Noodles Market - Forecast(2023 - 2028)

Report Code: FBR 0247 Report Format: PDF + Excel

Noodles Market Overview:

The Noodles Market size is estimated to reach USD76 billion by 2030, growing at a CAGR of 3.9% during the forecast period 2023-2030. Noodles is a type of fast food that is made up of ingredients like oat, rice and wheat. There is a wide variety of noodles available globally including instant noodles, vegetarian & non-veg noodles, vegan noodles, green tea noodles, organic noodles and plant-based and gluten-free noodles.

The quick change in the eating habits of the working class, major chains of brands' collaborations with supermarkets/hypermarkets and growing consumer desire for tasty convenient food items are driving the Noodles market growth. In March 2022, Bloomberg stated that Nissin Foods' financial performance exceeds the 2020 baseline; a 9.9% revenue increase was observed in 2021. The revenue increase mainly resulted from the high sales volume of “Cup Noodles” in China and an increase in revenue from the diversified portfolio in Hong Kong. This represents the Noodles Industry Outlook.

Market Snapshot:

Noodles Market

Noodles Market - Report Coverage:

The “Noodles Market Report - Forecast (2023-2030)” by IndustryARC, covers an in-depth analysis of the following segments in the Noodles Market.

Attribute

Segment



By Product Type

  • Dried

  • Instant

  • Frozen

  • Canned


By Source Type

  • Vegetarian Noodles

  • Non-veg Noodles




By Raw Material Type

  • Oat

  • Rice

  • Wheat

  • Buckwheat

  • Corn

  • Millet

  • Others



By Distribution Channel

  • Online Channels

  • Supermarkets/ Hypermarkets

  • Speciality Stores

  • Convenience Store

  • Traditional Grocery Stores

  • Others


By Packaging Type

  • Packet

  • Cup/Bowl





By Geography

  • North America (the U.S., Canada and Mexico)

  • Europe (Germany, France, UK, Italy, Spain, Russia and the Rest of Europe),

  • Asia-Pacific (China, Japan, South Korea, India, Australia & New Zealand and the Rest of Asia-Pacific),

  • South America (Brazil, Argentina, Chile, Colombia and the Rest of South America)

  • The Rest of the World (the Middle East and Africa).

COVID-19 / Ukraine Crisis - Impact Analysis: 

  • COVID-19 interrupted the worldwide supply chain and forced retail establishments to close. As a result, customers panicked and stocked up on long-lasting foods like instant noodles. Noodles consumption is rising globally due to changing consumer preferences towards fast food. Internet shopping also witnessed rapid growth, which benefited the consumption of noodles worldwide.
  • Russia's invasion of Ukraine has badly impacted the market for noodles. The war has increased the cost of raw commodities like oat, rice and wheat, which are the key constituents. This is creating a major problem for manufacturers globally.

Key Takeaways:

Dominance of the Asia-Pacific Region

According to the Noodles market forecast, Asia-Pacific held the largest share with 39% of the overall market in 2022. It is also poised to dominate the market over the period 2023-2030. This is because of the rising inclination towards regional flavored, convenience food among the working class and increasing urbanization in this region.

Growing Demand for Less-time Consuming Ready-to-eat Food

Based on Product Type, the Instant segment is estimated to grow at the fastest CAGR of 4.7% during the forecast period 2023-2030. This is due to the availability of authentic flavors and ease of making, as per Noodles market analysis.

Increasing Supermarket/Hypermarket Expansion

Based on Distribution Channel, Supermarket/Hypermarket segment held the largest Noodles market share in 2022 and it is estimated to grow at the fastest CAGR of 4.5% during the forecast period 2023-2030. The growth is attributed to the opening of supermarkets/hypermarkets as well as partnerships with businesses to reach more consumers.

Introduction of Healthy Vegan Noodles to Drive the Market

There has been an increase in the vegan population in the last decade. The Vou in its recent article stated that 5% or 15.5 million people in the U.S. in 2022 follow a vegetarian-based diet and 2 million of them – that’s approximately 0.5% - are purely vegan. The introduction of vegan noodles would efficiently attract vegan consumers worldwide, which significantly contributed to market growth.

Spread of K-pop Culture to drive Noodles Market

In recent years, a great influence of Korean culture through K-pop, K-dramas and Korean cuisine has been observed globally which is positively impacting noodles market opportunities. Volza in its South Korea Export data report stated that noodles export shipments from South Korea in 2022 stood at 31.6K. Most of South Korea’s Instant noodles are exported to the U.S., Vietnam & India and South Korea is the largest exporter of Instant noodles in the World.

Health Concerns due to Regular Consumption to Hamper the Market Growth

In October 2022, News18 stated that the consumption of instant noodles on a daily basis could badly impact health. They are rich in carbohydrates, fat and sodium content which can lead to a high risk of heart disease and strokes. It also lacks essential nutrients required by the body and additives such as monosodium glutamate cause headaches, weakness and other health problems. About 5.5 billion instant noodle servings are consumed in India per year which can harm the health of consumers.

