Wilmington, Delaware, Nov. 12, 2023 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, "Instant Noodles Market by Product type (Vegetable, Chicken, Seafood, Others), by Packaging (Packets, Cups), by Source (Oats, Wheat, Rice, Others), by Distribution Channel (Hypermarket/Supermarket, , Convenience Store, Specialty Stores, Online Sales Channel, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031". As per the report, the global market for instant noodles is estimated to garner $92.7 billion by 2031, having generated the value of $47.6 billion in 2021, with a noteworthy CAGR of 6.9% during the forecast period of 2022 to 2031.
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Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2023–2032 |
| Base Year | 2022 |
| Market Size in 2022 | $50.7 billion |
| Market Size in 2032 | $99.8 billion |
| CAGR | 7.1% |
| No. of Pages in Report | 1600 |
| Segments covered | Type, Product Type, Distribution Channel, and Region. |
| Drivers |
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| Opportunities |
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| Restraints |
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Factors influencing the growth of the global instant noodles market:
The global instant noodles market is experiencing growth due to factors such as the increase in demand for packaged foods, surge in working population, and an expansion of food service business. However, cheap quality products by some brands in underdeveloped nations hampers the market growth to some extent. Nevertheless, use of social media by frontrunners for the awareness of consumers is expected to offer new growth opportunities in the upcoming years.
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The cups segment to lead the trail by 2031
On the basis of packaging, the cups segment grabbed the highest share of around three-fifths of the global instant noodles market in 2021 and is anticipated to retain its dominant status from 2022 to 2031. This packaging prevents the spoilage of flavor and taste of noodles and enhances the shelf life of products. Additionally, cup packaging is a safer option during storage, travelling, and transportation. The packets segment, on the other hand, would exhibit the fastest growth with 7.8% CAGR throughout the forecast timeframe. Packet instant noodles can be readily found in hypermarkets, online retailers, convenience stores, and various other outlets. Additionally, such packet packaging is utilized for a wide range of noodle varieties, including vegetable noodles, chicken noodles, pork noodles, and more. Furthermore, the packaging of these packets maintains an appropriate oxygen level, facilitating their extended transportation and storage, which contributes to the growth of this market segment.
The wheat segment to rule the roost by 2031
In terms of source, the wheat segment generated largest market share of nearly half of the overall market share in 2021 and is anticipated to maintain its dominance from 2022 to 2031. This is due to the fact that wheat is a rich source of protein, vitamins, calcium, and iron. The oats segment, on the other hand, would display the fastest growth with 9.3% CAGR during the forecast period. The growth is attributed to oats’ high nutritional value and surge in demand for convenience foods. The market has witnessed a notable increase in consumer interest due to the emergence of oat noodles featuring a variety of flavors, including options like masala varieties. Furthermore, the market's expansion was further fueled by the introduction of cost-effective, compact versions of instant oat noodles.
The chicken segment to continue its supremacy by 2031
In terms product type, the chicken segment held the highest share of more than two-fifths of the global instant noodles market in 2021 and is anticipated to lead the trail throughout the forecast timeframe. The segment is expanding rapidly due to the heightened adoption of chicken products across the world. There are no religious and legal restrictions on chicken food products in some areas, which promotes their popularity across the region. The seafood segment, however, is projected to manifest the largest growth with 8.6% CAGR throughout the forecast timeframe. Seafood is widely used in manufacturing instant noodles, owing to its health benefits in comparison to other food.
Asia-Pacific region to garner the major share by 2031
The regional analysis in the report states that the Asia-Pacific region accounted for the largest share of nearly two-fifths of the total market revenue and is expected to retain its dominance throughout the forecast timeframe. The market growth is attributed to surge in awareness about various instant noodles products like, seafood, chicken, and others resulted in an increase in demand for instant noodles products across the Asia-Pacific region. On the other hand, Europe region would cite the fastest growth with 9.0% CAGR during the forecast period. The presence of global players in the region drives the demand for the products. Additionally, growing consumer demand for different flavors of instant noodles and surging product distribution chains promote the expansion of the market.
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Key market players:
- Toyo Suisan Kaisha, Ltd.
- Indofood SuksesMakmurTbh,
- CAMPBELL SOUP COMPANY,
- Acecook Vietnam Joint Stock Company,
- INDOFOOD GROUP,
- AJINOMOTO CO. INC.,
- CAPITAL FOODS LIMITED,
- ITC LIMITED,
- NISSIN FOOD PRODUCTS CO. LTD.,
- NESTLE SA,
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