(I-BusinessNews.Com, August 23, 2019 ) As per the latest report by IMARC Group, titled ÂInstant Noodles Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024Â, the global instant noodles market size reached US$ 42.2 Billion in 2018, growing at a CAGR of 6.2% during 2011-2018. Instant noodles are pre-cooked dried noodle blocks that are made from ingredients such as wheat flour, palm oil, water and salt. They are dehydrated through one of the two processes, namely flash or air frying. They generally come with a tastemaker sachet, which is added for preparation along with hot or boiling water. These noodles are high in fat and carbohydrates but low in fiber, protein, vitamins and minerals. Instant noodles have gained traction across the globe and are currently available in a wide variety, ranging from instant udon to soba.
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Global Instant Noodles Market Trends:
Rapid urbanization in confluence with inflating income levels across the globe has altered the eating patterns of consumers. Due to their hectic lifestyle, students, as well as the working population, widely prefer affordable and ready-to-eat (RTE) meals that require minimal cooking time and skill. This has offered lucrative opportunities to manufacturers and investors in the instant noodles industry. Manufacturers are currently focusing on introducing a wide range of flavors for both vegetarian and non-vegetarian consumers. Moreover, they are coming up with innovative instant noodles with unique flavors, colors, textures and seasonings/tastemakers, to suit the regional tastes and preferences, thereby expanding the consumer-base. In addition to this, development of the organized food retail sector, with an increase in the number of departmental stores, hypermarkets, supermarkets and convenience stores, is anticipated to boost the overall sales of instant noodles worldwide. Looking forward, the market value is projected to reach around US$ 57.5 Billion by 2024, expanding at a CAGR of 5.2% during 2019-2024.
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Market Breakup by Type:
Based on the type, the market has been bifurcated into fried and non-fried instant noodles. At present, fried noodles are the most preferred product consumed across the globe. This can be attributed to the long shelf life of these noodles that aids in preventing bacterial growth.
Market Breakup by Distribution Channel:
On the basis of the distribution channel, the market has been classified into supermarkets/hypermarkets, specialty stores, convenience stores, online stores and others. Amongst these, supermarkets/hypermarkets account for the majority of the total market share as they offer access to various brands and flavors of instant noodles.
Market Breakup by Region:
Region-wise, China represents the largest market for instant noodles owing to the increasing population in the country. Other major markets include the United States, Indonesia, Japan, India, Vietnam, Republic of Korea, Thailand and Saudi Arabia.
The competitive landscape of the market has been examined with some of the key players being Master Kong (Shenyang) Instant Noodle Foodstuff Co., Ltd., PT Indofood Sukses Makmur Tbk, Nissin Foods Products Co., Ltd., NestlÃ© S.A. and Acecook Vietnam Joint Stock Company.
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