Instant noodles have gained considerable popularity during the last few years, as it can be prepared and consumed easily. Also, many countries are experiencing rapid development and urbanization in recent years, and it is resulting in new diet habits and preferences for international food trends. Moreover, instant noodles need very less preparation time. Furthermore, the ease of use associated with innovative packaging techniques and microwave cooking supports the growth in demand for these foods. In a convenient food segment, it is essential for a product to have a long shelf life. Hence, the long shelf life of packaged products, convenience, and rapid urbanization is a driving force for the instant noodles market growth.
As per Technavio, the increasing new product launches will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global instant noodles market 2019-2023 research report also analyzes other significant trends and market drivers that will affect market growth over 2019-2023.
Global instant noodles market: Increasing new product launches
New product launches by regional and international players contribute to the growth of the global instant noodles market. Manufacturers of instant noodles are adopting innovative and distributive strategies to increase the market size of their products. For instance, in June 2019, TOYO SUISAN KAISHA launched several new products, including Maruchan Noodle Cup Oil Saba, Yakisoba bagoon salt butter flavor, and RAMEN GOTTSU supervision fish and pork bone noodles. Similarly, in February 2019, Nongshim Co. Ltd., a leading South Korean food company, launched a non-fried instant noodle under its Shin Ramyun brand. Thus, with such a wide array of product offerings, the global instant noodles market is expected to showcase a positive outlook during the forecast period
“Apart from the increasing new product launches, the increasing demand for regional and ethnic flavors is one other factor that is expected to boost market growth. The rising demand for Asian cuisine in the foodservice sector, largely 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. Moreover, the growing expatriate population base in most major countries, is also increasing the demand for regional and ethnic flavors in instant noodles,” says a senior analyst at Technavio.
Global instant noodles market: Segmentation analysis
This market research report segments the global instant noodles market by type (fried and non-fried) and geographical regions (APAC, North America, Europe, MEA, and South America).
The APAC region led the market in 2018, followed by North America, Europe, MEA, and South America, respectively. However, during the forecast period, the MEA region is expected to register the highest incremental growth due to changing consumers eating habits and the broad base of young population in the region.
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Five Forces Analysis
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- Vendors covered
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