New York, US, June 02, 2022 (GLOBE NEWSWIRE) -- Instant Noodles Market Overview:
Market Research Future (MRFR) 's report highlights "Instant Noodles Market Information by Product Type, Pack Size, Distribution Channel, and Region - Forecast till 2030", the market will touch USD 81.90 Billion by 2030 at a 6.0% CAGR.
Market Synopsis
Instant noodles are a popular type of noodle that can be prepared quickly. It is a type of ready-to-cook noodle that contains a variety of spices and other materials such as dehydrated vegetables, wheat flour, meat, fish, and pork. Instant noodles are now made in more than 90 countries around the world. It has become one of the most well-known food products globally, with consumers in both developing and developed countries. Convenience, nutrition, taste, and a reasonable price contribute to its growing appeal among consumers.
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Report Scope:
| Report Attribute | Details |
| 2030 Market Size | USD 81.90 Billion |
| CAGR | 6.0 % (2022–2030) |
| Base Year | 2021 |
| Forecast Period | 2022-2030 |
| Historical Data | 2020 |
| Forecast Units | Value (USD Million) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Product Type, Package Size, Distribution Channel and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | Increasing demand for convenience food |
Market Competitive Landscape:
The influential contenders in the instant noodles market are:
- Nestlé S.A. (Switzerland)
- Unilever PLC (U.K.)
- Nissin Foods Co., Ltd (Hong Kong)
- Tat Hui Foods Pte. Ltd. (Singapore)
- Capital Foods Limited (India)
- PT Indofood Sukses Makmur Tbk (Indonesia)
- Ajinomoto Co., Inc. (Japan)
- Campbell Soup Company (U.S.)
- ITC Limited (India)
- Acecook Vietnam Joint Stock Company (Vietnam)
Market USP Covered:
Market Drivers:
The global market is driving market expansion due to the intensifying demand for convenience foods, customer inclinations for ethnic and regional flavors, and the availability of handy packaging formats. As a result, consumers are becoming more health-conscious and seeking new and novel food products with great nutritional value, such as quick noodles. Manufacturers have had additional business opportunities because of the development of instant noodles with good ingredients in recent years. The market leaders are introducing new and unique flavors, expected to boost the instant noodles market size over the assessment period. Due to its low cost and availability in various flavors across numerous supermarkets and hypermarkets, the product is receiving a significant and enthusiastic response from consumers.
The growing middle-class population worldwide is one of the primary growth pillars for the business since the price and availability of consumer packs are within reach. Individuals' hectic work schedules are driving up demand for ready-to-eat food products that are easy to prepare and consume. As a result, consumers have grown increasingly interested in convenient foods, which have advantages such as fast appetizers, longer shelf life, and global availability. Instant noodles are one of the most popular snacks that are gaining a lot of traction worldwide, which will raise the global market revenue during the forecast period.
Market Restraints:
Due to the customers' negative opinions about instant noodles, the market for instant noodles may be constrained. Furthermore, the adverse effects connected with instant noodle products and strict government supervision may stymie the industry's expansion throughout the review period. Health concerns are the most significant market limitation, followed by unhealthy components and the accessibility of other extruded snacks.
COVID 19 Analysis
Following the outbreak of COVID-19 and the subsequent restrictions implemented by numerous countries, the market has been closed to implement social distancing. Consumers favored home-cooked food and kept basic food items, particularly instant foods, in quantity at home. Even after the pandemic, the taste for home-cooked food is predicted to persist.
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Market Segmentation
By Product Type
The most important segment is the packet instant noodles segment, which is expected to expand by roughly USD 21,440.7 million by 2030. The cup or bowl segment, on the other hand, is predicted to develop at the fastest rate over the study period, with a CAGR of 3.33 percent, due to the ease of on-the-go eating.
By Distribution Channel
In the study period, non-store channels such as e-commerce are expected to boost the market fast by establishing a larger instant noodles sector size. On the other hand, the store-based channels will grow rapidly during the research time. Due to shifting client tastes, market players introduce new kinds, and supermarkets ensure that all of these products are available to attract more customers. Only traditional food stores have a larger percentage of the distribution channel than supermarkets/hypermarkets.
By Pack Size
The four-pack size will account for the largest share market sector in the projection timeframe. The single pack and six-pack categories have mostly followed this upward trend.
Regional Insights
The Asia-Pacific market's expansion is fueled by the region's large customer base and rising disposable incomes, which allow people to spend on a wide range of food goods. Consumers in the region are willing to pay more for convenience foods to save time and improve overall well-being by avoiding spending much time on traditional cooking. One of the most popular convenience foods is instant noodles. In densely populated countries like China, Indonesia, and India, their demand is fast expanding. Consumers in India have become more health-conscious, providing potential for players to develop a new category of healthier noodles. As Indian consumers have grown more health concerned, the market is being led by players developing a new sector of healthier noodles. This has also allowed players to capitalize on the innovation aspect of developing instant noodles with functional value. Furthermore, corporations are developing novel tastes and flavors in addition to the standard flavors.
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Since instant noodles produced from white flour are deemed harmful, gamers develop atta noodles. Because of changing tendencies toward convenience and on-the-go items, instant noodles have become a popular snack in Europe. The abundance of ethnic flavors and the flour's nutritious potential pave the way for market expansion in Europe. Fear of a global pandemic and heightened sensitivity to hygienic food have emerged as significant elements in deciding consumer spending for processed and packaged meals across Europe, resulting in the good market potential for the product.
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