May 29, 2024

Instant Noodles Market Is Expected To Be Flourished By Rising Consumer Preference For Convenient Foods

Instant noodles comprise dried noodle blocks made from wheat flour, palm oil, seasoning, and other preservatives. Instant noodles are popular for their convenience, affordability, and ready-to-eat properties. Instant noodles have rapidly gained popularity over the past few decades, as busy lifestyles and fast-paced urbanization have increased demand for convenient, on-the-go meals. Instant noodles are purchased, boiled within minutes, and consumed in small servings. Common varieties of instant noodles include chicken, vegetable, and seafood flavors.

The global Instant Noodles Market is estimated to be valued at US$ 2.17 Bn in 2024 and is expected to exhibit a CAGR Of 5.5% over the forecast period 2024 To 2031, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics

The rising preference for convenient foods among consumers is expected to drive the growth of the instant noodles market over the forecast period. Instant noodles allow minimal preparation time and are popular for breakfast, lunch, dinner, and snacks. With rising urbanization and dual-income households, consumers have less time to cook meals and prefer ready-to-eat convenience foods. Another key driver for the instant noodles market is increasing product innovation. Manufacturers are diversifying their instant noodle offerings to meet evolving consumer tastes, preferences, and nutritional needs. New variants launched include organic, gluten-free, plant-based, whole-grain, and low-calorie options. Packaging innovations like resealable packs and single-serving sachets have also boosted the popularity of instant noodles.

Segment Analysis

The global Instant Noodles market is segmented based on Product Type, raw materials, distribution channels. Based on Product Type, the market is segmented into Fried, Non-fried, Others. The Fried segment dominates the global market, driven by their availability and popularity across geographies. Based on raw materials, the market is segmented into wheat, rice, oats, tapioca, mixed grains, and others. The wheat segment accounts for the largest market share, supported by the easy availability of wheat and popularity of wheat-based instant noodles. Based on distribution channels, the market is segmented into Supermarkets/Hypermarkets, Convenience stores, E-commerce, and others. The Supermarkets/Hypermarkets segment holds a dominant share owing to the bulk purchase options.

PEST Analysis

Political: The Government regulations regarding food quality and labeling have positively impacted the instant noodles industry growth. Many countries have implemented rules to curb the excessive usage of sodium, preservatives in instant noodles.

Economic: The growing disposable incomes and urbanization in developing nations have boosted market expansion. The inexpensive price point of instant noodles has made them a favored choice among cost-conscious consumers.

Social: Changing lifestyles and busy schedules have increased the demand for convenient ready-to-eat food options like instant noodles. They are popular among young working professionals, students as an anytime meal.

Technological: Manufacturers are investing in R&D to develop healthier instant noodle variants with whole grains, proteins, fewer preservatives. Some players have introduced 3D printing technology to customize flavors, textures.

Key Takeaways

The Global Instant Noodles Market Demand is expected to witness high growth over the forecast period between 2024 to 2031 driven by rising disposable incomes, urbanization and preference for convenient food among millennial. The global instant noodles market is estimated to be valued at US$ 2.17 bn in 2024 and is expected to exhibit a CAGR of 5.5% over the forecast period 2024 to 2031.

Regionally, the Asia Pacific region is expected to remain the fastest growing as well as the dominant regional market. Countries like China, India, Indonesia are the major consumers and producers.

Key players operating in the Instant Noodles are Abbott Point of Care Inc.,Cornley Hi-tech Co., LTD,Radiometer Medical ApS,EDAN Instruments, Inc.,ERBA Diagnostics Mannheim GmbH,F Hoffman La Roche Ltd.,Fortress Diagnostics,Instrumentation Laboratories, LifeHealth,Medica Corporation,Nova Biomedical Corporation,OPTI Medical Systems, Inc.,Sensa Core,Siemens Medical Solutions USA, Inc. These major players are focusing on new product launches, collaborations and expansions to gain a competitive edge in the market. For instance, Abbott launched a new digital diabetes care management system in 2021 targeting patients with type 2 diabetes.

Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it