Pune, India, April 30, 2019 (GLOBE NEWSWIRE) -- Instant Noodles Market is poised to touch USD 33,200.2 Mn by 2023 at an impressive 3.02% CAGR during the forecast period (2018-2023), reveals the latest report by Market Research Future (MRFR).
Market Scope
Instant noodles are making a niche for itself based on its popularity for being tasty, nutritious, and quick to make. Although many would differ with the marketing strategy of instant noodles on the grounds of nutrition, the market has never kept itself away from such promotional campaigns. Especially, involving nutritional grounds. The global instant noodles market is expected to move steadily with a 3.02% CAGR during the forecast period (2016-2023) to reach a valuation of USD 33,200.2 million by the end of 2023. Instant noodles mostly contain dehydrated vegetables, wheat flour, meat, pork, beef, and seafood.
The global instant noodles market is reaping the benefits of rapid industrialization and fast-tracked urbanization. These two features have spurred a demand for ready-to-cook products. Severe issues with hectic lifestyles have led to a growth in the increase of convenience foods. At the same time, a rise in per capita income can be considered a major factor in triggering market growth. The imbalance caused by lack of time for cooking a proper meal has benefited the market well. Manufacturers have come up with fortified instant noodles which is to explore possibilities among the health-conscious populations.
Key Players and Industry Buzz
Several market giants are making an impression in the global instant noodles market. Their impacts can be measured in terms of strategic moves they make to take their individual stands strong. But its far-reaching impact help the global market grow. Companies profiled in the MRFR report are Nestlé S.A. (Switzerland), Unilever PLC (UK), Ajinomoto Co., Inc. (Japan), Campbell Soup Company (US), ITC Limited (India), Nissin Foods Co., Ltd (Hong Kong), Acecook Vietnam Joint Stock Company (Vietnam), Tat Hui Foods Pte. Ltd. (Singapore), Capital Foods Limited (India), and PT Indofood Sukses Makmur Tbk (Indonesia).
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The instant noodles market is mostly getting driven by innovation. Nissin is one of the leaders and never shies away from trying out new things. Nissin, in collaboration with Japan Science and Technology Agency, are trying to sort out the development of cultured meat. They now believe that they have found out a way to take diced steaks to the next level where it would resemble the texture of steak from a real cow. Nestle, on the other hand, is attempting big time to recover the lost ground in India during the previous market downfall. The company has increased its production volume and is introducing new lines to make up for the lost ground. Nissin is also doing great in terms of promotion where they have launched a cup noodle vending machine, in collaboration with Foodbeast. Instagram account would be the currency. The uproar it created on the web is providing the market giant with much-needed leverages.
Forming a Base
The analysis of the global Instant Noodles Market requires a proper segmentation on the basis of product type, pack size, and distribution channel. This is to get a comprehensive view of the market for a better understanding of coming years and gauge how well the instant noodles market can live up to its potential. Based on the type, the instant noodles market can be segmented into cup/bowl and packet instant noodles. The packet segment had the market leash in 2017 but the cup/bowl segment is expected to witness a surge in the consumption. The segment is expected to register 3.33% CAGR over the review period. By pack size, the Instant Noodles Market can be segmented into single pack, four pack, six pack, and others. The convenience of the single pack is taking it ahead of the rest. The four-pack segment can exceed a valuation of USD 7,708.2 million by the end of 2023. By distribution channel, the instant noodles segment includes store-based and non-store-based of which the store-based segment comprises supermarkets & hypermarkets, convenience stores, and others. The store-based segment is dominating but the non-store-based segment can rise substantially during the forecast period.
Browse the market data and information spread across 114 pages with 84 data tables and 20 figures of the report “Instant Noodles Market Report - Forecast 2018-2023” in-depth alongside table of content (TOC) at: https://www.marketresearchfuture.com/reports/instant-noodles-market-1841
Mapping the Market
Instant Noodles Market comprises North America, Europe, Asia Pacific (APAC), and the Rest-of-the-World (RoW). MRFR’s detailed analysis of the market in a region-specific way includes both volume-wise and value-wise data. These are to put light on growth pockets that would help in better market expansion. The APAC market has the maximum market exposure and with a 3.16% CAGR during the forecast period it is expected to make a difference in the global market and among its associates. China is contributing the most in the region. North America’s market to reach a valuation of USD 2,061.7 million by the end of 2023 with the U.S. leading the market. Europe to profit substantially from the changing work culture and high demand for Asia noodles flavors. The market is deemed to exceed a worth of USD 1,268.2 million by 2023. The U.K. to score big in terms of CAGR during the forecast period.
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