Instant Noodles Market is anticipated to grow at a CAGR of 3.02% to accomplish USD 33,200.2 Million by 2023. Instant Noodles are ready-to-cook noodles offered with various seasonings and diverse stomach ingredients, such as wheat flour, meat, dehydrated vegetables, pork, and seafood.
The trend of stockpiling, which was a direct result observed from the COVID-19 induced lockdowns, had retailers running out of stock. The products' consumption had spiked, leading to the top market players taking a while in bridging the demand-supply gap. The demand for instant noodles is projected to increase; issues such as logistics, supply chain disruptions, limited accessibility to raw materials, and absence of labor are anticipated to restrict the development of the global instant noodles market. Also, restrictions in cross-border transport of commodities are highly dependent on local raw material dealers, increasing the suppliers' bargaining authority. The limited accessibility of raw materials and the manufacturers' low production capacities is anticipated to create a sizeable demand and supply breach, causing the product's increased retail costs in the coming months. Individuals in the APAC region have been observed as the biggest consumers of the staple instant noodle diet, with manufacturers in the region emerging as outperformers in an otherwise subdued earnings season. As more individuals stayed home because of lockdowns and social-distancing guidelines, instant noodles added new traction over the past year.
Growing Demand For Convenience Food
The escalated tendency to consume convenience food items due to their utility benefits is estimated to boost the instant noodles market trends in the coming period.
Increasing Demand For Regional And Ethnic Flavors
The supply of flavors in regional markets and global markets with different and innovative flavor profiles from different countries is estimated to spur the instant noodles market.
Availability Of Convenient Packaging Formats
The presence of packaging formats that are easy to use for eating and storing the noodles is estimated to bolster the overall instant noodles market in the upcoming period.
Introduction Of Instant Noodles With Healthy Ingredients
The launch of newer and innovative flavors by market giants is estimated o promote the instant noodles market share in the forecast period.
Increasing Marketing And Promotional Activities
The escalated marketing budgets are estimated to enhance the instant noodles market's development in the forthcoming period.
Growing Demand For Clean-Label Products
The requirement for clean-label products has risen considerably, and this is projected to spur the instant noodles market in the forthcoming period.
The health concerns connected with the increased consumption of noodles is predicted to spur the global market in the upcoming period.
By Product Type
The packet instant noodles segment is the principal segment, growing at a considerable CAGR to influence USD 21,440.7 million by the end of 2023. The cup/bowl segment is anticipated to observe the fastest 3.33% CAGR during the forecast period due to its convenience and benefit of on-the-go eating.
By Pack Size
The four-pack size is estimated to lead the market segment, with the six and one pack segments following closely.
By Distribution Channel
The store-based channels are predicted to show robust development, and the non-store channels such as e-commerce are estimated to grow at a fast pace in the forecast period.
APAC To Influence Majority Growth
The Asia Pacific reported the chief market share of 82.15% in 2018 and is forecasted to grow at a 3.16% CAGR during the forecast period. China is one of the region's foremost markets, reporting for the principal projected market share throughout the forecast period. Large population, rapid development, and cumulative demand for convenience foods are powering instant noodles' requirements.
European Regional Market to be Driven By Convenience Food Trends
The European region is appraised to surpass USD 1,268.2 million by 2023. Europe possesses a significant market segment mainly due to the elevated demand for Asian noodle flavors and the intensifying convenience foods trends.
The well-known companies in the Instant Noodles Market are
Jan 2021 Nissin Foods, the originator of instant noodles, introduces Cup Noodles Stir Fry flavors teriyaki chicken and hot garlic chicken. In celebration of 50 years of innovation, the cup noodles stir fry product line-up, the first soupless cup for the famous brand, combines modern innovation with undying Asian-inspired recipes. Cup Noodles Stir Fry initially hit store shelves in December 2019, with three Asian-inspired flavors: Korean BBQ, Teriyaki Beef, and vegetarian Sweet Chili.
Jan 2021 Philippine food maker Monde Nissin Corp. is investigating a potential initial public offering in Manila that could raise USD 1 billion. Monde Nissin, which makes the best-selling Lucky Me! instant noodles in the Philippines and meat alternative Quorn in the U.K., has been deliberating plans for a first-time share sale with potential advisers. Deliberations on the prospective deal are at an early stage. The company may decide not to proceed with a listing, the people said, asking not to be identified because the information is private. A listing would see the Makati-based firm joining National Grid Corp. of the Philippines, which is also seeking an IPO in the Southeast Asian nation to raise as much as USD1 billion. Both deals will surpass Robinsons Retail Holdings Inc.'s first-time share sale if they materialize.
Jan 2021 Immi, a brand-new startup, is upping the soup game with healthy instant ramen. The high-protein, low-carb instant ramen comes in three flavor varieties and has a sampler pack first to try out the flavors. The options are Spicy Beef, Tom Yum Shrimp, Black Garlic Chicken, and they're plant-based. The Immi instant ramen pack has 9g net carbs, 31g protein, and 850mg sodium as compared to the standard boxes of instant ramen is a much healthier level. These instant ramen packs are only available to shop online at present, with plans to expand if demand picks up.
Jan 2021 MAGGI has announced the launch of an exciting range of new Paneer spice mixes in the Indian market under the brand name MAGGI Paneer-ae-Magic that promises to deliver delicious paneer dishes in the comfort of your home. Maggi has further strengthened its 'cooking aids & solutions' portfolio with these spice mixes. The new MAGGI Paneer-ae-Magic spice mixes are available in two delicious variants - Shahi Paneer & Kadhai Paneer.
By Product Type
By Pack size
By Distribution Channel
Frequently Asked Questions (FAQ) :
Instant noodles market CAGR would be 3.02% during the forecast period.
Instant noodles market valuation would be USD 33200.2 million by 2023.
The cup segment would dominate instant noodles market.
The packet segment would dominate the instant noodles market.
The Asia Pacific would dominate instant noodles market.