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Noodles Market Overview:
The Noodles Market size is estimated to reach USD76 billion by 2030, growing at a CAGR of 3.9% during the forecast period
2023-2030. Noodles is a type of fast food that is made up of ingredients
like oat, rice and wheat. There is a wide variety of noodles available
globally including instant noodles, vegetarian & non-veg noodles, vegan noodles,
green tea noodles, organic noodles and plant-based and gluten-free noodles.
The quick change in the eating habits of the
working class, major chains of brands' collaborations with
supermarkets/hypermarkets and growing consumer desire for tasty convenient
food items are driving the Noodles market growth. In March 2022, Bloomberg stated
that Nissin Foods' financial performance exceeds the 2020 baseline; a 9.9% revenue
increase was observed in 2021. The revenue increase mainly resulted from the high
sales volume of “Cup Noodles” in China and an increase in revenue from the
diversified portfolio in Hong Kong. This represents the Noodles Industry
Outlook.
Market Snapshot:
Noodles Market - Report Coverage:
The “Noodles Market Report - Forecast (2023-2030)” by IndustryARC, covers an in-depth analysis of the following segments in the Noodles Market.
COVID-19 / Ukraine Crisis - Impact Analysis:
- COVID-19 interrupted the worldwide supply chain and forced retail establishments to close. As a result, customers panicked and stocked up on long-lasting foods like instant noodles. Noodles consumption is rising globally due to changing consumer preferences towards fast food. Internet shopping also witnessed rapid growth, which benefited the consumption of noodles worldwide.
- Russia's invasion of Ukraine has badly impacted the market for noodles. The war has increased the cost of raw commodities like oat, rice and wheat, which are the key constituents. This is creating a major problem for manufacturers globally.
Key Takeaways:
Dominance of the Asia-Pacific Region
According to the Noodles market forecast, Asia-Pacific held the largest share with 39% of the overall market in 2022. It is also poised to dominate the market over the period 2023-2030. This is because of the rising inclination towards regional flavored, convenience food among the working class and increasing urbanization in this region.
Growing Demand for Less-time Consuming Ready-to-eat Food
Based on Product Type, the Instant segment is estimated to grow at the fastest CAGR of 4.7% during the forecast period 2023-2030. This is due to the availability of authentic flavors and ease of making, as per Noodles market analysis.
Increasing Supermarket/Hypermarket Expansion
Based on Distribution Channel, Supermarket/Hypermarket segment held the largest Noodles market share in 2022 and it is estimated to grow at the fastest CAGR of 4.5% during the forecast period 2023-2030. The growth is attributed to the opening of supermarkets/hypermarkets as well as partnerships with businesses to reach more consumers.
Introduction of Healthy Vegan Noodles to Drive the Market
There has been an increase in the vegan population in the last decade. The Vou in its recent article stated that 5% or 15.5 million people in the U.S. in 2022 follow a vegetarian-based diet and 2 million of them – that’s approximately 0.5% - are purely vegan. The introduction of vegan noodles would efficiently attract vegan consumers worldwide, which significantly contributed to market growth.
Spread of K-pop Culture to drive Noodles Market
In recent years, a great influence of Korean culture through K-pop, K-dramas and Korean cuisine has been observed globally which is positively impacting noodles market opportunities. Volza in its South Korea Export data report stated that noodles export shipments from South Korea in 2022 stood at 31.6K. Most of South Korea’s Instant noodles are exported to the U.S., Vietnam & India and South Korea is the largest exporter of Instant noodles in the World.
Health Concerns due to Regular Consumption to Hamper the Market Growth
In October 2022, News18 stated that the consumption of instant noodles on a daily basis could badly impact health. They are rich in carbohydrates, fat and sodium content which can lead to a high risk of heart disease and strokes. It also lacks essential nutrients required by the body and additives such as monosodium glutamate cause headaches, weakness and other health problems. About 5.5 billion instant noodle servings are consumed in India per year which can harm the health of consumers.
Noodles Market: Market Share (%) by
Region, 2022
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Key Market Players:
Product/Service launches, approvals, patents and
events, acquisitions, partnerships and collaborations are key strategies
adopted by players in the Noodles Market. The top 10 companies in the Noodles
market are:
- Uni-President Enterprises Corporation (Instant Noodles)
- Beltek Foods Co., Ltd. (Cup Noodles, Flat Noodles)
- Nestle S.A (Maggi)
- Mandarin Noodles (Silver Noodles, Wonton Noodles)
- Marico Ltd. (Instant Noodles)
- Master Kong (Stewed Chicken Noodles)
- Maruchan Inc. (Instant Ramen Noodles)
- Nissin Food Products Co., Ltd. (Cup Noodles)
- PT Indofood Sukses Makmur Tbk ( Noodles, Sauce)
- Nongshim Co., Ltd. (Instant Noodles)
Scope of Report:
Frequently Asked Questions: