Email
Print
Noodles Market Overview:
The Noodles Market size is
estimated to reach USD76.59 billion by 2030, growing at a CAGR of 3.9% during the
forecast period 2023-2030, according to a recent report published by IndustryARC. The growth of the Noodles Market is
fueled by the working class's rapid shift in eating habits, partnerships
between large brand chains and supermarkets/hypermarkets and rising customer
demand for delicious, convenient foods. As per World Instant Noodle
Association, Indonesia’s demand for instant noodles reached 13.27 billion
servings in 2021 and instant varieties from Indofood like Indomie Noodles
(Wheat) are the most consumed noodles.
Read the Full Report Here - “Noodles Market By Product Type (Dried, Instant, Frozen & Canned), By Source Type (Vegetarian Noodles, Non-veg Noodles), By Raw Material Type (Oat, Rice, Wheat, Buckwheat, Corn, Millet and Others), By Distribution Channel (Online Channels, Supermarkets/ Hypermarkets, Speciality Stores, Convenience Stores, Traditional Grocery Stores and Others), By Packaging Type (Packet and Cup/Bowl), By Geography - Global Opportunity Analysis & Industry Forecast, 2023-2030”.
Asia-Pacific Accounted for
Significant Market Share in 2022:
Asia-Pacific led the Noodles market with a 39% share of the overall market in 2022. This is due to the working class's growing preference for convenience foods with regional flavors and the region's growing urbanization. In May 2022, Korea Times stated that the increasing popularity of K-pop and dramas has highly impacted the exports of hugely-popular instant noodles like Shin Ramyun and Hot Chicken Flavor Ramen. According to Korean Customs Service, exports of Korean-made instant noodles rose to an all-time high of USD71.58 million in March 2022, up by 20% from the same month last year. This is fueling the growth of the Asia-Pacific Noodles industry, thereby contributing to the expansion of the Noodle market.
Noodles Market Growth Drivers:
Increase in Expansion of Organized Retail Food Stores
such as Department Shops, Convenience Stores and Supermarkets:
The expansion of department
shops, convenience stores and Supermarkets globally is marking accessibility of
packaged fast food like instant noodles easier. The variety of noodles in these stores includes vegetarian noodles, non-veg noodles, vegan noodles, green tea noodles, organic noodles and others. Nissin
Foods, a manufacturer of instant noodles had notable gains in 2021, with sales
up by 22% from 2020. The company cited innovation in premium products within its
Cup Noodles and Top Ramen brands as the principal driver of its latest
financial results. The company partnered with various supermarkets (Walmart and
Amazon) to boost its consumer reach. In 2021, Nissin surpassed 1.48 billion
noodle servings sold and captured nearly 31% share of the instant noodle market
in the United States. Similar tie-ups are driving the growth of the
Organic Farming market.
For More Queries About "Noodles Market" @ https://www.industryarc.com/support.php?id=17773
Availability of a Wide Variety of
Noodles in Authentic Flavors and Consumers’ Willingness to try Them:
There is a wide
variety of instant noodles like Shin Ramyun, Neoguri (udon-style noodles),
Chapagetti (black bean-sauce noodles) and Hot Chicken Flavor Ramen which is
highly loved by consumers. The rising popularity of K-pop, Korean films and
dramas positively impacted their sales and exports, setting new Noodles market trends. In March 2022, the Korean Herald
stated that China was the largest
overseas market for South Korean instant noodles, with exports reaching USD19.08
million. The U.S. came next with USD9.75 million, followed by Japan with USD5.71
million, Thailand with USD2.9 million and Canada with USD2.89 million. This is propelling the growth of the Noodles Industry, thereby
contributing to the Noodles Industry Outlook.
Scope of Report:
- In April 2022, Nissin Food Products Co., Ltd. and Toyota Motor Corporation initiated an agreement to jointly foster human well-being through healthy eating. This proposed plan would explore innovative food offerings, based on the latest molecular nutritional science, to provide personalized, delicious and healthy “Complete Nutrition Meals”.
- In February 2021, Marico Ltd. launched instant noodles under the Saffola Oodles brand to strengthen its foothold in the healthy, ready-to-cook snacking category and widen its demographic relevance.
Noodles Market: Competitive Landscape:
Key
companies profiled in the Noodles Market are Uni-President Enterprises Corporation, Beltek Foods Co., Ltd., Nestle S.A, Mandarin Noodle, Marico Ltd., Master Kong, Maruchan Inc., Nissin Food Products Co., Ltd., PT Indofood Sukses Makmur Tbk and Nongshim Co., Ltd.