In terms of revenue, the Global Instant Noodles Market is expected to reach USD 69.9 Billion by 2028, growing at a Compound Annual Growth Rate (CAGR) of 5.5% from 2022 to 2028.
The market leaders are introducing novel and fresher flavors, which are anticipated to increase the market size for Instant Noodles throughout the evaluation year. In the coming years, it is anticipated that the need for convenience food will increase along with consumer desire for ethnic foods.
Additionally, there are more prospects in the Instant Noodles industry due to rising marketing expenditures during the research period. As a result, marketing and promotional efforts are also expanding significantly.
Key Highlights from Report:
· The Chicken category is expected to hold a significant share in the market in 2021. Due to its vast range of flavor options and low price, Chicken is predicted to hold the highest market share. Along with chicken and other foods that are a better source of protein, carbs, and other nutrients, consumer preferences for healthier food options are also projected to contribute to this category's domination over the forecast period.
· Supermarkets &Hypermarkets are expected to have a significant market share since they provide a one-stop shopping experience. Due to their low cost and availability in numerous Supermarkets & Hypermarkets, Instant Noodles are experiencing a huge increase in popularity among customers. The growing middle class in the world is one of the key growth drivers for the industry since the product's pricing, and availability of consumer packs are within reach.
· The region with the biggest market share is predicted to be the Asia Pacific. This has also allowed participants to profit from the innovative feature of creating Instant Noodles with practical use. In addition to the traditional flavors, businesses are creating new tastes and flavors. The potential for nutrition in the flour and the plethora of ethnic flavors open the door for commercial expansion in Europe. Fear of a pandemic and increased sensitivity to hygienic food have emerged as key factors in determining consumer spending for processed and packaged meals across Asia, leading to the good market potential for the product.
Noodles that can be quickly prepared include Instant Noodles, which are very popular. It is a pre-cooked noodle with several different spices and additional ingredients such as wheat flour, dehydrated veggies, beef, fish, and pork. Today, Instant Noodles are produced in more than 90 nations worldwide. With consumers in both developed and developing nations, it has emerged as one of the most well-known food products worldwide. Due to the growing need for convenience meals, consumer preferences for ethnic and regional tastes, and the availability of convenient packaging formats, the global market is driving market expansion. Because of this, people are increasingly more concerned about their health and looking for fresh, innovative foods that are also very nutritious, like fast noodles.
The Asia Pacific is expected to dominate the market in 2021. The vast customer base and expanding disposable incomes in the region, which enable people to spend on various food products, are driving the Asia-Pacific market's expansion. Consumers in the area are willing to pay more for convenience foods to save time and enhance overall well-being by avoiding spending a lot of time on conventional cooking. Instant Noodles are among the most widely consumed convenience foods. Their demand rapidly rises in populous nations like China, Indonesia, and India. A new category of healthier noodles may be created due to Indian consumers' growing health consciousness. Players creating a new sector of healthier noodles are driving the industry as Indian customers have become more health conscious.
The Global Instant Noodles Market is Segmented as follows:
- Product Type
- Pack Size
- Single Pack
- Four Pack
- Six Pack
- Other Sizes
- Distribution Channel
- Store Based
- Non Store Based
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
List of the Key Players of the Global Instant Noodles Market is:
Nestle S.A. (Switzerland), Unilever PLC (U.K.), Ajinomoto Co. Inc. (Japan), Campbell Soup Company (U.S.), ITC Limited (India), Nissin Foods Co. Ltd (Hong Kong), Tat Hui Foods Pte. Ltd. (Singapore), Capital Foods Limited (India), PT Indofood Sukses Makmur Tbk (Indonesia), Acecook Vietnam Joint Stock Company (Vietnam)
The Global Instant Noodles Market Scope can be Tabulated as below:
|Market Size Provided for Years||2016-2028|
|Regions & Counties Covered||
|Report Coverage||Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis|