NEW
YORK, Sept. 24, 2024 /PRNewswire/ -- The global
instant noodles market size is estimated to grow by USD 4.18 billion from 2024-2028, according to
Technavio. The market is estimated to grow at a CAGR of 3.2% during
the forecast period. Increasing demand for regional and ethnic
flavors is driving market growth, with a trend
towards new product launches However, fluctuating raw
material prices poses a challenge - Key market players include
Acecook Vietnam Joint Stock Co., Ajinomoto Co. Inc., Baixiang Food
Co. Ltd., Campbell Soup Co., Capital Foods Pvt. Ltd., CG Foods
(India) Pvt. Ltd., ITC Ltd.,
Kohlico Brands UK Ltd., Mamee Double Decker Sdn. Bhd., Mareven Food
Holdings Ltd., Nestle SA, Nissin Foods Holdings Co. Ltd., Nongshim
Co. Ltd., Ottogi Co. Ltd., PT INDOFOOD SUKSES MAKMUR Tbk, Tat Hui
Foods Pte. Ltd., Thai President Foods Public Co. Ltd., Toyo Suisan
Kaisha Ltd., Uni President Enterprises Corp., and Unilever PLC.
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Instant Noodles
Market Scope
|
Report
Coverage
|
Details
|
Base year
|
2023
|
Historic
period
|
2018 - 2022
|
Forecast
period
|
2024-2028
|
Growth momentum &
CAGR
|
Accelerate at a CAGR of
3.2%
|
Market growth
2024-2028
|
USD 4177.9
million
|
Market
structure
|
Fragmented
|
YoY growth 2022-2023
(%)
|
3.06
|
Regional
analysis
|
APAC, North America,
Europe, Middle East and Africa, and South America
|
Performing market
contribution
|
APAC at 56%
|
Key
countries
|
China, Indonesia,
India, Japan, and US
|
Key companies
profiled
|
Acecook Vietnam Joint
Stock Co., Ajinomoto Co. Inc., Baixiang Food Co. Ltd., Campbell
Soup Co., Capital Foods Pvt. Ltd., CG Foods (India) Pvt. Ltd., ITC
Ltd., Kohlico Brands UK Ltd., Mamee Double Decker Sdn. Bhd.,
Mareven Food Holdings Ltd., Nestle SA, Nissin Foods Holdings Co.
Ltd., Nongshim Co. Ltd., Ottogi Co. Ltd., PT INDOFOOD SUKSES MAKMUR
Tbk, Tat Hui Foods Pte. Ltd., Thai President Foods Public Co. Ltd.,
Toyo Suisan Kaisha Ltd., Uni President Enterprises Corp., and
Unilever PLC
|
Market Driver
The instant noodles market experiences growth due to new product
launches by both regional and international players. Nissin
introduced a new chili-infused brand "GEKI" in the US market in
August 2023. Nestle India expanded its Maggi brand with the launch
of Maggi Korean noodles in BBQ chicken and BBQ veg flavors in
November 2023. These new product
launches contribute to increasing market shares, generating
additional revenue, and attracting new consumers. Successful
innovations provide a competitive edge for vendors in the global
instant noodles market.
Instant noodles continue to thrive in the global marketplace due
to their appeal as ready-to-eat food solutions for hectic work
schedules. This trend is driven by the prevalence of instant
appetizers with longer shelf-life and wide availability. Health
concerns, such as diabetes and obesity, have led to innovation in
taste offerings, including seafood, utilization of chicken, and
alternatives like oats, rice, and wheat. Raw material analysis
focuses on digestibility properties and packaging analysis,
particularly bag packaging and cup packaging, for transportation
and storage. Microwave convenience is key, with instant noodles
remaining an affordable protein and carbohydrate source for the
middle-class population. Pre-pandemic levels of sales in
supermarkets/hypermarkets and e-commerce continue to grow. Brands
like Momofuku capitalize on these trends with vegetable, chicken,
and seafood options.
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Market Challenges
- The instant noodles market faces challenges due to volatile
prices of raw materials, particularly wheat and packaging
components like aluminum, paper, and plastics. The increasing gap
between supply and demand has significantly increased the costs of
these materials. A rise in the price of plastic, for instance,
increases packaging manufacturing costs, leading to reduced profit
margins for vendors. To stay competitive, manufacturers explore
low-cost substitutes, which might affect product quality.
Additionally, suppliers can increase prices based on demand,
escalating manufacturing costs further. These factors are
anticipated to impede the expansion of the global instant noodles
market during the forecast period.
