The global instant noodles market size garnered USD 51.65 billion in 2021. The market is anticipated to surge from USD 54.60 billion in 2022 to USD 81.84 billion by 2029 at a 5.95% CAGR during the forecast period. Fortune Business Insights™ has elucidated these insights in its latest research report, titled, “Instant Noodles Market, 2022-2029.”
According to the study, a notable surge in the middle-class population will encourage leading companies to expand their penetration across the developing and developed regions. For instance, according to the World Bank PovcalNet, around 1.3 billion middle-class people were living globally in 2019. Besides, the prevalence of the COVID-19 pandemic could have a notable influence on the industry outlook.
COVID-19 Impact
Stockpiling Instant Foods During Pandemic Propelled Industry Growth
The prevalence of the COVID-19 pandemic brought a paradigm shift in the noodles portfolio, with leading companies expanding their penetration across emerging economies. Consumers stockpiled instant foods along with other essential food items. End-users exhibited profound interest in home-cooked food during the pandemic. Prominently, Mr. Kiyotaka Ando, the CEO of Nissin Food Holdings Co. Ltd., witnessed gradual growth in its operating profit and sales revenue in Q1 2020 compared to the preceding years.
Report Coverage
The report offers a comprehensive perspective of the market size, share, revenue and volume. It has also delved into Porters’ Five Force Analysis SWOT analysis. Quantitative and qualitative assessments have been used to provide a holistic view of the market. The primary interviews validate assumptions, findings and the prevailing business scenarios. The report also includes secondary resources, such as annual reports, press releases, white papers and journals.
Segments
Chicken Instant Noodles to Gain Traction with Rising Demand for Exotic Flavor
In terms of type, the market is segmented into vegetable, chicken, sea food, and others. The chicken segment could contribute notably to the global market, largely due to the soaring demand for food with carbohydrates and protein. Besides, sea food could be the fastest-growing segment on the back of the availability of raw materials and soaring demand for nutritious food. The trend for vegan products could prompt leading companies to invest in instant vegetable noodles.
Wheat-based Instant Noodles to be Sought-after Owing to Easy Availability
Based on raw material, the market is segregated into wheat, rice, oats, and others. The wheat segment is likely to witness a significant CAGR from 2022 to 2029. The growth is mainly linked to the easy and abundant availability of wheat flour and its richness in calcium, iron, vitamins, and other nutrients. Meanwhile, oats and rice will also contribute notably toward the global market share.
Cup Packaging to Remain Dominant with Growing Prominence of Flexible Packaging Solution
With respect to packaging, the market is segmented into cup and bag. The cup packaging segment will expand at a notable CAGR owing to storage and safety attributes during transportation. Moreover, cup is generally produced with waterproof polyester material to boost convenience during noodle preparation.
Stakeholders Invest in Supermarkets/Hypermarkets Owing to One-stop Shopping Experience
On the basis of distribution channel, the market covers specialty stores, supermarkets/hypermarkets, online retails, and specialty stores. The supermarkets/hypermarkets segment will contribute a considerable share owing to the demand for a one-stop solution. Emerging economies will continue to invest in informative product boards and separate product shelves to gain traction.
In terms of geography, the market covers Europe, North America, Asia Pacific, the Middle East & Africa, and South America.
Drivers and Restraints
Adoption of Convenience Food Products to Propel Growth Potentials
The instant noodles market share will witness a notable gain against the backdrop of soaring demand for ready-to-eat food products. Convenient foods have become highly sought-after owing to upsides, such as longer shelf-life, instant appetizers and easy availability. Besides, the rising penetration of gluten-free, sun-dried and air-fried products have created a wave of innovations. To illustrate, in August 2021, Momofuku rolled out air-dried noodles in spicy soy noodles, soy & scallion noodles and tingly chili wavy noodles flavors. With a surge in the middle-class population and the footfall of nutritious food, industry players are slated to invest in innovations.
However, soaring obese population could mar the growth prospect in the ensuing period.
Regional Insights
Asia Pacific Market to Gain Ground with Notable Trend for Convenience Foods
Stakeholders envisage China, Indonesia, Japan, and India to contribute profoundly toward the regional market growth. Prominently, instant noodles have become highly sought-after across emerging economies owing to the soaring millennial population and rising discretionary income. End-users could seek vegetable noodles on the back of the surging vegan population.
With the trend for on-the-go products being pronounced, the Europe instant noodles market growth will observe an upward trajectory during the assessment period. European customers have exhibited a preference for ethnic flavors with nutritional value. Furthermore, concerns about food hygiene have prompted leading companies to invest in technological advancements.
North America could provide promising opportunities against the backdrop of the increasing number of Asian migrants in the U.S. and Canada. It is worth mentioning that ethnic-flavored instant noodles further gained prominence among the migrant population. Leading companies are likely to invest in advanced packaging solutions to keep up with the demand for on-the-go products.
Competitive Landscape
Major Players Focus on Brand Positioning to Expand Footprint
Leading companies are likely to invest in technological advancements, mergers & acquisitions, product rollouts, and R&D activities. Moreover, focusing on product offerings could foster a geographical footprint over the next few years.
Browse Detailed Summary of Research Report with TOC:
https://www.fortunebusinessinsights.com/industry-reports/instant-noodles-market-101452
