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The global instant noodles market size was valued at USD 44.11 billion in 2019 and is projected to reach USD 72.69 billion by 2027, exhibiting a CAGR of 5.9% during the forecast period (2020-2027).
Instant noodles originated in Japan in the 1950s, and today are produced in over 90 countries worldwide. It has become one of the internationally recognized food products that are consumed across several developing as well as developed countries. Convenience, taste, nutrition, and affordable price range are some of the major factors contributing to its increasing popularity among the consumers.
Increasing Consumption of Instant Food Products amid COVID-19 to Favor Growth
The outbreak of COVID-19 and the resultant measures imposed by several governments have resulted in the strict closure of the market to implement social distancing among the consumers. The consumers prefer home-cooked foods and are stocking essential foods at home in bulk, especially instant foods such as these noodles. The tendency of preferring home-cooked food is expected to remain even in the post-pandemic period. According to Mr. Kiyotaka Ando, the CEO of Nissin Food Holdings Co. Ltd., the company has registered a slight growth in its sales revenue and operating profit in the 1st quarter of the year 2020 as compared to the previous years. Furthermore, the company has indicated that the stay home tendency will escalate during the pandemic, which is expected to boost the demand for these noodles in the forthcoming years.
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Increasing Consumer Inclination towards Fortified and Healthier Instant Noodles
The negative health effects of nutrient deficiencies (malnutrition) in every part of the world have necessitated the consumers for healthy and nutritional food intakes in their daily diet. According to the World Health Organization (WHO), more than 1.9 billion adults are obese, while 462 million are underweight worldwide. The consumers are seeking new and innovative food products such as instant noodles that offer nutritional benefits, along with the taste. The manufacturers have found the potential in the product to be an effective food vehicle to add vitamin, iron, calcium, and other nutrients. Moreover, the manufacturers are emphasizing on launching gluten-free food, air-fried, and sun-dried products, which are expected to aid the growth of the global instant noodles industry.
Growing Adoption of Convenient Food Products to Surge Demand
The hectic work schedule of the people is driving the demand for ready-to-eat food products that are quick to prepare and consume without obstructing their daily routine. Therefore, convenient food products have become widely popular among consumers by offering several benefits such as instant appetizers, longer shelf-life, and wider availability in the global marketplace. This type of noodles is one of the most popular snacks among the consumers, which are gaining huge traction across the global marketplace that will aid growth during the forecast period.
Increasing Middle-Class Population to Favor Growth
Instant noodles are gaining a significant response among the consumers owing to their affordable price and offerings of different flavors that are available across several supermarkets and hypermarkets. The increasing middle-class population in the world is one of the major growth pillars for market growth as its price and availability of consumer packs fall under the affordable price range. According to a research paper published under the Global Economy and Development Program at the Brookings Institution, there were around 3.2 billion people in the middle-class in 2016 which was 500 million more than the previous year and is expected to increase by the year 2020 across the world. Thus, the market is expected to grow over the coming years.
Increasing Prevalence of Diabetes and Obesity to Hamper Growth
Despite the taste and convenience benefits of these noodles, it is observed that they are low in offerings of nutritional values to the consumers. It contains a high amount of fat and carbohydrates, which acts as a restraint among the obese population. The rising awareness and health concerns among the consumers associated with obesity and diabetes have necessitated them to reduce their intake of such products. According to the National Centre for Biotechnology Information (NCBI), its consumption is positively associated with obesity and cardio-metabolic syndrome, which is further impeding the overall consumption of the product in the global marketplace.
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Chicken Segment is Expected to Dominate the Market
The market is fragmented into the chicken, vegetable, seafood, and others and is positively influenced by the utilization of chicken during its noodles manufacturing, owing to its taste offerings and affordability factor. According to the Food and Agriculture Organization of the United Nations (FAO), the demand for chicken products has risen dramatically in the last 30 years, worldwide. The consumers are turning their attention towards effective health management, along with the delicious taste, wherein chicken instant noodles are proving more suitable food options with a great source of protein, carbohydrates, and others.
