Instant noodles refer to the precooked dried noodles which are made up of ingredients such as flour, water, oil and salt. They are dehydrated using one of the two processes, namely flash or air frying. Instant noodles are generally accompanied with a small sachet comprising of the tastemaker. In addition to this, they are high in carbohydrates and fat but low in protein, vitamins, minerals and fibre. Moreover, instant noodles have gained immense popularity worldwide and are now available in every nook or cranny. A new research report by IMARC Group, titled “Instant Noodles Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023”, estimates that the market to reach a value of US$ 40 Billion in 2017. The report further anticipates the market to cross US$ 55 Billion by 2023, at a projected CAGR of more than 5% over the forecast period.
Market Drivers/Constraints:
- A rapid increase in the number of working population, coupled with mounting professional and personal responsibilities has made consumers oscillate from home cooked food to ready-to-eat food items like instant noodles. This has led to a growth in the global instant noodles market.
- Instant noodles are currently witnessing a heightened demand, owing to the product innovations that have been introduced by the manufacturers, keeping in mind the preferences of consumers. Moreover, manufacturers are also launching variants which are inspired from tastes of various regions.
- Some of the other factors that have led to an escalation in the demand for instant noodles include convenience, affordability, ease of storage, long shelf-life and rising women employment rates.
- However, there are various factors which hamper the growth of the market. The consumption of instant noodles on an everyday-basis can have a negative impact upon the health. Instant noodles are low in nutritional content and contain fat, carbohydrates, sodium and calories because of the dehydrating and preserving process.
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Regional Insights:
On a geographical front, the market has a presence in many countries across the globe. China exhibits a clear dominance in the market of instant noodles, accounting for the majority of the total global consumption. China is followed by Indonesia, Japan, the United States, Vietnam, Republic of Korea, India, South Arabia and Thailand.
Competitive Landscape:
The market is fragmented with the presence of various small and large manufacturers who compete in terms of prices and quality. There is a rigid competition in the market which makes it difficult for small players to enter the market. Some of the leading players operating in the market are:
- Master Kong
- Hebei Hualong Food Group
- Indofood Sukses Makmur
- Nissin Foods
- Nestle
- Acecook Vietnam Joint Stock Company
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