Instant noodles have captured a huge chunk of the convenience food market due their popularity and easy to make feature. Market Research Future, a firm which specializes in market reports related to Food, Beverages & Nutrition sector among others, recently published a report on this market. The global instant noodles market is projected to witness growth at a CAGR of 5.59% and it is projected to reach USD 5,553.23 million during the period of 2017 to 2023.
As convenience foods have become a part and parcel of urban life, instant noodles have successfully garnered a huge chunk of this segment. This is owing primarily to factors such as availability of varieties, low cost per unit, ease of making the product with minimum resources. The market may, however face restraints with regards to the nutritional quality of product and use of additives which may induce negative health effects.
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Latest Industry News:
Jan 2018 Symington’s in Leeds, which makes branded meals and snacks for a variety of household names, revealed today it is in ‘detailed discussions’ to supply its brands including instant noodle product Naked Noodle, in Chinese supermarkets. The move into China is part of Symington’s turnaround strategy to boost sales and increase its customer base. The company’s strategy includes boosting exports to countries it already supplies as well as entering new markets in China, the US and India. It is also trying to crack the convenience store market, and plans to grow its online presence.
Jan 2018 Bangkok-based Thai President Foods PCL, the maker of the instant noodle brand Mama, has purchased land in the kingdom with the intention of building a factory for the production of its popular noodles. The firm, owned by the Saha Group and Nissin Holdings, is seeking more market opportunities overseas and plans to spend more than $6.19 million to set up instant noodle factories abroad in 2018. The company has already bought a 6,400 square metre plot in Phnom Penh to build a Mama instant noodle factory.
Jan 2018 Premier Foods is in talks to sell the soup and noodles brand Batchelors to its biggest shareholder. They are exploring a deal with Nissin Foods, the Japanese inventor of instant noodles. Batchelors is said to be valued at more than £200m.
Major Key Players Analysis:
With the entry of industry players, a trend of solid, volume-driven growth has been observed in the market with the development of different varieties of product types. Companies are aiming to capture a considerable share of the market segment as early as possible with effective business strategies poised to fill this gap and ensure containment of the dynamics of the competition in the market.The best long-term growth opportunities for this sector can be captured by ensuring ongoing process improvements and financial flexibility to invest in the optimal strategies.
The key players profiled in the Instant Noodles Market are Campbell Soup Company (U.S.), Nestle SA (Switzerland), Ajinomoto Co., Inc. (Japan), The Unilever Group (Pot Noodles) (U.K.), Nissin Foods Co., Ltd (Hong Kong) to name a few.
Instant noodles market has been segmented on the basis of packaging type which comprises of packets, cups and others. Among all the segments, packet instant noodles accounts the highest market proportion over the past few years and it is projected to dominate the instant noodles market during the forecast period. However, cup instant noodles segment will be expanded at a high growth rate over the forecast period. Instant noodles have been segmented on the basis of broth which includes sea-food, chicken, vegetable, and others. Vegetable segment will witness higher growth rate than the retail customers over the forecast period. Instant noodles have been segmented on the basis of distribution channel which comprises of store based and non-store based.
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Detailed Regional Analysis:
The Global Instant Noodles Market is segmented into Europe, North America, Asia Pacific, and rest of the world (ROW). Among these, APAC region is expected to retain its dominance throughout the forecast period and will grow at a CAGR of 5.02%. Europe will be the fastest growing region in the instant noodles market, market value will grow at a CAGR of 4.81% 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 and growing demand for ready to eat especially in China and India will support the market growth during the review period.
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