The GST Council on Saturday put popcorn in three types of tax slabs. 5 percent, 12 percent and 18 percent. Have you ever wondered why there was a need to bring a thing like popcorn under the ambit of GST? In fact, the popcorn market is not small in India. Its scope and market is quite large. According to estimates, its market size in India is around Rs 1200 crore. Which can reach around Rs 2600 crore in the year 2030.
According to a report, the popcorn market may see a growth of more than 12 percent from 2024 to 2023. The special thing is that the popcorn market in the whole world is Rs 75 thousand crores. Now you can understand how important it has become for the government to earn money from popcorn. Let us also tell you what kind of popcorn market we are seeing?
The popcorn market in India is boosting rapidly. In the last few years, its growth has been seen in the country at more than 10 percent. More than 12 percent may be seen by the year 2030. According to statistics, popcorn was worth Rs 1,158 crore by the year 2023. Which is currently seen to be around Rs 1,200 crore. The special thing is that by the year 2023, this figure can even cross the figure of Rs 2,572 crore. According to the report, the popcorn market in the country is expected to grow at the rate of 12.1 percent from 2024 to 2030.
In fact, the main reason for the increasing consumption of popcorn in the country is the trend of common people going to multiplexes and movie theaters. On the other hand, its consumption at home has also increased significantly. Especially when everyone in the house sits together and watches a movie or cricket match at home. Looking at the data, in 2021, ready-to-eat (RTE) popcorn was the highest revenue generating type. Whereas microwave popcorn was the fastest growing segment. If we talk about sellers, India's multiplex PVR sells an average of 18,000 popcorn tubs every day. Banaco supplies popcorn kernels to about 80 percent of multiplexes in India.
On the other hand, if we talk about the global market, it is also not small. According to the report of Mordor Intelligence, the market of popcorn in the year 2024 is worth 8.80 billion dollars i.e. about 75 thousand crore rupees. Which is expected to reach 14.89 billion dollars i.e. 1.26 lakh crore rupees by the year 2029. The global popcorn market may grow by 11.10 percent from 2024 to 2029. The biggest market for popcorn is North America. Whereas the fastest growing market is Asia Pacific. Big players of popcorn at global level include Hershey's, PepsiCo, Pop Weaver, Conagra etc.
GST Council has brought popcorn under the ambit of GST. GST Council has placed popcorn in different slabs of GST according to flavor. Popcorn prepared with ordinary salt and spices, which is not packaged and labelled, will attract 5 percent GST. Whereas the GST rate on popcorn which is packaged and labeled will be 12 percent. Popcorn prepared from sugar like caramel has been kept under the 18 percent tax slab.
