Global Industry Analysts Predicts the World Instant Noodles Market to Reach $27.8 Billion by 2026
SAN FRANCISCO, March 4, 2022 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Instant Noodles - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.
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Edition: 19; Released: February 2022
Executive Pool: 2376
Companies: 131 - Players covered include Acecook Vietnam Joint Stock Company; Ajinomoto Co., Inc.; Blue Dragon; Kohlico Group; Mamee-Double Decker (M) Berhad; Nestlé India Ltd.; New Dragon Asia Food (Yantai) Co., Ltd.; Nissin Foods Holdings Co., Ltd.; PT. Indofood Sukses Makmur TBK; Samyang Foods Co., Ltd.; Sco-Fro Foods Ltd.; Tat Hui Foods Pte Ltd.; Thai President Foods Public Company Limited; Tingyi (Cayman Islands) Holding Corp.; Toyo Suisan Kaisha, Ltd.; Uni-President Enterprises Corp. and Others.
Coverage: All major geographies and key segments
Segments: Product Type (Packet, Cup / Bowl); Pack Size (Single Pack, Four Pack, Six Pack, Other Pack Sizes)
Geographies: World; United States; Canada; Japan; China; Europe (France; Germany; Italy; United Kingdom; Spain; Russia; and Rest of Europe); Asia-Pacific (Australia; India; South Korea; and Rest of Asia-Pacific); Latin America (Argentina; Brazil; Mexico; and Rest of Latin America); Middle East (Iran; Israel; Saudi Arabia; United Arab Emirates; and Rest of Middle East); and Africa.
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ABSTRACT-
Global Instant Noodles Market to Reach US$27.8 Billion by the Year 2026
Instant noodles represent ready-to-cook options offered in various flavors as well as with healthy ingredients like dehydrated vegetables, meat, beef, pork, seafood, and wheat flour. These easy-to-store, quick-to-prepare and portable options are garnering increasing acceptance among consumers. Introduced in Japan during the 1950s for domestic workers, instant noodles enjoy high popularity among locals across countries owing to their taste, convenience, affordability and nutritional content. While Asia holds the principal position in terms of consumption of instant noodles, the noodle snacking has gained immense popularity in other regions and countries, including Australia and New Zealand. Growth in the global market is primarily being drive by unabated and increasing love of consumers for noodle snacking. The market growth is augmented by busy work schedules and hectic lifestyles that are disrupting the work-life balance and creating high demand for ready-to-eat, convenience food products. Factors such as rising disposable income and increasing urbanization are changing consumer food preferences and pushing global demand for these noodles. The market growth is also stimulated by continuous expansion of organized retail that is providing consumers with a comprehensive array of food options and enhanced shopping experience. While the instant noodles market holds a promising outlook, there are certain factors that are likely to restrain overall expansion of the market. The availability and price volatility related to raw materials like wheat, paper, plastics and aluminum are affecting companies. Instant noodle brands are struggling with increasing cost of raw materials as a result of rising demand-supply gap.
Innovation is vital for sustainable development of the instant noodles industry. Various companies are introducing non-fried versions of their popular products while maintaining the flavor and taste. Some of the startup companies serving the market have developed advanced technologies that eliminate the requirement of conventional deep-frying options intended to remove moisture and dehydrate noodles to extend the shelf life. These advanced options preserve nutritional properties of nutrient-rich, high protein ingredients used in instant noodles. Some of the interesting developments in this direction encompass future-fit crops capable of surviving the climate change. These crops reduce water usage and boast high yields and nutritional content, enabling products to target environmentally-conscious consumers. Instant noodle makers have also been pushing the cup noodle variants which sell at a higher price than compared to packet instant noodles. Amid the COVID-19 crisis, the global market for Instant Noodles estimated at US$24.2 Billion in the year 2022, is projected to reach a revised size of US$27.8 Billion by 2026, growing at a CAGR of 4% over the analysis period. Packet, one of the segments analyzed in the report, is projected to grow at a 3.9% CAGR to reach US$22.2 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Cup / Bowl segment is readjusted to a revised 4.3% CAGR for the next 7-year period. This segment currently accounts for a 22.1% share of the global Instant Noodles market.
The U.S. Market is Estimated at $1 Billion in 2022, While China is Forecast to Reach $10.5 Billion by 2026
The Instant Noodles market in the U.S. is estimated at US$1 Billion in the year 2022. The country currently accounts for a 4.3% share in the global market. China, the world's second largest economy, is forecast to reach an estimated market size of US$10.5 Billion in the year 2026 trailing a CAGR of 3.4% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 3.2% and 3.8% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 4.2% CAGR while Rest of European market (as defined in the study) will reach US$350.6 Million by the end of the analysis period.
Asia-Pacific claims a sizeable stake of the global instant noodles market owing to its massive consumer base coupled with rising disposable income that is bolstering consumer spending on instant noodles. China remains the leading instant noodles market in Asia-Pacific and globally. The instant noodles market in the country is driven by rising working population, increasing share of women in the working population, and a sizeable base of young consumers. The Chinese market is also gaining from increasing investments by companies and strong focus on product innovation. The instant noodles market in North America is propelled by changing food habits as a result of hectic work schedules and busy lifestyles. With little time for food preparation, an increasing number of people are turning towards quick and affordable meals, opening new opportunities for the instant noodles market. Some of the players on the market are targeting product differentiation for pushing their market share. These companies are offering instant noodles made with organic and GMO-free ingredients along with dehydrated meat or vegetables.
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