The global instant noodles market revenue was valued at USD 57.73 billion in 2023 and is anticipated to grow from USD 61.08 billion in 2024 to USD 98.26 billion by 2032, registering a CAGR of 6.12% during the forecast period. Asia Pacific led the market with an 85.81% share in 2023. In the U.S., the instant noodles market is projected to expand significantly, reaching an estimated value of USD 4.67 billion by 2032, fueled by the rising demand for convenience foods and the growing number of Asian immigrants.
Originally developed in Japan during the 1950s, instant noodles are now produced in over 90 countries and have become a globally recognized food product. Their widespread appeal across both developing and developed nations is driven by factors such as convenience, taste, nutritional value, and affordability.
Information Source:https://www.fortunebusinessinsights.com/industry-reports/instant-noodles-market-101452
Major Players Profiled in the Report:
Nissin Food Holdings (Japan)
Nestle S.A. (Switzerland)
ITC Limited (India)
Capital Foods Pvt. Ltd. (India)
Ajinomoto Co. Inc. (Japan)
Acecook Vietnam Joint Stock Company (Vietnam)
The Campbell Soup Company (U.S.)
Indofood Sukses Makmur Tbk (Indonesia)
Toyo Suisan Kaisha Ltd. (Japan)
Tat Hui Foods Pte Ltd. (Singapore)
Report Coverage:
The report provides a detailed analysis of market size, share, revenue, and volume. It incorporates Porter’s Five Forces analysis and SWOT analysis, offering both quantitative and qualitative assessments for a holistic market perspective. Primary interviews validate findings, assumptions, and current business scenarios, while secondary resources like annual reports, press releases, white papers, and journals support the research.
Segmentation:
Chicken Instant Noodles to Drive Growth with Increasing Demand for Exotic Flavors
The market is segmented by type into vegetable, chicken, seafood, and others. The chicken segment is expected to contribute significantly due to the rising demand for carbohydrate- and protein-rich foods. The seafood segment is anticipated to grow rapidly, driven by the availability of raw materials and the demand for nutritious food. Meanwhile, the trend for vegan products is likely to encourage companies to invest in instant vegetable noodles.
Wheat-based Instant Noodles to Lead Due to Abundant Availability
By raw material, the market is divided into wheat, rice, oats, and others. Wheat-based instant noodles are projected to witness significant growth, supported by the easy availability of wheat flour and its nutritional benefits, including calcium, iron, and vitamins. Oats and rice are also expected to contribute substantially to market growth.
Cup Packaging to Dominate with Flexible and Convenient Solutions
In terms of packaging, the market is split into cup and bag segments. Cup packaging is expected to expand notably due to its storage and safety advantages during transportation. Waterproof polyester materials used in cup packaging enhance convenience during preparation.
Supermarkets/Hypermarkets to Gain Traction as Preferred Distribution Channel
The market’s distribution channels include specialty stores, supermarkets/hypermarkets, and online retail. Supermarkets/hypermarkets are expected to capture a significant share due to their one-stop shopping experience. Emerging economies are likely to emphasize informative product displays and designated shelves to attract consumers.
Geographically, the market is analyzed across Europe, North America, Asia Pacific, the Middle East & Africa, and South America.
Drivers and Restraints:
Soaring Demand for Convenience Foods to Propel Market Growth
The rising demand for ready-to-eat products drives the market, as consumers prioritize convenience, longer shelf life, and instant preparation. Innovations like gluten-free, sun-dried, and air-fried products further bolster market growth. For instance, in August 2021, Momofuku launched air-dried noodles in flavors such as spicy soy, soy & scallion, and tingly chili wavy noodles. However, concerns over obesity may limit growth.
Regional Insights:
Asia Pacific Dominates with Rising Demand for Convenience Foods
China, Indonesia, Japan, and India lead the market in Asia Pacific, driven by growing millennial populations and increasing disposable incomes. The rising vegan population has also boosted demand for vegetable noodles.
Europe’s Market Grows with Preference for Ethnic Flavors
European consumers are increasingly drawn to instant noodles with nutritional value and ethnic flavors. Investments in food hygiene and technological advancements are shaping the market.
North America Benefits from Growing Asian Migrant Population
The U.S. and Canada present significant growth opportunities due to the rising number of Asian migrants and their preference for ethnic-flavored noodles. Companies are investing in advanced packaging solutions to cater to on-the-go consumers.
Competitive Landscape:
Focus on Innovation and Brand Positioning to Strengthen Market Presence
Major players are adopting strategies like mergers & acquisitions, technological advancements, product launches, and R&D investments to expand their geographical footprint.
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Key Industry Development:
September 2020: Mr. Lee’s, a noodle brand, announced its expansion into Hong Kong, New Zealand, Malaysia, and Singapore.
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