Instant Noodles Market By Product type (Vegetable, Chicken, Sea-Food, Others), By Packaging (Packets, Cups), By Source (Oats, Wheat, Rice, Others), By Distribution Channel (Hypermarket/Supermarket,, Convenience Store, Specialty Stores, Online Sales Channel, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031
The global instant noodles market size was valued at $47,624.2 million in 2021, and is projected to reach $92,742.4 million by 2031, registering a CAGR of 6.9% from 2022 to 2031. Instant noodles are convenient ready-to-cook foods which were invented in Japan and primarily consist of dry noodle blocks and various types of flavored seasonings, sauces, or combinations of both depending on the brand of noodles. Over the years, there has been a rise in number of workforces in various demographic segments. A gradual adoption of working lifestyle has been witnessed among this portion of the population, particularly in the women category. As a result, majority of consumers around the world especially in the developed countries, look out for food products that can be prepared and served within a minimal range of time. Thus, in turn various fast food products witnessed significant demand over the past couple of years which further resulted in boosting the growth of the instant noodles market. Moreover, 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 the instant noodles product to grow in terms of volume sales.
Expansion of sales channel is the major factor which will contribute in the growth of the instant noodles market in the near future with online retail platform being one of the fastest growing sales channel. Presently, many retail players are managing their own web-based retail stores where customers can learn more about the organization and its products. The availability of multiple options for products and their price comparison on online platforms is further resulting in an increase in online shopping by consumers.
However, there have been several health related concerns associated with fast foods such as noodles, sandwiches, and burgers. Researches have claimed that consumption of fast food causes obesity and other medical issues. These negative health effects have been the biggest restraint in the growth of the instant noodles market. As a result, people are switching from fast food to fast casual food, which provides a greater measure of convenience and nutrition as compared to regular fast food. The fast food market is losing its market share to fast casual food. According to the WHO, in 2018, around 30% of the world population was overweight and suffering from obesity. Moreover, preservatives are added to food to maintain the quality and reduce the spoilage by various microorganisms; however, the food containing various additives and preservations lead to several side effects as these include chemicals such as sodium benzoate, propyl gallate, potassium nitrite, and butylated hydroxytoluene. Thus, health hazards related to chemical preservatives are expected to impede the instant noodles market growth in the coming years.
The instant noodles market has been segmented based on product type, packaging, source, distribution channel, and region. As per product type, the instant noodles market is classified into vegetable, chicken, sea-food, and others. According to packaging, it is divided into packets and cups. Depending on source, it is divided into oats, wheat, rice, and others. On the basis of distribution channel, the market is divided into hypermarket/supermarket, convenience stores, specialty stores, online sales channel, and others. Region wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA.
Key Market Segments
By Packaging
Packets
Cups
By Source
Oats
Wheat
Rice
Others
By Product type
Vegetable
Chicken
Sea-Food
Others
By Distribution Channel
Hypermarket/Supermarket,
Convenience Store
Specialty Stores
Online Sales Channel
Others
By Region
North America
U.S.
Canada
Mexico
Europe
Germany
France
U.K.
Italy
Spain
Switzerland
Rest of Europe
Asia-Pacific
China
Japan
India
South Korea
Australia
Rest of Asia-Pacific
LAMEA
Brazil
Saudi Arabia
South Africa
Rest of LAMEA
Key Market Players
NESTLE SA
NISSIN FOOD PRODUCTS CO. LTD.
ITC LIMITED
CAPITAL FOODS LIMITED
AJINOMOTO CO. INC.
INDOFOOD GROUP
Acecook Vietnam Joint Stock Company
CAMPBELL SOUP COMPANY
Indofood Sukses Makmur Tbh
Toyo Suisan Kaisha, Ltd
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