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. With changing lifestyle and evolving dietary pattern, convenience food plays an important role in defining the consumers’ food choices in the modern world. The trend of consumption of convenience food began in western world and spread to other regions rapidly.
Consumers look for convenience food as they are easily available, and possess nutritional value due to fortification, variety and product appeal. Due to changing lifestyles, consumers are spending less time planning and cooking meals at home as they consider preparing food at home as a chore and is time and energy consuming. The instant noodles is considered convenient as there is no need to put in efforts in cooking & chopping vegetables, these factor will support the growth of this market. Globally the market (Volume) for instant noodles is estimated to grow at the rate of about 5% from 2017 to 2023.
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).
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 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.
Market Segments:
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.
Store based segment is anticipated to account the maximum market share in the Global instant noodles market throughout the forecast period of 2017-2023. The sea food broth segment is projected to register the higher growth rate (5.65%) during the forecast period of 2017 to 2023. In APAC region China dominates the market, followed by Indonesia
