The global market for Instant Noodles is projected to reach 145.8 billion packs by 2020, driven by the rising tide of the convenience food trend in emerging markets and widening consumer acceptance.
The global instant noodles market is witnessing healthy growth driven by expanding Asian communities, and the growing popularity of Asian gourmet food among non-Asians, according to a New Report Update by Global Industry Analysts, Inc.
With noodles being customized for regional buyers all over the globe, the ubiquitous, and cheap rectangular cubes of flash dried and dehydrated noodles is today a global food product. Instant noodles as a fast food cuisine have gone down into history as the most memorable contribution made by Japan to life in the 20th and 21st century. Numerous enhancements to the dish helped its popularity crawl slowly to the West, and in Italy, the invention of the dish Italian Pasta is widely believed to have drawn inspiration from instant noodles.
Taste profiles differ across regions. The taste of Japanese or Korean-produced ramen is different from that of the noodles manufactured in the United States and Australia, thereby indicating the level of regionalism enjoyed by the product. Production of instant noodles began all over the world as early as the 1980s, when after the huge success of Chikin Ramen, the founder of Nissin Foods and the inventor of instant noodles, Mr. Ando Momofuku guided by purely social principles publicly made available the proprietary technology and recipe of his revolutionary product. Instant ramen is the only instant food of its kind to transcend regional differences in food tastes, flavors and preferences, and become a vital, must have part of the daily diet of the global population.
Key factors instrumental in instant ramen’s evolution into the world’s staple food include its low cost, quality nutrition, wide variety of taste and flavour profiles, and minimal cooking time. Today, instant noodles are available everywhere, from the fast food cafeterias of United States to the roadside hawkers in India, and Saudi Arabia. Disposable income and purchasing power parity of consumers in various regions across the globe represent major economic factors that influence the demand, and consumption for instant noodles. Typically, consumers with higher disposable income consume higher amounts of instant noodles.
Future growth in the market will come from countries presently not ranked among the top consuming countries worldwide. Further, manufacturers are encouraging frequency of purchase of instant ramen by enhancing the food’s nutritional value through fortification. Noodles fortified with vitamins, calcium, minerals, and ß-carotene in its natural form are growing in demand. In addition to functional product innovation, manufacturers are also focusing on aesthetic innovation in product packaging to drive sales.
As stated by the new market research report on Instant Noodles, Asia-Pacific represents the largest market worldwide. Instant noodles represent a mainstream food category in the region. Buoyed by some of the largest noodle consuming nations in the world, including China, Indonesia, and Vietnam, Asia-Pacific is poised to retain its dominance in the coming years. The Middle East & Africa are forecast to display the fastest CAGR of 7.8 percent over the analysis period. Key factors driving growth in these regions include changing consumer eating habits, a large base of young population, expanding middle class population, increase in the number of dual income nuclear families, and large untapped semi-urban and rural markets.