Instant noodles Market has increased its sales having more than 5%CAGR forecast 2023
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Market Overview
Instant noodles are made from wheat flour, starch, water, salt or (an alkaline salt mixture of sodium carbonate, potassium carbonate, and sodium phosphate), and other texture & flavor enhancer of noodles. Other flours are sometimes mixed with wheat flour to make fortified instant noodles; for example, buckwheat flour is added at 10-40% of wheat flour in the production of buckwheat noodles.Instant noodles are readily available and offers diverse selection to the consumers as they come in multiple brands. Instant noodles are commercially available throughout the year, hence overcomes the problem of seasonal shortages and addressing the problem of food security. Also, drying the noodles preserves it with no unwanted additives, hence additive free noodles will one of key driving force during the forecast period. Thus due to growing demand from various end users, globally the market for instant noodles is estimated to grow at the rate of about 5 % from 2017 to 2023.
Market Forecast
Organized foodservice includes chain and licensed standalone players operating across quick service restaurants, lounges, and cafes that majorly relies on instant noodles as an ingredient to prepare the final dish. Organized foodservice majorly instant noodles, frozen noodles, and others as the key raw material for preparing food for end customers. Instant noodles are also known as efficiency foods as this helps in saving preparation time, labor and cost with minimum food wastage. All such factors have resulted in huge demand of instant noodles in foodservice industry
All micronutrients, however, should be determined occasionally to ensure adequate fortification with all micronutrients intended to be present in the food. Certified instant noodles by the authorities, has created a huge opportunity for the key players. The key players have shifted the main area of focus and have started to invest in certification of the products, such as organic, gluten-free, vegan and others. Hence, certification will fuel the demand for certified instant noodles. These factors will play a key role in the growth of instant noodles market at the CAGR of 5 % during 2017-2023.
Key Players
The key players profiled in the Instant Noodles Market are Nestle SA (Switzerland), Ajinomoto Co., Inc. (Japan), The Unilever Group (Pot Noodles) (U.K.), Campbell Soup Company (U.S.), Nissin Foods Co., Ltd (Hong Kong), Capital Foods Limited (India), ITC Limited (India).
Competitive Analysis-
This report includes a study of strategies used in the market, mergers and acquisitions in instant noodles, multiple product launch by instant noodles market players. It further includes product portfolios and developments of leading major players which includes
- Nestle SA (Switzerland)
- Ajinomoto Co., Inc. (Japan)
- The Unilever Group (Pot Noodles) (U.K.)
- Campbell Soup Company (U.S.)
- Nissin Foods Co., Ltd (Hong Kong)
- Capital Foods Limited (India)
- ITC Limited (India)
The Global Instant Noodles Market is mainly occupied by some key manufacturers. The competitive environment in this market is estimated to increase, with an increase in product portfolio from current key players. Most of the companies operating in this market are focusing on expanding its operations across the geographies, augmenting its capabilities and investing in research and development to offer products with better functionality.
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By Application Analysis-
Ready meals segment is projected to account maximum market proportion of the total instant noodles market in the year of 2017. However, sea food broth segment is expected to register highest CAGR during the forecast period owing to the busy life schedule of the consumer as well as for the increasing working female population in developing economy. Wheat segment will also grow at an above CAGR during the forecast period. Among the end user segment, food service industry will observe high growth during the period of 2017 to 2023. However, packet instant noodles will dominate the market during the forecast period.
Regional Analysis
The Global Instant Noodles Market is Segmented into North America, Europe, Asia Pacific, and rest of the world (ROW). Among these, APAC region is expected to retain its dominance throughout the forecast period. The market is projected to grow at a steady pace in the review period. Europe will be the fastest growing region in the instant noodles market and high growth in emerging economies such as China, India, Japan and ASEAN countries. Latin American countries, offers ample opportunities for expansion to major players. The high consumption of processed and convenience food products in growing economies of Asia-Pacific and Latin America.
Market Segmentation-
Global Instant Noodles Market is segmented by packaging type, broth, source and region
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