Instant Noodles Market Revenue Size, Share, and Growth Analysis: Future Outlook, 2032

DevendraD

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The global instant noodles market revenue was valued at USD 57.73 billion in 2023 and is projected to grow from USD 61.08 billion in 2024 to USD 98.26 billion by 2032, reflecting a CAGR of 6.12% during the forecast period. Asia Pacific held a dominant share of 85.81% in the instant noodles market in 2023. Additionally, the U.S. instant noodles market is expected to expand significantly, reaching an estimated value of USD 4.67 billion by 2032, driven by increasing demand for convenience food and a rising number of Asian immigrants.

Instant noodles originated in Japan in the 1950s and are now produced in over 90 countries worldwide. They have become a globally recognized food product, consumed in both developing and developed nations. Factors such as convenience, taste, nutrition, and affordability have contributed significantly to their growing popularity.

Information Source: https://www.fortunebusinessinsights.com/industry-reports/instant-noodles-market-101452

Report Coverage

The report presents a comprehensive analysis of market size, share, revenue, and volume. It also includes Porter’s Five Forces Analysis and SWOT analysis. Quantitative and qualitative assessments offer a holistic market view. Primary interviews validate the report’s assumptions, findings, and current business scenarios, while secondary resources such as annual reports, press releases, white papers, and journals provide additional insights.

Segments

Chicken Instant Noodles to Gain Popularity Due to Demand for Exotic Flavors

By type, the market is categorized into vegetable, chicken, seafood, and others. The chicken segment is anticipated to contribute notably to the global market due to rising demand for carbohydrate- and protein-rich foods. Meanwhile, the seafood segment is expected to grow rapidly, driven by abundant raw material availability and increasing demand for nutritious food. The growing trend for vegan products is likely to prompt key players to invest in vegetable-based instant noodles.

Wheat-based Instant Noodles to Gain Traction Due to Easy Availability

Based on raw material, the market is segmented into wheat, rice, oats, and others. The wheat segment is projected to witness significant growth from 2022 to 2029, attributed to its abundant availability and nutritional benefits, including calcium, iron, and vitamins. Oats and rice are also expected to contribute substantially to the global market share.

Cup Packaging to Lead with Rising Demand for Flexible Solutions

In terms of packaging, the market is divided into cup and bag segments. The cup packaging segment is projected to expand notably due to its storage and safety benefits during transportation. The use of waterproof polyester materials in cup packaging enhances convenience during noodle preparation.

Supermarkets/Hypermarkets to Remain Key Distribution Channels

By distribution channel, the market includes specialty stores, supermarkets/hypermarkets, online retail, and specialty stores. The supermarkets/hypermarkets segment is poised to dominate the market, supported by the increasing demand for one-stop shopping solutions. Emerging economies are investing in product information boards and dedicated shelves to boost consumer engagement.

Geographically, the market spans Europe, North America, Asia Pacific, the Middle East & Africa, and South America.

Drivers and Restraints

Rising Demand for Convenience Food to Drive Growth

The instant noodles market is set to expand with the increasing demand for ready-to-eat products. Convenience foods are gaining traction due to their extended shelf life, easy preparation, and wide availability. Additionally, the rising trend for gluten-free, sun-dried, and air-fried noodle variants is fueling innovations in the sector. For example, in August 2021, Momofuku launched air-dried noodles in spicy soy, soy & scallion, and tingly chili wavy noodle flavors. With a growing middle-class population and a shift toward healthier food options, industry players are increasingly investing in innovation.

However, the growing prevalence of obesity could pose a challenge to market growth.

Regional Insights

Asia Pacific to Dominate with Increasing Demand for Convenience Foods

Countries such as China, Indonesia, Japan, and India are projected to play a major role in driving regional market growth. The growing millennial population and rising disposable incomes in these nations are boosting the demand for instant noodles. Additionally, the increasing popularity of vegetable-based noodles aligns with the rising vegan population.

In Europe, demand for on-the-go products is expected to drive market growth. Consumers in this region are showing a preference for ethnic flavors combined with nutritional benefits. Concerns about food safety and hygiene are also encouraging companies to invest in improved production technologies.

North America is likely to present lucrative opportunities due to the increasing Asian immigrant population in the U.S. and Canada. Ethnic-flavored instant noodles have gained significant traction among these consumers, prompting leading companies to invest in advanced packaging solutions to meet the demand for convenient products.

Competitive Landscape

Focus on Brand Positioning and Expansion Strategies

Leading companies are expected to focus on technological advancements, mergers & acquisitions, product launches, and R&D activities to strengthen their market presence. Expanding product offerings is anticipated to help companies increase their geographical reach over the coming years.

Major Players Profiled in the Report: