The United States Popcorn market is witnessing a CAGR of 5. 56% during the forecast period (2021-2026). As the novel coronavirus (COVID-19) rips through America’s biggest cities, its effect is being felt far beyond over 140,000 Americans who are confirmed infected.
New York, Oct. 28, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "United States Popcorn Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" - https://www.reportlinker.com/p06155718/?utm_source=GNW
Consumption makes up 70% of America’s gross domestic product (GDP), but consumption has slumped as businesses close and as households hold off on major purchases. Manufacturing makes up 11% of the US GDP, but much of this will be disrupted because global supply chains have been obstructed by factory closures and companies are shutting down factories in anticipation of reduced demand. America’s favorite concession stand snack, had taken a hiatus as movie theaters across the country have closed due to the coronavirus. But according to some of the top popcorn suppliers in the United States, sales have, in fact, been surging since the country entered lockdown. The popcorn category has enjoyed a very strong past year, with a particularly strong jump early in the year after the COVID-19 pandemic hit United States shores. And with sheltering-in-place and the resulting upsurge in binge-watching at home continues to be at least partially in place for the coming months, the demand for popcorn is expected to continue.
The snacking demand of Americans converges on savory over sweet. US consumers prefer popcorn more than cookies or candy bars. As a result, the market studied is likely to register steady growth during the forecast period. Per capita popcorn consumption raised from 42 quarts per year in 2017 to 47 quarts in 2020, as stated by the US Department of Agriculture and the Popcorn Board.
An increasing trend toward the fusion of snacks and caramel candies is observed in the market. Moreover, with busy schedules and paucity of time among the working-class population in the United States, the demand for RTE (ready-to-eat) popcorn is expected to increase during the forecast period. Considering this factor, a lot of prominent companies are venturing into the RTE popcorn segment.
Key Market Trends
Demand for Convenience and On-the-Go Snacking
The demand for convenience foods is growing at a faster pace due to changes in social and economical patterns, as well as increased expenditure of food and beverage, awareness about healthy foods, changes in meal patterns and existing food habits, and the desire to taste new products.
The United States is the largest market for convenience foods in the world. Availability of raw materials, high disposable income, and popularity of eating popcorn as snacks in theaters, sports events, and public places are the major factors that propel the growth of the popcorn market in the country.
On-the-go snacking is becoming extremely popular, especially among the working-class people, teenagers, people living in hostels, and bachelors due to their hectic lifestyles. Moreover, the on-the-go snacking concept is closely associated with easy consumption and handling of products, which ready-to-eat popcorn offer.
Presently, consumers are allocating less time for traditional grocery shopping due to busier schedules. Due to the same, they are also not able to take out time for proper meals. Therefore, they opt for on-the-go snacking options to satisfy their hunger.
Moreover, a significant portion of the population has access to easy on-the-go snacking options due to the increased penetration of these products in the market. Since the transforming consumer habits promote smaller frequent meals, consumers tend to buy popcorn more often, which is expected to propel the market in the near future.
Flavor Innovation Set to Drive the Market
While popcorn is traditionally considered a healthy snack, Americans are now embracing flavor innovation, from indulgent to savory, driven by the increasingly popular ready-to-eat (RTE) popcorn category. With the pre-popped convenience of ready-to-eat popcorn offering a perfect medium for a range of flavors and toppings, consumers today are interested in flavor innovation, both familiar and unexpected, in the popcorn category. Apart from traditional and indulgent flavors like cheese and chocolate or caramel-covered popcorn which are popular, a huge number of consumers are also purchasing new and innovative flavors that add dried cranberries, candies, and ones with seasonal flavors like pumpkin spice and gingerbread.
Overall, while Americans are interested in indulgent flavors and mix-ins when it comes to popcorn. Natural options have their place in the grocery cart as nearly half of popcorn consumers are interested in buying all-natural varieties. Butter and caramel flavors have been the market leaders in the US popcorn market for the last two years.
Consumers can find a variety of popcorn on the shelf, ranging from heirloom popcorn to exciting, bold flavors made with gourmet salts. More popcorn producers can be seen using avocado, coconut oils, and all-natural sea salt.
The United States popcorn market is highly fragmented and comprises domestic and international players. The market is highly competitive, with major players making major strategic investments in order to attain the top position in the market. The leading players in the United States Popcorn market includee ConAgra Foods Inc., Campbell Soup Company, PepsiCo Inc., Popcornopolis LLC, Eagle Family Foods Group LLC, Copper Kettle Popcorn, Weaver Popcorn Bulk LLC, The Hershey Company, Quinn Foods LLC, American Pop Corn Company, Newman’s Own Inc. and others.
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