Growing demand for convenient food products among the working population and rising preference towards RTC foods is driving the market for instant noodles. With varying lifestyle and developing nutritional pattern, convenience food products play an important role in defining the consumers’ food preference in the various regions. The trend of consumption of instant noodles began in Asian countries and it spread to other regions rapidly. The increasing purchasing power of consumers, convenience trends are likely to remain significant factor which boosting instant noodles market in Asia Pacific countries.
The increasing consumption of instant noodles is driven by desire to create more leisure time which means that consumers like to maximize their free time along with their disposable income and their preference to ready to cook foods as it saves more time. Consumers look for convenience food as they are easily available, and possess nutritional value due to fortification, variety and product appeal. Due to changing lifestyles, consumers are spending less time planning and cooking meals at home as they consider preparing food at home as a chore and is time and energy consuming. The instant noodles are popular as convenient food products as there is no need to put in efforts in cooking & chopping vegetables, these factor will support the growth of this market especially in developing economies.
The major key players are highly investing on technological advancements. Introduction of new products in instant noodles product lines and broadening the range of instant noodles for consumer offering is the primary key strategy by major players.
The key players profiled in Global Instant Noodles Market Revenue report are Campbell Soup Company (U.S.), Nissin Foods Co., Ltd (Hong Kong), Capital Foods Limited (India), ITC Limited (India), Nestle SA (Switzerland), Ajinomoto Co., Inc. (Japan), and The Unilever Group (Pot Noodles) (U.K.) among many others.
Global Instant Noodles Market has been divided into type, source, packaging, and region.
On The Basis of Type: Vegan and Non-vegan
On The Basis of Source: Wheat, Rice, Oats and others
On The Basis of Packaging: Packets and Cups
On The Basis of Region: North America, Europe, Asia Pacific and ROW.
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The Asia Pacific Region is expected to hold major market share throughout the forecast period and will grow at a significant CAGR. The Europe region will be the highest growing region in the instant noodles market, and the market will experience high growth in emerging economies such as China, India, Japan and ASEAN countries. Latin American countries, offers plenty opportunities for development to major players. The high intake of processed and convenience food products in growing economies of Asia-Pacific and Latin America and growing demand for ready to eat especially in China and India will support the market growth during the review period.