June 17, 2024

Instant Noodles Market Driven By Changing Consumer Preferences Is Poised To Witness Substantial Growth

Instant noodles are precooked noodles mostly made from wheat and potato flour that can be cooked within minutes without adding anything else to it. These noodles come in dried form and just need hot water to be added for consumption. With the busy lifestyle of consumers, increasing number of working population and changing dietary habits, demand for convenience food like instant noodles has been growing exponentially. The global market is dominated by major players from Asian countries where instant noodles were originated and still form an important part of daily diet. The easy to make nature and affordable pricing of instant noodles has made them popular breakfast and late-night snack options among young consumers across the globe.

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

Market key trends:

The instant noodles market has witnessed several innovations and trends in recent years. One of the biggest key trends is the launch of healthy instant noodles variants by various manufacturers. Considering growing health consciousness, companies are offering low fat, low salt, high fiber and protein enriched noodles. Another trend is introduction of regional and ethnic flavored instant noodles to expand consumer base. Popular global flavors like Italian, Mexican etc. have emerged. Emergence of premiumization is another notable trend wherein manufacturers are focusing on premium natural and organic instant noodles made with whole grains and natural preservatives. Rising popularity of online food delivery platforms and e-commerce has also boosted the market growth of instant noodles globally.

Porter’s Analysis

Threat of new entrants: The threat of new entrants is moderate as the instant noodle market is well established with major players holding strong brand value and distribution network. However, startup costs are relatively low.

Bargaining power of buyers: The bargaining power of buyers is high as instant noodles are inexpensive and there are many substitutes available. Buyers can easily switch to alternatives if prices are increased.

Bargaining power of suppliers: The bargaining power of suppliers is moderate as major raw materials like wheat and vegetables are commodities and available from multiple suppliers.

Threat of new substitutes: The threat of new substitutes is high as ready-to-eat alternatives like sandwiches, pasta, burgers pose competition. Consumer preference for healthier options is also a challenge.

Competitive rivalry: The competitive rivalry is high due to the presence of global and regional players competing on the basis of product innovation, pricing and marketing.

Key Takeaways

The Global Instant Noodles Market Demand is expected to witness high growth. The global Instant Noodles Market is estimated to be valued at US$ 2.17 Mn in 2024 and is expected to exhibit a CAGR of 5.5% over the forecast period 2024-2031.

Asia Pacific dominates the market holding more than half of the global share due to high consumption in countries like China, India and Indonesia. The rising working population and hectic schedules have boosted the demand for convenient food options in the region.

Key players operating in the Instant Noodles market 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. Major players are focusing on new product launches, expansions and mergers & acquisitions to strengthen their market position.

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