LONDON–(BUSINESS WIRE)–
The top three emerging trends driving the global popcorn machine market according to Technavio research analysts are:
- Product innovations
- Demand from emerging countries
- Improvement in distribution channels
Technavio’s latest report on the global popcorn machine market provides an analysis on the most important trends expected to impact the market outlook from 2016-2020. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
Technavio announces top three emerging trends impacting the global popcorn machine market through 2020.
Jhansi Mary, a lead analyst from Technavio, specializing in research on kitchen and large appliances sector, says, “The global popcorn machine market is expected to exceed USD 1 billion by 2020, growing at a CAGR of close to 5%. The global popcorn machine market is expected to grow consistently due to the increase in the consumption of homemade popcorn and innovations in the design of popcorn machines offered by vendors. In 2015, popcorn machines comprised a major segment of the kitchen electric appliance market, which is expected to remain stable in both commercial and residential sectors.”
Product innovations
Vendors in the global popcorn machine market have modified their product offerings to suit the evolving consumer preferences. To serve health-conscious consumers who wish to reduce their daily fat consumption, vendors have introduced popcorn machines that consume less oil in preparation. Non-stick coated surfaces and heat-resistant bases are also introduced in popcorn machines to ensure that the corn does not burn due to excessive heat. For instance, Wabash Valley Farms offers popcorn machines that are equipped with a stirring mechanism to prevent sticking.
High-end consumers who invest in high-quality appliances for home entertainment, prefer professional style popcorn machines that offer greater capacity and durability. Consumers can also avail discounts on professional style popcorn machines on ecommerce sites. With the increased use of microwave ovens for daily cooking, vendors like Nordic Ware have introduced microwave popcorn poppers which are made of oven-safe, high-density plastic.
Demand from emerging countries
Countries in Asia are witnessing a rising demand for popcorn due to emergence of local flavors. Also, the increased demand from urban and middle class consumers indicates a strong market potential in these countries. New products are launched to cater to this demand. For example, availability of various flavored popcorns by Popcorn Factory like Cinnamon, Caramel Signature, Sweetberry and Coffee Lovers has captured the attention of consumers in Indonesia. The popcorn market in Indonesia is likely to exceed USD 1 billion in 2017 and grow by over 50%.
Similarly, India is showing strong demand for snacks with fresh and healthy ingredients. During 2012-2015, the popcorn market in India has witnessed a high growth rate of 24% in the in-home category popcorn. This increasing demand for popcorn augurs well for the growth of the popcorn machine market.
Improvement in distribution channels
The growing penetration of Internet has changed consumer behavior, with many people using it to compare specifications and price of available products. Another advantage of online shopping is the availability of platforms to voice their opinions about products and read customer reviews to make informed decisions before the purchase. The growth in e-commerce has prompted leading brands to focus on delivering improved sales experience. Players are launching informative and interactive websites to increase customer reach, provide expert advice on using their products, and promote their products. Alongside enhancing product assortments, the companies are also investing in devising account management and supply chain management strategies.
Apart from enhancing their presence on online retail platforms, vendors are also developing more holistic distribution channels to cater to all types of customers. This has given rise to omni-channel retailing. Vendors need to ensure that the product receives maximum visibility in the market. “Selling though a combination of online and offline channels allows the retailers to deploy data analytics to get a clear picture of consumer needs and preferences and use these insights to devise marketing strategies,” says Jhansi.
Technavio: India’s popcorn market grew 24%