- The instant noodles market, led by brands like Momofuku, faces
challenges in the forthcoming years. The middle-class population's
increasing inclination towards convenience, taste, and affordable
price points keeps demand high. However, consumer health concerns
call for measures like fortified products and healthier options.
Pre-pandemic levels of consumption in supermarkets/hypermarkets and
e-commerce platforms have shifted significantly due to social
distancing and staying at home. Chicken, vegetable, seafood, wheat,
oats, rice, and cup packaging remain popular. Innovative food
products with nutritional benefits, such as vitamins, iron,
calcium, and gluten-free options, are gaining traction. Air-fried,
sun-dried, and air-dried noodles are also emerging trends. Nutrient
deficiencies, malnutrition, obesity, and underweight remain
concerns. Instant foods will continue to be essential food items in
bulk, but innovation and consumer education are crucial.
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Segment Overview
This instant noodles market report extensively covers market
segmentation by
- Type
- Distribution Channel
- Geography
- 3.1 APAC
- 3.2 North America
- 3.3 Europe
- 3.4 Middle East and
Africa
- 3.5 South America
1.1 Fried- The Instant Noodles market is a
significant sector in the global food industry. It caters to the
growing demand for convenient and affordable meal options. Key
players in this market include Nestle, Unilever, and Indofood. They
offer various flavors and brands to cater to diverse consumer
preferences. Instant Noodles are distributed through various
channels such as supermarkets, convenience stores, and e-commerce
platforms. The market growth is driven by factors like increasing
urbanization, changing consumer lifestyle, and rising disposable
income.
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Research Analysis
Instant noodles have gained immense popularity worldwide due to
their affordability and convenience. The middle-class population is
a significant consumer base for this category, with Momofuku Ando's
invention of instant ramen in the 1950s paving the way. Instant
noodles come in various flavors, including Chicken, Vegetable,
Seafood, and more, made from Wheat, Oats, Rice, and other grains.
Nutrition is a crucial factor, with some products fortified to
address nutrient deficiencies and combat malnutrition. Amidst the
COVID-19 pandemic, instant foods, including instant noodles, have
seen a surge in demand as essential food items for home-cooked
meals. Consumption has increased in bulk, leading manufacturers to
innovate and offer healthier products with improved nutritional
benefits. Social distancing measures have further boosted sales,
making instant noodles an affordable solution for the obese and
underweight population. Despite concerns about obesity and
undernutrition, instant noodles continue to be a staple food for
many.
Market Research Overview
Instant noodles have gained significant popularity among
consumers due to their convenience, affordability, and taste. The
market for instant noodles continues to grow, fueled by the
increasing middle-class population and the prevalence of hectic
work schedules. These food products come in various flavors,
including chicken, vegetable, and seafood, and are available in
wheat, oats, rice, and cup packaging. Supermarkets and
hypermarkets, as well as e-commerce platforms, are the primary
distribution channels. Pre-pandemic levels of consumption saw
instant noodles being consumed as essential food items in bulk,
especially during social distancing measures and staying at home.
In the forthcoming years, consumer inclination towards fortified
and healthier products is expected to increase due to nutrient
deficiencies and malnutrition concerns. Innovative food products,
such as air-fried, sun-dried, and gluten-free noodles, are gaining
popularity. The raw materials used in the production of instant
noodles, such as wheat flour and chicken, undergo rigorous analysis
for their digestibility properties and nutritional benefits.
Packaging analysis focuses on microwave-safe materials and longer
shelf-life. The global marketplace for instant noodles is vast,
with various taste offerings, ready-to-eat food products, and
instant appetizers, catering to the affordability factor and
protein, carbohydrate requirements. However, health concerns, such
as obesity and diabetes, are driving the need for nutrient-rich and
lower-calorie options.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
- Type
-
- Distribution Channel
-
- Geography
-
- APAC
- North America
- Europe
- Middle East And Africa
- South America
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory
company. Their research and analysis focuses on emerging market
trends and provides actionable insights to help businesses identify
market opportunities and develop effective strategies to optimize
their market positions.
With over 500 specialized analysts, Technavio's report library
consists of more than 17,000 reports and counting, covering 800
technologies, spanning across 50 countries. Their client base
consists of enterprises of all sizes, including more than 100
Fortune 500 companies. This growing client base relies on
Technavio's comprehensive coverage, extensive research, and
actionable market insights to identify opportunities in existing
and potential markets and assess their competitive positions within
changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
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SOURCE Technavio