The launch of such innovative products is anticipated to promote the global market growth, predicts Fortune Business Insights in their new report titled, “Instant Noodles Market Size, Share & Industry Analysis, By Product Type (Chicken, Vegetable, Sea Food, Others), By Raw Material (Oats, Rice, Wheat, Others), By Distribution Channel (Supermarkets/Hypermarkets, Specialty Stores, Convenience Stores, Retail, Online) and Regional Forecast, 2019-2026.”
The global instant noodles market is projected to grow remarkably in the coming years on account of various initiatives taken by market vendors. For instance, Maggi Special Masala Noodles was launched by Nestle S.A. in August 2018. This product is new in the instant noodles category and is available for sale on the Walmart-owned online platform in India called Flipchart.
The report lists some of the significant players in the global market. These are:
- Acecook Vietnam Joint Stock Company
- The Campbell Soup Company
- Nissin Foods Co., Ltd.
- PT Indofood Sukses Makmur Tbk
- Unilever PLC
- ITC Limited
- Tat Hui Foods Pte Ltd.
- Ajinomoto Co., Inc.
- Nestlé S.A.
- Capital Foods Pvt. Limited
The report offers a comprehensive overview of the global market and major factors boosting or repelling its growth. The report also offers a qualitative and quantitative approach to the market with major trends and opportunities. It lists various players operating in the market and their key strategies to strengthen their foothold in the market competition.
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As per the report, the market will be dominated by the wheat instant noodles segment based on raw materials. This is because of the surge in demand from the health-conscious consumers since noodles made out of wheat are healthier than noodles made from other materials. On the other hand, the distribution channel of the market is anticipated to be the highest form hypermarkets or supermarkets segment. This is because of the high preference of consumers to shop from hypermarkets because they get easy access to a number of commodities in the same place.
Increasing Demand for Ready-to-eat Food Promoting Market Growth
The rise in professional and private duties makes consumers prefer ready-to-eat food rather than home-made food and this is considered a major factor boosting the instant noodles market. The rise in demand for quick noodles from different industries is expected to contribute to the growth of the market in the coming years.
The World Instant Noodles Association (WINA) stated in 2018 that they are serving about 103.62 billion servings from the past five years serving in Indonesia, China, Japan, and India and have collectively accounted for about 62% share of the total global servings as per 2018 records. Such high rate clearly indicates the upsurge their demand in the world market.
The rise in urbanization and increasing disposable incomes of people have changed the eating habits and living standards of people. People these days are more inclined towards quick meals and affordable, energy and time-saving meals because of their hectic lifestyle.
Additionally, instant noodles are easy to cook and does not compromise with the taste. This increases its preference and is thus projected to further boost the market in the coming years. The rise in inclination towards minimal cooking meals is another factor boosting the instant noodles market.
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Major Segmentation include:
By Product Type
- Sea Food
By Raw Material
By Distribution Channel
- Specialty Stores
- Convenience Stores
Moreover, the rise in number of supermarkets, convenience stores, and hypermarkets all around the world is anticipated to facilitate the sale of these noodles worldwide.
Asia Pacific Market to Enjoy Dominance of Market with High Consumer Preference
According to the report, the market is dominated by the Asia Pacific and further expected to continue its dominance in the coming years as well. This is attributable to the large population size, surge in demand for convenience foods among working-class people and rise in urbanization in nations such as Thailand, India, and others.
The increasing disposable income and changing consumer preference towards easily accessible food is anticipated to promote the global instant noodles market growth in the forecast duration.
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