New Delhi : The GST Council on Saturday put popcorn in three types of tax slabs. 5 percent, 12 percent, 18 percent. Now the question is, what was the need for the government to bring a thing like popcorn under the ambit of GST. Let us know this in today's article.
Market worth Rs 2600 crore
The popcorn market is considered very big in India. According to estimates, its market size in India is around Rs 1200 crore. Which can reach around Rs 2600 crore in the year 2023.
12% increase in popcorn market
According to a report, the popcorn market has seen a growth of more than 12 percent from 2023 to 2024. The special thing is that the popcorn market in the whole world is worth Rs 75 thousand crores. Now you can understand how important it has become for the government to earn money from popcorn.
popcorn market
The popcorn market is expanding rapidly in India. Its growth has been more than 10% in the last few years in the country. This market can grow by 12% by the year 2023. According to the data, popcorn was worth Rs 1,158 crore by the year 2023, which is currently seen to be around Rs 1,200 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.
How did demand increase in the market?
The main reason for this is the increasing demand for popcorn in the country. Common people go to multiplexes and movie theaters and eat popcorn with movies. At the same time, 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. If we look at the figures, ready-to-eat (RTE) popcorn was the highest revenue generating type in 2021. While microwave popcorn appeared to be the fastest growing segment. If we talk about sellers, India's multiplex PVR sells an average of 18,000 popcorn tubs per day. Banaco supplies popcorn grains to about 80 percent of multiplexes in India.
global market is also big
On the other hand, if we talk about the global market, it is also not small. According to the report of Mordor Intelligence, in the year 2024, the popcorn market will be worth 8.80 billion dollars i.e. about 75 thousand crore rupees. Which is expected to reach 14.89 billion dollars i.e. Rs 1.26 lakh crore by the year 2029. Globally, the popcorn market may grow by 11.10 percent from 2024 to 2029. The largest market for popcorn is North America. While the fastest growing market is Asia Pacific. Major popcorn players globally include Hershey, PepsiCo, Pop Weaver, ConAgra, etc.
tax on popcorn
GST Council has brought popcorn under the purview of GST. The GST Council has placed popcorn in different slabs of GST according to taste, while the GST rate on popcorn that is not packaged and labeled will be 5 percent, the GST rate on popcorn that is packaged and labeled will be 12 percent. Popcorn prepared with caramel-like sugar has been placed in the 18 percent tax slab.
Also read :-
GST Council Meeting: Shock to the common man, now everything from popcorn to old car has become expensive, GST increased.
Comments are closed.