The global instant noodles market share is expected to reach USD 72.69 billion by 2027 while exhibiting a CAGR of 5.9% between 2020 and 2027. This is attributable to the increasing middle-class population that is propelling the demand for affordable noodles products globally. This information is published by Fortune Business Insights, in its latest report, titled, “Instant Noodles Market Size, Share COVID-19 Impact Analysis, By Type (Chicken, Vegetable, Sea Food, and Others), Raw Material (Oats, Rice, Wheat, and Others), Distribution Channel (Supermarkets/ Hypermarkets, Specialty Stores, Convenience Stores, and Online Retail), and Regional Forecast, 2020-2027.” The report further mentions that the market stood at USD 44.11 billion in 2019 and is projected to showcase significant growth during the forecast period.
Demand for Instant Noodles Sky-rockets amid COVID-19
The lockdown imposed by the government agencies globally to contain the widespread effect of the novel coronavirus has impacted several economies. With people confined to their home spaces and maintain social distancing, the demand for packaged food products is experiencing a significant growth. This is expected to bode well for the growth of the market in the near future.
Instant noodles are generally made using wheat flour, palm oil, and salt, along with seasoning flavors. They are usually dried and precooked block that are soaked and cooked in boiling water before consuming using seasonings and condiments. They can be consumed in several types that include ready-to-serve soups. Additionally, they are relished globally by people irrespective of age groups.
What does the Report Include?
The market report includes quantitative and qualitative analysis of several factors such as the key drivers and restraints that will impact growth. Additionally, the report provides insights into the regional analysis that covers different regions, which are contributing to the growth of the market. It includes the competitive landscape that involves leading companies and the adoption of strategies by them to introduce new products, announce partnerships, and collaboration that will contribute to the growth of the market between 2020 and 2027. Moreover, the research analyst has adopted several research methodologies such as PESTEL and SWOT analysis to extract information about the current trends and industry developments that will drive the market growth in the forthcoming years.
Increasing Middle-Class Population to Aid Growth
According to the Global Economy and Development Program at the Brookings Institution, there were about 3.2 billion people in the middle-class bracket in 2016, 500 million more than the previous year, and it is expected to increase exponentially by the year 2020 globally. The rising middle-class population is propelling the these noodles manufacturers to produce affordable food products, while offering different flavors to cater to the consumer demand. This is expected to boost the growth of the global instant noodles market during the forecast period.
Chicken Segment Held a Market Share of 28.71% in China Owing to Increasing Focus on Innovation by Major Companies
The chicken segment, based on type, held a market share of 28.71% in China and is likely to dominate in the forthcoming years. The dominance is attributable to the increasing focus on innovation for launching novel instant noodles and the increasing investment by major companies to leverage opportunities in the country.
Increasing Demand for Convenience Food Products in Asia-Pacific to Promote Growth
Geographically, the global instant noodles market is segmented into Asia-Pacific, North America, Europe, Latin America, and the Middle East and Africa. Among all the regions, Asia-Pacific is expected to experience exponential growth in the forthcoming years. The growth is attributable to the increasing demand for convenience food products by the working population in countries such as China and India. The market in Europe is anticipated to showcase a significant growth owing to the increasing demand for packaged and processed food products such as these noodles and the availability of various ethnic flavors in the region between 2020 and 2027.
Increasing Investments by Major Companies to Consolidate Their Market Positions
The global instant noodles market is fragmented by the presence of major companies such as Nissin Food Holdings that are focusing on introducing new instant noodles products to strengthen their positions. Moreover, the companies are focusing on investing in developing novel products to cater to the increasing consumer demand globally. The other key players are adopting strategies such as merger and acquisition, partnership, and collaboration that are expected to favor the market growth in the forthcoming years.
- June 2020 – Nissin Foods Products, a Japan-based consumer goods provider, introduced its new crab curry-flavored noodles amidst the increasing demand for convenient food products. The company aims to leverage the opportunities presented in the aftermath of the COVID-19 pandemic that is propelling people to consume processed food at home rather than outside.
Browse Detailed Research Insights with Table of Content: