The growing demand for convenience food is likely to boost the expansion of the global instant noodles market in the forthcoming years. The report published by Market Research Future (MRFR) asserts that the global instant noodles market has been prognosticated to scale a valuation of USD 33,200.2 Mn by the end of the forecast period 2018 to 2023 reflecting a CAGR of 3.02%.
Increasing per capita income has led to a drastic rise in the consumption of instant noodles. Other factors influencing the demand positively are rising working population, urban migration, increasing middle-income population, etc. Thus, the instant noodles market is projected to remain lucrative over the next couple of years.
The prominent players of the global instant noodles market profiled in this MRFR report Nestlé S.A. (Switzerland), are Unilever PLC (UK), Campbell Soup Company (US), Capital Foods Limited (India), Acecook Vietnam Joint Stock Company (Vietnam), Nissin Foods Co., Ltd (Hong Kong), Ajinomoto Co., Inc. (Japan), ITC Limited (India), Tat Hui Foods Pte. Ltd. (Singapore), and PT Indofood Sukses Makmur Tbk (Indonesia).
By product type, the global instant noodles market has been bifurcated into cup/bowl, and packet. Among these, the packet segment holds a substantial market share and is anticipated to exhibit a healthy growth pace over the assessment period. The growth of the segment is led by increasing penetration of packet noodles across the distribution channels. Also, the availability of the product in different sizes such as single pack, four packs, etc. is prognosticated to encourage the revenue growth of the segment in the upcoming years. The valuation of the segment is expected to reach USD 21,440.7 Mn mark by 2023. Meanwhile, it has been observed that the demand for cup/bowl type noodles is also gaining traction. The segment is likely to witness remarkable growth in the years to come owing to the convenience offered. It is projected to strike a CAGR of 3.33% over the review period.
On the basis of pack size, the instant noodles market size has been segmented into single pack, four pack, six pack, and others. The single pack segment is expected to witness the highest demand over the projection period. The increasing demand can be attributed to the convenience of on-go consumption. Also, it doesn’t require to be stored which avoids the hassle. Thus, the segment is anticipated to remain highly lucrative over the next couple of years. Also, the four pack segment is anticipated to grow substantially and reach a valuation of 7,708.2 Mn by 2023.
Based on distribution channel, the global instant noodles market has been bifurcated into store-based, and non-store-based. Among these, the store-based segment is anticipated to account for a larger market share in the forthcoming years. However, the report suggests that the non store-based segment is likely to exhibit a higher CAGR across the forecast period.
The global instant noodles market, for geographical study, has been segmented into North America, Europe, Asia Pacific, and the Rest of the World (RoW). Asia Pacific is anticipated to account for the maximum market share over the next few years. The increasing consumption owing to the exponentially growing population is prognosticated to boost the growth pattern of the instant noodles market share in the region. The regional segment is poised to expand at a CAGR of 3.16% during the assessment period.
The Middle East Africa (MEA) held the second-largest share of the market in 2017. It is expected to maintain its prominence in the years to come. North America is projected to surpass a valuation of USD 2000 Mn by the end of the assessment period. The regional segment is anticipated to be led by the growth of the U.S. market in the years to come.
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