The Instant Noodle Market size is estimated to reach $63.6 Billion by 2026, growing at a CAGR of 5.2% during the forecast period 2021-2026. Noodles packaged in pre-cooked and dried blocks with flavoring powder and seasoning oil are called Instant Noodles. The flavoring is typically in a separate package, but in the case of cup noodles, the flavoring is also loose in the cup. These instant noodle products are sealed and can be reheated or eaten directly from the packet. Growing urbanization, change in the eating habits of the customers, growing demand for flavored products, increase in the disposable incomes of individuals, growing inclination towards taste and increase in the demand for convenience foods are the factors that are set to drive the growth of the global market for the forecast period 2021-2026.
Instant Noodle Market Segment Analysis – By Type
Based on Type, Instant Noodle Market is segmented into Fried Noodles and Non-Fried Noodles. The Fried Noodles segment holds the largest share in terms of revenue in 2020. This is owing to growing demand for instant noodles and currently, fried instant noodles are the most common form of food, accounting for the majority of the market share. As these noodles are flash fried, they help to preserve flavor, boost shelf life and prevent bacterial growth. The growing demand for convenience foods is driving the growth of the market. The Non-Fried Noodles segment is set to be the fastest growing CAGR 5.86% during the forecast period 2021-2026. This is owing to the taste maker that is present along with instant noodles contains monosodium glutamate, sugar, salt, and other seasonings. Non-Fried Instant noodles are popular among the population of all age groups owing to their easy preparation process.
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Instant Noodle Market Segment Analysis – By Distribution Channel
Based on Distribution Channel, Instant Noodle Market is segmented into Supermarkets/ Hypermarkets, Convenience Stores, Specialty Stores, Online Stores and Others. The Supermarkets/Hypermarkets segment held the largest share in 2020. This is owing to the supermarkets have expertise in offering several facilities such as separate products shelve, product informative boards and others which offer a good shopping experience to the consumers. The easy availability of choice of flavor in supermarkets is driving the growth of the market. The Online Stores segment is set to be the fastest growing owing to the current Covid-19 issue and increasing health problems have limited consumers’ visits to groceries and other shops. Online stores have a high level of hygiene and are strict with independent players and are expected to drive segment growth during the forecast period 2021-2026.
Instant Noodle Market Segment Analysis – By Geography
Based on Geography, the Instant Noodle Market is segmented into North America, Asia-Pacific, Europe, and Rest of World (ROW). Asia Pacific region dominated the Instant Noodle Market with 34.21% of market in 2020. This is owing to the rise in the disposable income that allows consumers to spend on a variety of different food products and growing number of female employees in the country. The growing willingness to spend more on convenience food products for preventing obstacles in their busy lives is driving the growth of the market. However, Europe is set to be the fastest growing segment owing to the change in trends towards convenience and goods on the-go food products. The fear of a global food pandemic has emerged as a key factor in deterring overall demand for processed and packaged food across Europe.
Instant Noodle Market Drivers
Increased population of the middle class to favor growth
Instant noodles are gaining a significant response among the consumer sowing to their affordable price and offerings of different flavors that are available across several supermarkets. The increasing middle class population in the world is one of the major growths as its price and availability of consumer packs fall under affordable price range. There were about 3.2 billion people in the middle class and is expected to increase by the year 2025 across the world. Thus the market is expected to grow in the coming years.
Increase in the demand for flavored products
Instant noodles are available in various flavors along with numerous vegetarian and non-vegetarian variations. Manufacturers also formulate the instant noodles with new flavors and textures according to the regional tastes and preferences, which is one of the major factors that is driving the growth of the market.
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Instant Noodle Market Challenges
Increase in the health consciousness among customers associated with obesity
The taste and convenience benefits of noodles, it is noted that they are poor in the supply of nutritional value to consumers. It contains a large amount of fat and carbohydrate, which serves as a restriction among the obese population. Growing awareness and health issues among consumers associated with obesity and diabetes have contributed to a decrease in their consumption of these items. According to the National Center for Biotechnology Information (NCBI), its consumption is positively associated with obesity and cardiometabolic syndrome which is further impeding the overall consumption of product in the global market place.
Instant Noodle Market Industry outlook:
Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in the Instant Noodle Market. Key companies of this market are Nissin Food Holdings, Nestle S.A, ITC Limited, Capital Foods Pvt. Ltd, Ajinomoto Co. Inc, Acecook Vietnam Joint Stock Company, Samyang Corporation, Aico Food Ltd, Indofood Sukses Makmur Tbk and The Campbell Soup Company among others.
In November 2018, ITC has expanded noodle portfolio and launched Sun feast Yippee noodles in 4 variants and with this launch, the company intends to compete with Nestle’s Maggi, which has a market share of 60 percent in the instant noodle space.
Geographically, Asia Pacific region held the highest market share in 2020. This is owing to increasing disposable incomes that allow people to spend several varied food items and increasing number of female working population in the region.
The growing demand for instant foods among the working population is driving the growth of the fried noodles segment.
Growing health consciousness among customers across the world is one of the major factors that is said to reduce the growth of the Instant Noodle Market.
Detailed analysis on the Strength, Weakness and Opportunities of the prominent players operating in the market will be provided in the Instant Noodle Market report.
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