LONDON--(BUSINESS WIRE)--Technavio has announced the top six leading vendors in their recent global noodles market report until 2021. This research report also lists 14 other prominent vendors that are expected to impact the market during the forecast period.
The concept of packaged food originated with the need for easy-to-cook and easy-to-consume foods. The changing lifestyles of consumers, the convenience of consumption, and increased health awareness are the major factors driving the growth of the global packaged food market. However, incidences of food contamination, government regulations, and the emergence of local brands might have a negative impact on the growth of the market in the coming years.
Competitive vendor landscape
The global noodles market is subject to rapidly changing consumer demands and preferences. Manufacturer performance in the market may be affected by the changing consumer spending pattern; regional, national, and local economic conditions; consumer tastes; and demographic trends. The changing economic conditions are affecting customers' living standards and will also affect vendors' businesses in the coming years.
Manjunath Reddy, an industry expert at Technavio for research on food, says, “Intense competition among manufacturers, coupled with rapid technological changes, constitutes a significant risk factor for vendor operations. Hence, to survive in this competitive environment, it becomes imperative for manufacturers to differentiate their product offerings through a clear and unique value proposition.”
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Top five noodles market vendors
Nestlé, along with its subsidiaries, manufactures and distributes food and beverages globally. Nestlé South Africa launched a new variant in its Maggi noodles range on October 8, 2015, called Maggi 2 Minute Noodles with real Morogo (a variety of African wild spinach). The product was launched after three years of extensive research on native South African edible plants.
The company offers numerous products in the foodservice, chilled and frozen food, confectionery, instant noodles, and beverages segments. Through this acquisition, the company plans to strengthen and expand its business foundations in Hong Kong and Macao.
PT INDOFOOD SUKSES MAKMUR
PT INDOFOOD SUKSES MAKMUR is an Indonesian company that operates in the food industry. It produces a wide range of packaged food products. The company offers instant noodles under the Indomie and other brands across APAC, North America, Europe, and African markets.
Ting Hsin International Group
The company manufactures food and beverage products. Its subsidiaries include Sanyo Foods, Tingyi (Cayman Islands) Holding, Wei Yingzhou, and Wei Zhanglvyun. The company's two fast food chains are Dicos and Master Kong Chef’s Table. While Dicos specializes in fried chicken, Master Kong Chef’s Table is a restaurant chain that sells branded noodles.
Toyo Suisan Kaisha
Toyo Suisan Kaisha is engaged in the purchase, processing, and marketing of seafood and other foods. The company manufactures and sells instant noodles, processed foods, fish paste, and frozen food products under the Maruchan brand.
Unilever is a conglomerate and provides a range of consumer goods, including foods, beverages, cleaning agents, and personal care products. The company offers various noodle products through the Knorr brand. Its noodles brands include Knorr Soupy Noodles Mast Masala, Knorr Chinese Schezwan Noodles, and Knorr Chinese Hot and Spicy Noodles.
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