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From being a very humble roadside snack, popcorn has turned into a gourmet option with a vast variety of flavours that add an extra zing to its basic taste. Hence, India is one of those markets where the popcorn segment is bound to pop along merrily
Turning a mundane snack into a gourmet product has worked out really well for many players tapping the Indian popcorn market. In fact, so rapid has been the growth in the popcorn market that it is now being touted as one of the most favoured snacks, especially in the urban areas which has paved way for the franchise business model. Even the concept of gourmet popcorn is gaining momentum beyond the metro cities. The Indian gourmet popcorn market is expected to grow at a CAGR of 36% during the forecasted period of 2016-2022, as per the market studies.
“Gourmet popcorn is about procuring top quality popcorn seeds, top quality glaze and seasoning, and knowing the right method of blending the ingredients to pull out great looking and tasting popcorn,” says Bharat Ramani, CEO, Planet Pop Foods (P) Limited. It is this change that has boosted the popcorn market in India. And it is now common enough to find people, both young and old, specially buying popcorn at shopping malls and in multiplexes with a choice of flavours. In addition, the high growth phenomenon is also due to the fact that popcorn lovers do not find the pricing exorbitant at all. “On an average we have about 60 to 65% margins for non multiplex business,
The Franchising Route
Talking about the franchise profile, Ramani says, “Most important ingredient is the franchisee should love Popcorn and must be aggressive in reaching out to customers through multi channel approach.”
“Franchisees have 45% margin in the business which is good for them to run the business profitably provided they are aggressive,” he adds.
Yet another brand Let’s Popcorn from the Middle East is making its debut in India through franchise model. ““We are delighted to enter the Indian food and beverage market, which has not only posted great growth but offers long-term potential for new products and tastes. The gourmet popcorn segment is still niche due to less geographical penetration,” shares Fadi Faour, General Manager, Let’s Popcorn.
“Our expansion target is to open around 200 points of sales in the coming three years. Besides metros, the popcorn culture may also penetrate the smaller cities and that is something to look forward to,” Faour adds.