including Fancy Butter, Salted Umami, Maui Heat, Chedapeno, Vanilla Cake Pop, and Cinnalicious.
Segmental Analysis
Depending on product type, sweet RTE popcorn as well as savory RTE popcorn are the top segments. Savory RTE popcorn segment forms the biggest share in the global market and should remain at the top all through the analysis timeframe.
Key applications of RTE popcorn are commercial and household. Household is the leading segment and will continue to thrive all through the conjectured period. Thanks to the several health advantages of RTE popcorns, families are increasingly opting for them to be consumed as breakfast.
Distribution channels covered in the research study include non-store and store-based. A large percentage of the total sales is carried out by the store-based retailers. As a result, the segment, which is dissected into convenience stores, and supermarkets hypermarkets, will rule the worldwide market in the coming years.
Regional Insight
North America will be exhibiting maximum growth in the next few years, emerging as the market leader. The United States is touted to stand as the top performer in North America, given the large preference for convenience food along with the surging focus of the players on infusing healthy ingredients in the ready to eat meals. With several of the brands launching creative packaging while adhering to the stringent regulations, the region is bound to witness further growth in the year to come. The intense market demand in the region can also be accredited to the huge popularity of RTE popcorns among the youth as well as the working professionals that lead busy lifestyles.
The Asia Pacific market would perform tremendously in the next several years, as a result of the burgeoning population with improving financial conditions. The drastic increase in the consumers disposable incomes, better living standards and the rapid industrialization in China and India will also elevate the market share in the region.
Top Market Firms
Snyder's-Lance. (US) (Germany), American Pop Corn Company. (US), Conagra Brands, Inc. (US), Smartfoods Inc. (US), Weaver Popcorn Company, Inc. (US), PepsiCo (Frito-Lay) (US), Quinn Foods LLC. (US), Wyandot Inc. (US), Amplify Snack Brands (US) are the biggest key RTE popcorn market players.
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