With the rise in disposable income and the consumption of on-the-go food items, millennials are bolstering the growth of the RTE Popcorn Market. The rising awareness about health benefits is leading to more consumption of air popped popcorn as it contributes to the healthly snack item and is a concentrated and rich source of various protein, fibers, antioxidants, vitamin B complex, and polyphenolic compounds. Most of the manufacturers are focusing on brand extension and product innovation by introducing a various variety of products with different flavors and ingredients. A successful launch of a new product helps in incrementing the vendor’s revenue flow and increasing its customer base. The growing demand for healthy snacks coupled with evolving taste preferences of customers is driving the RTE popcorn market. In recent times, the enterprises are aiming to produce RTE popcorn that is gluten-free, and these popcorns are simultaneously replacing breadcrumbs used in salads to give a crunchy coating instead of chicken and fish. These popcorns are innovated with unexpected flavors to engage millennials who are looking for variety in the salty snack aisle. Enterprises also prefer developing products such as organic popcorn, raw butterfly and mushroom popcorn made with dent corn and flint corn.
For instance, Smartfood Flamin Hot White Cheddar Flavored Popcorn launched by Frito-Lay’s in July 2019. The first availability of the product was at Wal-Mart and Sam’s Club before it was distributed among the nationwide retailers. Smartfood Flamin Hot White Cheddar Flavored Popcorn contains no added MSG and is free from artificial flavors that fulfill the high-quality standards that are set by Frito-Lay’s. Furthermore, the RTE popcorn manufacturing brands are targeting kids through Unicorn inspired colorful corn kernel.
- Savory Product Segment Boosts RTE Popcorn Market
Savory is the fastest-growing segment which is anticipated to grow further at a CAGR of 6.3% through to 2025. RTE popcorn has paved their way as snacks among the consumers. Besides the traditional salty flavor of popcorn, nowadays several companies are using sweet, fruity, tangy, and seasonal flavors for increasing consumer interest. Enterprises are also developing other flavors dried cranberries or candy mixed-in toppings, pumpkin spice or gingerbread, and hot chocolate and marshmallow toppings. These companies are not only expanding profitably but also tapping into the growing interest in healthy, natural, and portable snacks.
These innovations by the popular brands are influencing the start-ups to innovate their products, due to this, the global RTE popcorn market size was evaluated to be $2.4 billion as of 2018. Moreover, the market is expected to boost at a notable CAGR of 12% during the forecast period of 2019-2025.
North America Embracing the Demand for RTE Popcorn
As of 2018, North America dominated the global RTE popcorn market with a regional revenue share of 30%. Overall, the Americans consume 14 billion quarts of popcorn annually as it is the most economical and wholesome food available. Approximately 70% is consumed at home and the remaining 30% outside the house such as theaters and stadiums. The per capita consumption in the U.S averages 42 quarts of domestically produced popped popcorn. With significant growth in the number of Multiplex theaters and consumption at home has increased the demand for RTE popcorn. Also, Conagra Brands Inc., an American packaged food company, acquired Angie’s Artisan Treats, a kettle corn-producing company and the makers of BOOMCHICKAPOP, in 2017 from TPG Growth, a growth equity investment platform for of TPG. Conagra offers several varieties of ready-to-eat popcorn in the U.S. A Large proportion of North America is more inclined towards various flavors and mix-ins pop-corn. Thus, the RTE popcorn market is witnessing significant growth.
Major Companies Boosts RTE Popcorn Market
Some of the key companies that are dominating the RTE popcorn market are Weaver Popcorn Company Inc, Conagra Brands, Inc, The Hershey Company, Eagle Family Food Group Llc, The Hain Celestial Group, Inc, Intersnack Group Gmbh and Co Kg, Snyder’S-Lance, Inc, Pepsico, Quinn Food Llc, and Propercorn. These pioneering companies are utilizing extensive resources on developmental and innovational activities to deliver essential products and solutions to global customers, deliberately strengthening their brand image and setting new trends for the global market.