PUBLISHER: Allied Market Research | PRODUCT CODE: 1397021
PUBLISHER: Allied Market Research | PRODUCT CODE: 1397021
The instant noodles market was valued at $50,672.10 million in 2022 and is estimated to reach $99,762.90 million by 2032, exhibiting a CAGR of 7.1% from 2023 to 2032.
Instant noodles are convenient ready-to-cook noodles that were invented in Japan and primarily consist of dry noodle blocks and various types of flavored seasonings, sauces, or both.
There has been an increase in the workforce numbers across different demographics. A gradual adoption of a working lifestyle has been witnessed among this portion of the population, particularly in the women category. Therefore, consumers, especially in developed nations, seek food products that offer quick preparation and serving options. Instant noodles provide a convenient option that requires minimal preparation time, catering to busy individuals and families. Their ease of cooking aligns with the need for rapid yet satisfying meals. Moreover, diverse flavors and customization options cater to various taste preferences. This, in turn, serves as a convenient and versatile choice for those balancing demanding routines and culinary desires. In addition, hectic work schedules of millennial and Gen Z, which leads to rise in demand for ready-to-eat products is driving the growth of the instant noodles market.
Quick service restaurant is also known as a fast-food restaurant. It is a type of restaurant that serves fast food cuisine and has minimal table service. This restaurant is usually part of a franchise or restaurant chain operation, which provides standardized ingredients or partially prepared foods. Moreover, the increase in attraction of millennials and Gen Z toward quick service restaurants owing to the innovation in food products, restaurants, and themes result in the growth of the instant noodles market. In addition, increased busy lifestyle of the consumers along with the rise in disposable income and availability of ready-to-eat food products drive the growth of the instant noodles market.
The expansion of quick-service restaurants (QSRs) elevates the demand for the instant noodles market by offering convenient, ready-to-eat options to consumers on the go. As QSRs incorporate instant noodles into their menus, they tap into the trend of fast, flavorful meals. This surge in demand is fueled by urbanization, busy lifestyles, and the desire for diverse, affordable choices. Instant noodles' versatility allows QSRs to experiment with creative flavors, attracting a wider customer base. The symbiotic relationship between QSRs and the instant noodles market further solidifies the product's popularity and accessibility, driving its growth in the food industry.
The food service industry has grown significantly in the past two decades. The balance of work, family, and social life is becoming difficult for the working population. As a result, instead of spending time preparing food, consumers are shifting toward prepared food. This enables them to save considerable time which fosters the growth of the instant noodles market. In addition, the size of the food service industry is growing rapidly, owing to factors such as increasing women's employment rate, urbanization, growth in disposable income, and rise in trend toward casual dining, which is propelling the current market growth. Furthermore, the recent trend of home delivery of food is leading to a growing demand for food which in turn is projected to have a positive impact on quick-to-cook food products thereby directly augmenting the market growth.
The instant noodles market is segmented on the basis of packaging, source, flavor, type, distribution channel, and region. By packaging, the market is classified into packets, cups, and others. By source, the market is bifurcated into wheat flour noodles and others. By flavor, the market is divided into vegetable, chicken, seafood, beef, pork, plain, Asian/exotic, Korean, and others. By type, the market is bifurcated into branded and private label. By distribution channel, the market is classified into hypermarket/supermarket, convenience stores, specialty stores, online sales channels, non-food retailers, ethnic channels discounters and others. Region-wise, the market is analyzed across North America (U.S., Canada, Mexico, and Central America), Europe (UK, France, Germany, Netherland, Italy, Poland, Ukraine, Turkey, and Rest of Europe), CIS (Russia, Belarus, Kazakhstan, Uzbekistan, Azerbaijan, and Rest of CIS), GCC (Saudi Arabia, UAE, Qatar, Oman, Kuwait, and Bahrin), Rest of ME (Lebanon, Israel, Jordan, Syria, Iraq, Iran, and Yemen), Africa (Egypt, Nigeria, Kenya, South Africa, and Rest of Africa), Asia-Pacific (China, Japan, India, Indonesia, Korea, Australia, and Rest of Asia-Pacific), and Latin America (Brazil, Argentina, and Rest of Latin America).
The major players operating in the market focus on key market strategies, such as mergers, product launches, acquisitions, collaborations, and partnerships. They have also been focusing on strengthening their market reach to maintain their goodwill in the ever-competitive market. Some of the key players in the instant noodles market include Nestle S.A., 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, Unilever Plc, Tan-Viet International SA, Mareven Foods, Wan Thai Foods Industry, Star (Saikebon), and Gallina Blanca.
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