Greater Digestibility Property has Led Wheat Segment to Dominate the Market
The growth in the consumption of wheat in the global food sector has been boosted during the last few decades. The abundant availability of wheat across the supply chain, its digestive properties, and its richness in iron, calcium, vitamin, and other nutrients have encouraged the consumers to consume wheat-based instant noodles in their daily diets. However, increasing awareness about the benefits of oats and rice among the consumers will contribute to the growth of the overall instant noodles market positively.
Supermarkets/Hypermarkets to hold a Major Market Share due to its Offering of One-stop Shopping Experience
The rapid emergence of mass merchandisers in the developing markets such as India, China, and other economies enables the higher sales momentum of instant noodles worldwide. These giant retailers have expertized in offering several facilities such as separate product shelves, product informative boards, and others, which offer a good shopping experience to the consumers under a single roof. However, the e-commerce boom has effectively provided strong headwinds to online retail sales of the food products.
North America Instant Noodles Market Size, 2016-2027 (USD Billion)
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Asia Pacific market growth is driven by the huge consumer base and their increasing disposable incomes that allow them to spend on several varied food items in the market scenarios. Consumers in the region have exhibited willingness to spend more on convenience food products to prevent obstacles in their busy lives and improve overall well-being. These noodles are one of the most consumable convenience foods, and their demand is increasing at a rapid pace, in highly populated countries such as China, Indonesia, and India in the region.
The consumption of the product in China has drastically increased owing to the investments and innovations by key players in the country. The growing working population, dynamic youth groups, and an increasing number of the female working population are some of the major factors that are likely to boost the consumption of the product in the market.
Instant noodles have emerged as an important snacking food in Europe due to shifting trends towards convenience and on-the-go products. The availability of ethnic flavors and nutritional value of the flour paves a way for the growth of the market in Europe. The fear of the global pandemic and increased sensitivity towards hygienic food has emerged to be a critical factor in determining the overall demand for processed and packaged food across Europe, which has created a fair market potential for the product.
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Although instant noodles originated in the market in Asia Pacific, it has become one of the most popular foods in North America and Europe. The U.S., Russia, and Germany are the major countries in these regions with immense potential to grow owing to the increasing convenience foods sector during the forecast period.
Nissin Food Holdings is Constantly Developing Innovative Healthy Products to Meet Global Demand
The companies in the industry are increasingly launching products that will ease the adoption of the product, thereby, making it a more convenient snacking food option. The market faces cut-throat competition with the presence of several snack food industry rivals. The companies are also focusing on consumer preferences at the local markets and based on it are developing a large range of products to meet consumer demands.
The major instant noodles brand in the world- Nissin Food Holdings is emphasizing on meeting the ongoing trends by releasing additions to its product portfolio such as sun-dried, low-sodium, and fortified instant noodles. For instance, In August 2017, Nissin Food Products announced a launch of the first instant noodle cup with vegetable serving.
An Infographic Representation of Instant Noodles Market
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The report provides qualitative and quantitative insights into the market. It also offers a detailed market analysis with the size and growth rate for all possible segments in the market. Various key insights presented in the report are an overview of related markets, recent industry developments such as mergers & acquisitions, the regulatory scenario in critical countries, and key industry trends.
Value (USD Billion)
By Distribution Channel
Fortune Business Insights says that the global instant noodles market size was valued at USD 44.11 billion in 2019 and is projected to reach USD 72.69 billion by 2027.
Growing at a CAGR of 5.9%, the market will exhibit steady growth in the forecast period (2020-2027).
Chicken instant noodles segment is expected to be the leading segment based on the product type in the market during the forecast period.
A hectic schedule and disrupted work-life balance of the consumers to drive the market growth.
Nissin Food Holdings, Nestle S.A., ITC Limited, and Unilever Plc. are few of the key players in the market.
Asia Pacific dominated the market share in 2018.
Supermarkets/hypermarkets segment is expected to grow at the fastest pace during the forecast period.
Fortified and healthier instant noodles are some of the trends in the global market place.
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