Global Instant Noodles Market Forecasts Report 2022: Market to grow to $65.55 Billion in 2027 from $45.88 Billion in 2020 - ResearchAndMarkets.com
The "Instant Noodles Market - Forecasts from 2022 to 2027" report has been added to ResearchAndMarkets.com's offering.
The "Instant Noodles Market - Forecasts from 2022 to 2027" report has been added to ResearchAndMarkets.com's offering.
The instant noodles market is projected to grow at a CAGR of 5.23% from a market value of US$45.889 billion in 2020 to attain a market value of US$65.558 billion by the end of 2027.
Instant noodles rank second in importance to staple food products in satisfying the world's appetite for food. Consequently, the market demand is expected to increase during the forecast period due to the rising popularity of instant noodles and changing dietary consumption habits.
The growing adoption of modern living conditions owing to urbanization and the shift from the traditional model of food preparation has further given rise to a surge in market growth during the tenure of the forecast period.
The availability of instant noodles in the packets and cups packaging format has increased their purchase globally with the increased consumption of ready-to-eat convenience food products.
This is mainly attributed to the adoption of a busy schedule by a large number of individuals at the global level. The growing health concerns regarding the consumption of unhealthy fast foods have led to the manufacturing of instant noodles from whole wheat, rice, and oats apart from refined flour, further providing an impetus in spiralling the market growth during the forecast period.
The wide availability of instant noodles food products by companies worldwide has increased their product portfolio, resulting in the generation of high revenues and satisfying a range of consumer demands globally.
Additionally, with the growing trend of food fortification, instant noodles are being fortified with calcium, Vitamin B1, and Vitamin B2, among other essential nutrients beneficial for maintaining good health. Hence such initiatives will further propel the market demand in the forecast period.
Furthermore, the growing trend of organized retail is augmenting the sales of instant noodles with the construction of hypermarkets and supermarkets, convenience stores, and shopping malls, further contributing to the market growth over the next five years.
On the basis of geography, APAC is estimated to hold a significant market share in the global instant noodles industry. This is mainly due to the fact that more than 50% of instant noodles are consumed in the countries of the Asian region. According to the World Instant Noodles Association statistics in 2019, the top three countries with the per capita consumption of instant noodles are Korea, Nepal, and Vietnam.
Instant noodles have gained popularity and are forming a part of American and European diets, with many different and popular varieties of noodles sold in these regions. On the other hand, it is projected that the consumption of instant noodles with growing demand will increase in the Middle East and Africa due to the growing population, showing market growth opportunities during the forecast period.
Key Developments in the Market:
In April 2022, Yu Foodlabs, an instant meal bowls food brand, launched two signature instant noodle bowls with unique and appetizing flavours - Zingy Cheese and Chilli Manchurian. Inspired by the aesthetics of Indo-Chine cuisine, the latest offerings are free from preservatives and are provided at affordable prices.
In August 2021, Momofuku entered the instant noodles market with the launch of 4-minute noodles in three new flavours - soy and scallion, tangy chilly, and spicy soy. The brand collaborated with Taiwan-based noodle firm A-Sha Foods for the manufacturing of the noodles.
In February 2021, Marico Ltd forayed into the instant noodles segment, directly competing with giants like ITC Ltd. and Nestle. The brand launched its new instant noodle offering under the brand Saffola Oodles. This new launch is consistent with the firm's aim of expanding its demographic relevance and solidifying its position in the healthy, ready-to-cook snacking area.
COVID-19 Impact:
COVID-19 had a significant impact on the global instant noodles market. Amid the pandemic, the increased indoor time has sparked at-home cooking and led customers to look for various snacking options. Additionally, consumer stockpiling of ready-to-eat foods further supplemented the market. The growth in the e-commerce segment further added impetus to the market growth.
Companies Mentioned
- PT Indofood Sukses Makmur Tbk
- Nissin Foods Holdings Co., Ltd
- Nestle
- Ajinomoto Co., Inc.
- Campbell Soup Company
- ITC Limited
- Unilever
- Maruchan, Incorporated
- Mr Lee's
- WhatIF Foods
Segmentation:
By Type
- Fried Noodles
- Non-Fried Noodles
By Broth Variety
- Chicken
- Pork
- Beef
- Seafood
- Vegetables
By Packaging
- Packets
- Cups
By Distribution Channel
- Online
- Offline
By Geography
- North America
- USA
- Canada
- Mexico
- South America
- Brazil
- Argentina
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Middle East and Africa
- UAE
- Israel
- Saudi Arabia
- Asia Pacific
- Japan
- China
- India
- Australia
- South Korea
- Indonesia
- Thailand
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