Instant Noodles Market to Reach $92.7 Billion, Globally, by 2031 at 6.9% CAGR: Allied Market Research

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Dec 02, 2022, 08:46 ET

Growth of food service business, rise in working population, and surge in demand for prepackaged food drive the growth of the global instant noodles market.

PORTLAND, Ore., Dec. 2, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "Instant Noodles Market by Product type (Vegetable, Chicken, Sea-Food, 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". According to the report, the global instant noodles industry generated $47.6 billion in 2021, and is anticipated to generate $92.7 billion by 2031, witnessing a CAGR of 6.9% from 2022 to 2031.

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Prime determinants of growth

Growth of food service business, rise in working population, and surge in demand for prepackaged fooddrive the growth of the global instant noodles market. However,poor quality product by few brands in underdeveloped countries restricts the market growth. Moreover, widespread use of social media awareness approach by key players presents new opportunities in the coming years.

Covid-19 Scenario

The outbreak of the Covid-19 pandemic had a negative impact on the global instant noodles market, owing to temporary closure of instant noodlesmanufacturing firms during the lockdown.
Not only the production, but also the sale of instant noodles was hampered due to closure of specialty stores across the world, especially in the initial period of the pandemic.
Engaged stakeholders in the instant noodles industry revisited their sourcing strategies, rationalizing the product range and assessing resilience & agility of new supply chain to access the route to market channels. In addition, e-commerce distribution networks are being optimized and streamlined to harness the untapped potential of online sales channel.

The cups segment to maintain its leadership status throughout the forecast period

Based on packaging, the cups segment held the highest market share in 2021, accounting for around three-fifthsof the global instant noodles market, and is estimated to maintain its leadership status throughout the forecast period.The cups instant noodles packaging helps in enhancing the shelf life of products and also prevents the taste and flavor of noodles from getting spoiled. In addition, cup packaging is safer during transportation, storage and travelling. However, the packets segment is projected to manifest the highest CAGR of 7.8% from 2022 to 2031. Packet instant noodles are easily available in hypermarkets, online stores, convenience stores, and others.

Moreover, packet packaging is done for all type of noodles such as vegetable noodles, chicken noodles, porknoodles, and others. Furthermore, packet packaging contains suitable oxygen level which helps in long termtransportation and storage process. These factors drive the segment.

The wheatsegment to maintain its leadership status throughout the forecast period

Based on source, the wheat segment held the highest market share in 2021, accounting for nearly halfof the global instant noodles market, and is estimated to maintain its leadership status throughout the forecast period, owing to its high nutritional qualities such as high iron, calcium, vitamin, and protein.However, the oats segment is projected to manifest the highest CAGR of 9.3% from 2022 to 2031, owing to increase in the demand for convenience foods and oats' high nutritional value. A significant number of consumers have also been drawn in by the introduction of oat noodles with a variety of flavors, such as masala varieties. The introduction of a low-cost, smaller variant of oats instant noodles also contributed to the market's growth.

The chicken segment to maintain its lead position during the forecast period

Based on product type, the chicken segment accounted for the largest share in 2021, contributing to more than two-fifths of the global instant noodles market, and is projected to maintain its lead position during the forecast period. The widespread adoption of chicken products around the world is credited to the chicken segment's expansion. In most nations, there are no legal or religious restrictions on chicken food products, which contributes to their popularity. However, the seafood segment is expected to portray the largest CAGR of 8.6% from 2022 to 2031.Sea-food is often considered healthy in comparison to other food owing to which its uses in making instant noodles has increased.

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Asia-Pacific to maintain its dominance by 2031

Based on region, Asia-Pacific held the highest market share in terms of revenue in 2021, accounting for nearly two-fifths of the global instant noodles market, and is likely to dominate the market during the forecast period. Rise in awareness regarding various instant noodles products such as chicken, sea-food and others has led to a rise in the demand for instant noodles products in Asia-Pacific. However, the market in Europe is expected to witness the fastest CAGR of 9.0% from 2022 to 2031.The demand for the product is mainly driven by the global players present in western European countries.
Increasing instant noodles product distribution chains and broadening consumer demand for various flavorinstant noodles are some additional factors supplementing the growth of the market.

Leading Market Players:

NESTLE SA,
NISSIN FOOD PRODUCTS CO. LTD.,
ITC LIMITED,
CAPITAL FOODS LIMITED,
AJINOMOTO CO. INC.,
INDOFOOD GROUP,
Acecook Vietnam Joint Stock Company,
CAMPBELL SOUP COMPANY,
Indofood SuksesMakmurTbh,
Toyo Suisan Kaisha, Ltd.

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