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Instant Noodles Market Overview:
The global instant noodles market is likely to grow steadily. The market witness’s constant product launches, driving the market growth. Market Research Future (MRFR) asserts that the global instant noodles market is poised to escalate from USD 78,033.41 MN in 2022 to USD 1,16,792.66 MN by 2030, posting a 5.17% CAGR during the review period (2022-2030).
The growing consumer preference and popularity boost the Instant Noodles Market size. Moreover, rapid growth in the working population drives the instant noodles market growth, creating a vast demand for convenience food products. Simultaneously, the growth in the convenience food market and advancements in food technology boost the market sales.
Also, innovations and introduction of new instant noodle types like made with natural and organic ingredients push market revenues. The ever-increasing population and changing food consumption trends are key driving forces influencing the growth of the market.
On the other hand, factors such as the volatility of prices and the demand & supply gap of raw materials required for the production of these instant noodles are obstructing market growth. Nevertheless, the higher demand from the international market is expected to enhance the export revenues throughout the assessment period.
Instant Noodles Market – Segmentations:
The market report is segmented into product types, packet sizes, distribution channels, and regions. The product type segment comprises cups/bowls and packets. The packet size segment comprises single pack, four pack, six pack, and others. The distribution channel segment comprises store-based and non-store-based. By regions, the instant noodles market is segmented into North America, Europe, Asia-Pacific, and the rest of the world.
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Instant Noodles Market – Regional Analysis:
Globally, Asia-Pacific is the largest market for instant noodles. A huge consumer base and increasing disposable incomes allowing them to spend on varied food items are key driving forces. Consumers in this region spend more on convenient foods to save the time required for conventional cooking methods. Higher production largely contributes to the rapidly growing countries like New Zealand, Australia, China, and India.
Instant Noodles Market – Competitive Analysis:
Highly competitive, the instant noodles market is largely driven by the presence of several well-established players. To gain a larger competitive share, mergers & acquisitions, collaboration, expansion, and product launches remain popular trends for industry players. Considering the rising demand for natural products, players are increasingly developing the plant-based segment. They invest substantially in product development and expand their global footprints.
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Major Players:
Leading instant noodles market players are Indofood (Indonesia), Nestle (Switzerland), Nissin Food (Japan), Ajinomoto (Japan), Unilever (United Kingdom), ITC Ltd. (India), Campbell Soup (United States), Tat Hui Foods (Singapore), Capital Food (India), and Acecookvietnam (Vietnam), among others.
Industry/Innovation/Related News:
Sep.01, 2023 — Nissin Foods USA launched a new brand, Geki, into its instant noodle portfolio with the launch of a chili-infused noodle innovation. Geki is designed for spice enthusiasts seeking authentic Asian meals at home, infusing real chili flakes directly into the round noodles to generate a spicy taste. Geki Fiery Hot Chicken is developed using a new advanced manufacturing technology designed by Nissin.
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