The ‘Global Instant Noodles Market Report and Forecast 2023-2028’ by Expert Market Research gives an extensive outlook of the global instant noodles market, assessing the market on the basis of its segments like types, distribution channels, and major regions.
The key highlights of the report include:
Market Overview (2018-2028)
• Historical Market Size (2022): USD 54.59 billion
• Forecast CAGR (2023-2028): 5.80%
• Forecast Market Size (2028): USD 76.57 billion
The global instant noodles market is expected to register growth during the forecast period on account of the changing eating habits of consumers. This is due to hectic work schedules and rapid urbanisation across the globe. The surging demand for food that requires the least cooking time, is tasty, and has a longer shelf-life is expected to push forward the market growth of instant noodles across the globe in the coming time frame.
Based on the distribution channel, the supermarkets and hypermarkets segment is expected to hold a substantial share of the instant noodles market as they provide a one-stop shopping experience to consumers. The growing middle-class population across the globe is likely to support the segment growth in the market due to the easy availability of larger instant noodle packs that come under reasonable price ranges.
The rapid rise of mass retailers in emerging markets like China, and India, among other economies, are facilitating higher sales momentum of instant noodles across the globe. Large retailers provide various facilities, like individual product shelves, and informative product boards, among others, that provide consumers with a positive and all-inclusive shopping experience. However, the online stores segment is expected to gain momentum over the upcoming years in the instant noodles market on account of the evolving e-commerce industry.
Instant Noodles Industry Definition and Major Segments
Instant noodles are a type of convenience food comprising of noodles and some form of flavouring that can be prepared within minutes. Such noodles are cooked, dried, then sold in small individual packages, usually with a flavour packet having dried seasonings. Generally, these noodles need only boiling water and can be cooked with a microwave, oven, or stovetop. They are famous for their low cost and simplicity.
By type, the market is bifurcated into:
Based on distribution channel, the market is classified into:
• Supermarkets and Hypermarkets
• Specialist Stores
• Convenience Stores
• Online Stores
On the basis of region, the market is divided into:
• North America
• Latin America
• Asia Pacific
• Middle East and Africa
Instant Noodles Market Trends
With the growing working population in several countries, the demand for convenience foods is increasing. This is further expected to bolster the instant noodles market growth across the globe. Rising popularity of various recipes for instant noodles on social media are a key trend in the market that is increasing the popularity of using instant noodles for cooking experimentation. Due to their low cost and fast cooking speed, instant noodles are often preferred by students.
Geographically, the Asia Pacific region is expected to gain momentum in the instant noodles market share over the coming years on account of the large consumer base in the region. The increasing disposable income in the region enables consumers to increase their spending on various food items in the market. The demand for instant noodles has witnessed a rapid upsurge in highly populated economies like India and China in the region as instant noodles are among the most popular and consumable convenience foods preferred by consumers.
Meanwhile, North America is expected to register growth in the instant noodle market share on account of the rising popularity of quick cooking food in the region. Moreover, due to changing trends towards convenience products, instant noodles have become a growing trend in countries like the United States.
Key Market Players
The major players in the global instant noodles market report are Nestlé S.A., Nissin Foods, Ajinomoto Poland Sp. Z O.O, Unilever, ITC Limited, Capital Foods Pvt. Ltd, Acecook Vietnam, PT Indofood Sukses Makmur Tbk, TOYO SUISAN KAISHA, LTD, and Uni-President (Philippines) Corporation, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments, and mergers and acquisitions, among other latest developments of these market players.
The report studies the latest updates in the market, along with their impact across the market. It also analysis the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter’s Five Forces Models.