Instant Noodles Market Size, Value Demand, Global Scenario by Forecast to 2023
Market Overview
Planning a proper meal and preparing it accordingly is now mostly a weekend job. Changing lifestyle has impacted the food habit of people so much that traditional culinary skills are often a far-fetched attempt. Living up to the speed of the urbanization and industrialization has opened up a space for foods that can be made instantly. The table is all set for instant noodles for quite some time now to grab on and make an upheaving move in the market.
The impact of instant noodles is expected to be a long lasting one as it abides by the demands of consumers for food with nutritional value, variety, and product appeal. These products are also getting accolades as they save time when most consider cooking as a cumbersome chore.
However, instant noodles market can face a few setbacks as well. Excessive use of artificial color, preservatives, and flavourings to increase the shelf life may halt the growth rate. Governments are also taking proper measures to check the quality standard to ensure public health. But people’s growing affinity for the product can assist the market to bypass hurdles by investing substantially in research and developments to improve standards.
Market Dashboard
The highly competitive market banks mainly on innovative flavors and the densely packed market are experiencing a constant influx of new flavours.
The key players profiled in the Instant Noodles Market Size are Nestle SA (Switzerland), Ajinomoto Co., Inc. (Japan) and The Unilever Group (Pot Noodles) (U.K.), Campbell Soup Company (U.S.), Nissin Foods Co., Ltd (Hong Kong), Capital Foods Limited (India), ITC Limited (India) and others.
Industry Trends
The industry is witnessing a constant evolution in taste with market leaders bringing in a variety of instant noodles with delectable tastes to beat their competitors. For instance, CARJEN’S NYONYA Curry LAKSA comes with a nice blend of coconut milk powder and the dipping sauce has a tang of spicy shrimp is ensuring a big market pull. Another brand, Mom’s Dry Noodles introduced a new Flavor that has a blend of chili oil, sesame paste, soy sauce and a dry combo of Sichuan peppercorn hulls and garlic.
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Segmentation
Global Instant Noodles Market can be segmented by packaging type, broth, and distribution channel.
Based on packaging type, the market can be segmented into packets, cups, and others. Packets are enlisting huge growth since the beginning. However, the last few years have seen cup noodles picking up the pace and expected to grow at a much higher rate during the foreseeable future.
Broth-based segmentation includes sea-food, chicken, vegetable, and others. Vegetable is the highest grossing segment.
On the basis of distribution channel, the market is segmented into store-based and non-store based.
Regional Analysis
The market span of instant noodles can be segmented regionally into North America, Europe, Asia Pacific (APAC), and Rest-of-the-World (RoW).
The APAC region is holding the maximum share as most of the renowned brands are from this region only. A growth rate of 5.02% during this period seems achievable for the region. Emerging economies such as China, India, Japan and other countries of the region are expected to boost the growth rate. Europe will also chart an inspiring growth rate. Latin America is also likely to project steady growth as the booming region is showing an inclination towards consumption of such foods.
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