Instant Noodles Market Projected To Garner Significant Revenues By 2031

The Instant Noodles industry was valued at $47.6 billion in 2021, and is estimated to reach $92.7 billion by 2031, growing at a CAGR of 6.9% from 2022 to 2031.

PORTLAND, OREGON, UNITED STATES, July 7, 2023/EINPresswire.com/ — Instant noodles are convenient ready-to-cook dishes. Instant noodles were created in Japan and typically consist of dry noodle blocks with various sorts of flavored spices, sauces, or mixes of both depending on the brand of noodles. Instant noodles, often known as instant ramen, provide consumers the convenience of quick noodle cooking and consumption without any prior preparation required. Instant noodles are particularly popular in Asia-Pacific, but they are also popular across the rest of the world. Depending on the location where the noodles are marketed, involved stakeholders develop various flavor offerings to better fit the region’s taste palates.

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Major companies have adopted agreement, product launch, expansion, and merger strategies to sustain the Instant Noodles Market Growth. The key players profiled in the report are Acecook Vietnam Joint Stock Company, Ajinomoto Co. Inc., Campbell Soup Company, Capital Foods Pvt. Ltd., ITC Limited, Nestle S.A., Nissin Foods Holdings Co., Ltd., PT Indofood Sukses Makmur Tbk, Tat Hui Foods Pte. Ltd., and Toyo Suisan Kaisha, Ltd.

Hectic work schedules of millennial and Gen Z generations along with rise in demand for ready to eat products is driving the growth of the instant noodles market. Hence, busy lifestyle being adopted by majority of consumers paves way for instant noodles product to grow in terms of volume sales. Furthermore, rise in clean label focuses on avoidance of additives, artificial colors, chemicals, artificial flavors, GMO’s, high fructose corn syrup, and hydrogenated oil which has further augmented the growth of the market. However, the rise in the consumption of instant noodles products has simultaneously led to an increase in the influx of fake and counterfeit products in the market. Moreover, counterfeiting refers to fake branding and sale of non-authorized products and signifies a great challenge for the real vendors of instant noodles products.

Counterfeit brands are usually prevalent in the developing economies where customers are highly price-sensitive. These brands are of low quality and often lead to inconvenience & safety issues that subsequently develop negative perceptions among customers. Online distribution channel is one of the major platforms where transaction of counterfeited brands can be easily concealed. Thus, development of the counterfeit industry is anticipated to hamper the sale of the existing original instant noodles brands in the market.

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The Instant Noodles Market Demand in the Asia-Pacific region offers lucrative growth opportunities for the operating players owing to the presence of countries such as India, China, Australia, New Zealand, and others. Increase in adoption of western lifestyle, surge in population, and rise in disposable income of consumers majorly drive Instant Noodles Market Trends. Developing regions offer potential growth opportunities to the market players for launching innovative instant noodles products. Moreover, countries in Latin America, such as Brazil, are anticipated to unfold attractive business opportunities owing to increase in awareness regarding instant noodles products and its benefits.

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KEY FINDINGS OF STUDY

By product type, the instant noodles market is divided into vegetable, chicken, sea-food, and others. The chicken segment constitutes a major instant noodles market share; however, the sea-food segment is projected to experience growth at the highest CAGR during the forecast period.
Depending on packaging, the market is divided into packets and cups. The cup segment accounted for highest market share in 2021, and is expected to grow at a significant CAGR during the forecast period. The cups instant noodles help in enhancing the shelf life of product as well as prevents the taste and flavor of noodles from getting spoil. In addition, cup packaging is more safer during transportation and storage.
According to source, the Instant Noodles Market Size is divided into oats, wheat, rice, and others. The wheat segment dominated the market; however, the rice segment is projected to experience growth at the highest CAGR during the forecast period.
As per distribution channel, the market is divided into hypermarket/supermarket, convenience stores, specialty stores, online sales channel, and others. The hypermarket/supermarket accounted for highest market share in 2021, and is expected to grow at a significant CAGR during the forecast period.
Hypermarket/supermarket is an extended version of conventional store with a self-service facility. It offers a wide variety of food and household products, especially categorized and organized in large shelves. It comprises of instant noodles products, cosmetics products, food products, and other packaged food items.
Region wise, Asia-Pacific accounted for highest market share in 2021, and is expected to grow at a significant CAGR during the forecast period.

David Correa
Allied Analytics LLP
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