Covina, Aug. 13, 2024 (GLOBE NEWSWIRE) -- According to Prophecy Market Insights, the global instant noodles market size and share is projected to grow from USD 49.0 billion in 2020 and is forecasted to reach USD 84.63 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 5.7% during the forecast period (2020 - 2030).
Instant Noodles Market Report Overview
Instant Noodles are a type of precooked noodle product that has become a global staple due to their convenience, affordability, and versatility. Originally developed in Japan by Momofuku Ando in the 1950s, instant noodles have since evolved into a popular food item enjoyed worldwide.
The main ingredients in instant noodles are flour, starch, water, salt, and kansui, a type of alkaline mineral water containing sodium carbonate usually potassium carbonate, and sometimes a small amount of phosphoric acid. Common ingredients in the flavoring powder are salt monosodium glutamate seasoning, and sugar. The flavoring is usually in a separate packet although in the case of cup noodles, it is often loose in the cup.
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Our Free Sample Report includes:
- Overview & introduction of market study
- Revenue and CAGR of the market
- Drivers & Restrains factors of the market
- Major key players in the market
- Regional analysis of the market with a detailed graph
- Detailed segmentation in tabular form of market
- Recent developments/news of the market
- Opportunities & Challenges of the Market
Competitive Landscape:
The Instant Noodles Market is characterized by rapid growth, technological innovation, and fierce competition. Companies are expanding their global presence, focusing on sustainability, and diversifying their service offerings to stay competitive.
Some of the Key Market Players:
- Nestlé S.A
- Ajinomoto Co., Inc.
- The Unilever Group
- Campbell Soup Company
- Hebei Hualong Food Group Co., Ltd.
- PT Indofood Sukses Makmur Tbk
- Nissin Foods Products Co., Ltd.
- Capital Foods Limited
- ITC Limited
- Acecook Vietnam Joint Stock Company
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Analyst View:
Instant noodles are becoming more appealing due to continuous innovation in flavors, ingredients and also product forms. In response to changing consumer tastes and preferences manufacturers are producing premium variants a wider range of flavors and healthier options.
Market Dynamics:
Drivers:
Consumer Demand for Convenience
- The primary driver of the instant noodles market is the growing consumer demand for convenience foods. Instant noodles offer a quick and easy meal solution catering to busy lifestyles and providing a cost-effective option for consumers seeking fast ready-to-eat food.
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Market Trends:
Premium and Specialty Products
- The food industry is witnessing a rise in premium and specialty instant noodle products and these include gourmet flavors, organic ingredients and noodle varieties that cater to specific dietary needs or culinary preferences. Premium products are positioned as offering superior taste and quality attracting discerning consumers.
Segmentation:
Instant Noodles Market is segmented based on Packaging, Type of Broth, Distribution Channel, and Region.
Packaging Insights
- This sector includes Packets, Cups, and Others. The packet segment is expected to dominate the target market growth as instant noodles in packets are highly valued for their convenience and portability. They are easy to store, carry, and prepare, making them a popular choice for consumers seeking a quick and hassle-free meal solution.
Type of Broth Insights
- In the target market, chicken is the most dominant segment as chicken-flavored instant noodles are popular among consumers of all age groups and across various regions due to their savory, familiar taste that suits a wide range of culinary preferences.
End-use Insights
- In the target market store-based is the most dominant segment as Consumers have long relied on physical stores for their grocery needs including instant noodles. Store-based retail offers a familiar and convenient shopping experience allowing customers to choose from a wide variety of instant noodle brands and flavors.
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Recent Development:
- In November 2023, Nestle Maggi launched barbeque-flavored Korean noodles. The My Nestle website lists two flavors; BBQ Chicken and BBQ Veg. They are priced at Rs 60 and Rs 55 respectively for a 90g pack.
Regional Insights
- North America: The market for instant noodles in this region is growing at a moderate rate in comparison to other regions. As consumers seek faster meal solutions due to increasingly hectic schedules, instant noodles are popular for their quick preparation and ease of use.
- Asia Pacific: Instant noodles are a staple food in many Asia-Pacific countries with a deep-rooted cultural preference for noodle-based dishes. The market benefits from high consumption rates and a broad variety of regional flavors.
Browse Detail Report on "Instant Noodles Market Size, Share, By Packaging (Packets, Cups, and Others), By Type of Broth (Sea-food, Chicken, Vegetable, and Others), By Distribution Channel (Store Based and Non-store Based), and By Region - Trends, Analysis, and Forecast till 2034" with complete TOC @ https://www.prophecymarketinsights.com/market_insight/Global-Instant-Noodles-Market-by-208
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