Instant Noodles Market
Instant noodles are low-cost and highly convenient snack foods available in
various flavors like chicken, vegetable, and spicy. The process of instant
noodle making involves cooking noodles in boiling water or in flavored soup for
a few minutes. Instant noodles offer an easy-to-prepare solution with essential
nutrients like proteins, carbs, and vitamins. Their long shelf life and
cost-effective cooking process drive their popularity in homes and workplaces
for busy lifestyles.
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 Opportunity:
The opportunity for enhanced flavors in instant noodles is expected to drive
the market growth significantly. Changing food taste preferences and exposure
to various cuisines have increased the demand for innovative flavors in instant
noodles. With rising health-consciousness, manufacturers are developing healthy
flavor options with less fat, salt, and MSG. This favors the instant noodle
industry's growth by attracting more health-conscious consumers. Developing
organic, high-protein, ethnic, gluten-free, and nutrient-rich flavor variants
can unlock new revenue streams. Successful product innovation centered around
flavors can help gain market share as consumers eagerly await novelty in their
instant noodles.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate as establishing
manufacturing plants and distribution network requires significant initial
investment. However, the growth potential attracts new players.
Bargaining power of buyers: The bargaining power of buyers is high due to
availability of substitutes and undifferentiated products. Buyers can easily
switch to alternative brands based on pricing and offers.
Bargaining power of suppliers: The bargaining power of suppliers is moderate.
The major raw materials used are wheat, vegetables and meat which are locally
available. However, suppliers can influence prices.
Threat of new substitutes: The threat of new substitutes is high as various
instant snack options are available in the market.
Competitive rivalry: The competitive rivalry is intense due to presence of
established brands and private labels. Players focus on product innovation,
marketing campaigns and expanding distribution channels.
SWOT Analysis
Strength: Easy to prepare, convenient to consume and affordable price point are
the major strengths. Wide availability through retail channels and online
platforms.
Weakness: High in sodium and preservatives. Lack of complex carbohydrates and
fibers. Dependency on few raw material suppliers.
Opportunity: Growing working population and demand for ready-to-eat meals
present an opportunity. Launch of healthy product variants with lower sodium
can boost growth.
Threats: Price fluctuations in agricultural commodities affect input costs.
Stringent food safety regulations increase compliance costs.
Key Takeaways
The
Global Instant Noodles Market Demand is
expected to witness high growth on the account of changing lifestyle and food
habits. 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.
Regional analysis:
Asia
Pacific dominates the global market and is expected to maintain its lead over
the forecast period. China, Indonesia and India are the major markets in the
region attributed to huge population base and popularity of Instant noodles
among all age groups.
Key players :
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.
Get more insights on this topic :
https://www.ukwebwire.com/instant-noodles-market-is-expected-to-be-flourished-by-rising-consumer-preference-for-convenient-foods/
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