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The Global Noodles Market Size is projected to increase by USD 17,411.73 million accelerating at a CAGR of 5.65% between 2022 and 2027.
This noodles market report extensively covers market segmentation by product (instant noodles, dried, and others), distribution channel (offline and online), and geography (APAC, North America, Europe, Middle East and Africa, and South America). It also includes an in-depth analysis of drivers, trends, and challenges.
The increasing demand for regional and ethnic cuisines is a key factor driving the global noodles market growth. The increasing demand for regional and ethnic culinary flavors is driving the growth of Asian cuisine. The rising demand for Asian cuisine in the food service sector, through the increasing number of noodle shops, has been encouraging retailers to stock a wide variety of noodles, making the product more readily available to consumers. With the increasing Asian expatriate population base in most major countries, the demand for regional and ethnic culinary flavors in instant noodles is growing significantly. The Italian expatriate base accounts for 6% of the US population. This has led to a surge in demand for noodles that have Italian flavors.
Furthermore, Asians also account for close to 6% of the US population, thereby fueling higher demand for noodles. In addition, the Millennial population base in the US seeks variety and different flavors in food products. Some of the cuisines that are popular among Millennial consumers are Chinese, Korean, Southeast Asian, and Vietnamese food. Hence, the increasing demand for regional and ethnic cuisines is expected to drive the growth of the global noodles market during the forecast period.
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Our researchers analyzed the data with 2022 as the base year, along with the key trends, and challenges. A holistic analysis of drivers, trends, and challenges will help stakeholders in the value chain refine their marketing strategies to gain a competitive advantage.
The use of natural additives will fuel the global noodles market growth. The composition and protein content of wheat flour are vital for the cooking quality of noodles and noodle products. The purpose of adding natural proteins to noodle dough is mainly to improve nutritional quality and maintain a strong dough structure. Some exogenous proteins can affect the gluten in the dough by enhancing the noodle dough structure and improving the chewiness of the final product.
Major companies have announced their decision to use only natural additives in their noodles and noodle products. Kraft Foods, for instance, announced that its boxed noodles products would be colored with natural ingredients such as paprika, annatto, and turmeric. Such factors will increase market growth during the forecast period.
The fluctuating raw material prices are the major challenge to the global noodles market growth. Raw materials such as wheat (the main ingredient), aluminum, paper, and plastics (for packaging) have volatile prices based on their availability. Also, the growing gap between supply and demand in recent years has increased the costs of raw materials considerably. Any increase in the price of raw materials, such as plastic increases the manufacturing cost of packaging and leads to lower profit margins for vendors.
Furthermore, to remain competitive in the market, manufacturers are experimenting with low-cost substitutes, which might compromise the quality of the product. Also, raw material suppliers can increase prices based on demand, which raises the manufacturing cost. All these factors are hindering the growth of the global noodles market.
The market research report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Noodles Market Customer Landscape
Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
The noodles market report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including.
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The offline segment will account for a significant share of market growth during the forecast period. One of the major factors expected to drive the growth of the segment is the expansion of hypermarkets and supermarkets across the world. Consumers can choose from a wide range of products in retail stores based on parameters such as price and quality. These stores are convenient for individuals who prefer the traditional way of shopping. Grocery and convenience stores are mainly region centric.
Owing to close proximity, some consumers have a higher propensity to purchase from convenience stores than hypermarkets, supermarkets, or other e-commerce platforms. The ease of availability of products across platforms and the easy accessibility to outlets with a broad merchandise mix are estimated to drive this growth of the segment and, in turn, the market in focus during the forecast period.
The market share growth by the instant noodles segment will be significant during the forecast period. The instant noodles in the global noodles market are expected to witness significant growth compared with the dried and others segment during the forecast period.
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The instant noodles segment was valued at USD 40,468.78 million in 2017 and continued to grow until 2021. The market is growing due to the growing millennial population and the growing number of working-class customers driving the consumption of packaged food products such as instant noodles. Furthermore, the companies have recently introduced several products that are distinct in terms of new flavors, healthy ingredients, and packaging. Furthermore, consumers are becoming more interested in instant noodles due to their low cost and availability in a variety of flavors in supermarkets and hypermarkets.
People in cities like to buy instant noodles in addition to their regular shopping. Market players introduce new varieties in response to changing customer tastes, and supermarkets ensure that all of these products are available to attract more customers. Hence, the above-mentioned factors are driving the growth of the instant noodles segment in the global noodles market during the forecast period.
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APAC is estimated to contribute 80% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The noodles market in APAC is expected to register a moderate growth rate during the forecast period. This is due to the rise in per capita income and expanding population base in the region.
However, recent product recalls have significantly impacted the market growth rate, primarily in countries such as India and Vietnam. The per capita disposable income in the countries of APAC is expected to increase during the forecast period, along with the rate of urbanization. These two factors will be the major contributors to the growth of the noodles market in the region during the forecast period. Also, the growing number of new product launches to suit local tastes is driving market growth in the region.
In 2020, the COVID-19 outbreak resulted in thousands of deaths in China and other APAC nations, which compelled governments of various countries in the region to impose lockdowns to contain the spread of the disease. This led to the temporary closure of offline retail sales and manufacturing units of noodles in the region. However, in 2021, the initiation of large-scale COVID-19 vaccination drives by the governments of APAC countries led to the lifting of lockdown restrictions and the resumption of activities in offline retail channels. This increased the demand for noodles from retail channels such as hotels, restaurants, and food centers. Such factors are expected to drive the growth of the regional noodles market during the forecast period.
The noodles market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Noodles Market Scope |
|
Report Coverage |
Details |
Page number |
161 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 5.65% |
Market growth 2023-2027 |
USD 17,411.73 million |
Market structure |
USD Fragmented |
YoY growth 2022-2023(%) |
3.0 |
Regional analysis |
APAC, North America, Europe, Middle East and Africa, and South America |
Performing market contribution |
APAC at 80% |
Key countries |
US, China, Indonesia, Japan, and India |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled |
Acecook Vietnam Joint Stock Co., Ajinomoto Co. Inc., Beltek (Huizhou) Foods Co. Ltd., Capital Foods Pvt. Ltd., CJ CheilJedang Corp., Conagra Brands Inc., House Foods Group Inc., ITC Ltd., Mandarin Noodle, Nestle SA, Nissin Foods Holdings Co. Ltd., NONGSHIM AMERICA INC., Ottogi Co. Ltd., PT INDOFOOD SUKSES MAKMUR Tbk, QQ Famous Noodles, S.K Food Foods Pvt. Ltd., Sanyo Foods Corp. of America, Thai President Foods Public Co. Ltd., Uni President Enterprises Corp., and Unilever PLC |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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