Instant noodles are primarily precooked at the factory and are packaged as dried noodles along with a sachet that contains a flavouring powder. Over the past several years, instant noodles have promptly gained much popularity due to their low price, easy storage and easy cooking. They are produced in more than 80 countries across the globe and are now available everywhere from fast food counters of the U.S. to the streets of India. A major reason for the strong growth of the global instant noodles market is the fact that that they are available in a variety of flavours and have been customised according to various regional tastes. They are also available in two types of packaging – bag/pouch packaging in which seasoning/tastemaker is packed in a sachet and cup packaging in which seasoning/tastemaker is generally sprinkled over the noodles.
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According to research analysts at IMARC Group, the global instant noodles market reached 104 Billion packets in 2015. It is further anticipated to grow at a CAGR of 1.6% during 2015-2021, reaching a volume of nearly 115 Billion packets by 2021.
Busy lifestyles and demand for convenience foods inducing the growth
The global instant noodles market is currently being bolstered by a number of factors. Nowadays, the mounting work pressure of people have made them more inclined towards ready-to-eat food products. As instant noodles provide a convenient food option due to their low cost, ease of preparation and storage, longer shelf-life as well as variations in flavours and flexibility, their consumption levels have increased over the past several years. Growing population in developing regions, busy lifestyles, rising female employment rate, desire for lesser cooking efforts, product innovations and value-addition are some of the other key factors that are stimulating the growth of the global market for instant noodles.
China represented the largest consumer
On a geographical front, the market has a presence in many countries across the globe. China represented the largest consumer of instant noodles and accounted for more than 40% of the total global consumption. China was followed by Indonesia, Japan, India, Vietnam, the United States, Republic of Korea, Thailand and Saudi Arabia.
The highly fragmented global market for instant noodles features a number of small and big players operating in the market. The market is largely dominated by the key global players who are extending their presence worldwide, particularly in the developing regions like Asia-Pacific, Africa and Latin America. Some of the top players functioning in this market include Master Kong (Ting Yi Holdings), Hwa Long (Chinese Dragon), Bai-Xiang (White Elephant), Nissin Foods, Myojo Foods, Sanyo Foods, Toyo Suisan Foods, Nestle India (Maggi), Nissin Foods (Top Ramen), ITC (Sunfeast Yippie), Capital Food India Limited (Ching’s Secret), Hindustan Unilever (Knorr Soupy Noodles), etc.
About IMARC Group: IMARC Group is a leading market research and consulting company that offers management strategy and market research worldwide. The company has done multiple projects on the instant noodles industry, which has enabled the clients to successfully setup and expand their businesses. Some of the company’s offerings include:
- Market Research
- Plant setup
- Plant Expansion
- Marketing and sales
- Procurement and Distribution
- Innovation and Product Development
For more information on the instant noodles industry, please visit: http://www.imarcgroup.com/prefeasibility-report-on-an-instant-noodle-processing-plant