Noodles Market: Market Share (%) by Region, 2022

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Key Market Players:

Product/Service launches, approvals, patents and events, acquisitions, partnerships and collaborations are key strategies adopted by players in the Noodles Market. The top 10 companies in the Noodles market are:

  1. Uni-President Enterprises Corporation (Instant Noodles)
  2. Beltek Foods Co., Ltd. (Cup Noodles, Flat Noodles)
  3. Nestle S.A (Maggi)
  4. Mandarin Noodles (Silver Noodles, Wonton Noodles)
  5. Marico Ltd. (Instant Noodles)
  6. Master Kong (Stewed Chicken Noodles)
  7. Maruchan Inc. (Instant Ramen Noodles)
  8. Nissin Food Products Co., Ltd. (Cup Noodles)
  9. PT Indofood Sukses Makmur Tbk ( Noodles, Sauce)
  10. Nongshim Co., Ltd. (Instant Noodles)

Scope of Report:

Report Metric

Details


Base year considered



2022


Forecast period



2023–2030


CAGR


Growing at the rate of 3.9%



Market Size



76 billion USD


Segments Covered

Product Type, Source Type, Raw Material Type, Distribution Channel, Packaging Type and Region




Geographies covered

North America (the US, Canada and Mexico), Europe (Germany, France, the UK, Italy, Spain, Russia and the Rest of Europe), Asia-Pacific (China, Japan, South Korea, India, Australia & New Zealand and the Rest of Asia-Pacific), South America (Brazil, Argentina, Chile, Colombia and the Rest of South America) and the Rest of the World (the Middle East and Africa).






Key Market Players



  1. Uni-President Enterprises Corporation
  2. Beltek Foods Co., Ltd.
  3. Nestle S.A
  4. Mandarin Noodle
  5. Marico Ltd
  6. Master Kong
  7. Maruchan Inc
  8. Nissin Food Products Co., Ltd.
  9. PT Indofood Sukses Makmur Tbk
  10. Nongshim Co., Ltd.

Frequently Asked Questions:

Q1. What is the growth rate of the Noodles market during the forecast period?
Noodles Market is estimated to grow at a 3.9% rate during the forecast period 2023-2030.

Q2. What is the predicted growth of the Global Noodles Market size from 2022 to 2030?
The global Noodles Market size is estimated at USD55 billion in 2022. It is projected to reach USD76 billion by 2030.

Q3. Which are the leading market players in the Noodles Market?
Uni-President Enterprises Corporation, Beltek Foods Co., Ltd., Nestle S.A, Mandarin Noodle and Marico Ltd., are some of the leading market players in the Noodles market.

Q4. What are the major trends that would shape the market in the future?
The major trends in the Noodles market include the introduction of healthier varieties of noodles, rapid increase in demand for instant noodles owing to time limitations for the working class and the global popularity of K-pop culture, which are shaping the future market.

Q5. What are the driving factors and opportunities in the market?
A rise in consumption of less time-consuming packaged food, major chains of brands collaborating with supermarkets/hypermarkets to expand noodles product reach and availability of a wide variety of noodles in authentic flavors with growing consumer demand are creating opportunities for the market.

Relevant Reports:

Report Code: FBR 0321

Report Code: FBR 0322

Report Code: FBR 34122

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1. Noodles Market Overview
    1.1 Definitions and Scope
2. Noodles Market - Executive Summary
3. Noodles Market - Market Landscape
    3.1 Company Benchmarking - Key Companies
    3.2 Key Company Financial Analysis
    3.3 Market Share Analysis - Key Companies
    3.4 Patent Analysis
    3.5 Pricing Analysis (Comparison of General Price Offerings in the Market)
4. Noodles Market - Startup Company Scenario (Premium)
    4.1 Investment
    4.2 Revenue
    4.3 Venture Capital and Funding Scenario
5. Noodles Market - Market Entry Scenario Premium (Premium)
    5.1 Regulatory Scenario
    5.2 New Business and Ease of Doing business index
    5.3 Case Studies of Successful Ventures
6. Noodles Market - Market Forces
    6.1 Market Drivers
    6.2 Market Constraints
    6.3 Porter's Five Force Model
        6.3.1 Bargaining power of suppliers
        6.3.2 Bargaining powers of customers
        6.3.3 Threat of new entrants
        6.3.4 Rivalry among existing players
        6.3.5 Threat of substitutes
7. Noodles Market - Strategic Analysis
    7.1 Value Chain Analysis 
    7.2 Opportunities Analysis
    7.3 Market Life Cycle Analysis
8. Noodles Market - by Product Type (Market Size – $Million/Billion) 
    8.1 Dried
    8.2 Instant
    8.3 Frozen
    8.4 Canned
9. Noodles Market – by Source Type (Market Size – $Million/Billion) 
    9.1 Vegetarian Noodles
    9.2 Non-veg Noodles
10. Noodles Market – by Raw Material Type (Market Size – $Million/Billion) 
    10.1 Oat
    10.2 Rice
    10.3 Wheat
    10.4 Buckwheat
    10.5 Corn
    10.6 Millet
    10.7 Others
11. Noodles Market - by Distribution Channel (Market Size – $Million/Billion) 
    11.1 Online Channels
    11.2 Supermarkets/ Hypermarkets
    11.3 Speciality Stores
    11.4 Convenience Stores
    11.5 Traditional Grocery Stores
    11.4 Others
12. Noodles Market - by Packaging Type (Market Size - $Million/Billion)
    12.1 Packet
    12.2 Cup/Bowl
13. Noodles Market - by Geography (Market Size - $Million/Billion)
    13.1 North America
        13.1.1 The U.S.
        13.1.2 Canada
        13.1.3 Mexico
    13.2 Europe
        13.2.1 Germany
        13.2.2 France
        13.2.3 The UK
        13.2.4 Italy
        13.2.5 Spain
        13.2.6 Russia
        13.2.7 The Rest of Europe
    13.3 Asia-Pacific
        13.3.1 China
        13.3.2 Japan
        13.3.3 South Korea
        13.3.4 India
        13.3.5 Australia & New Zealand
        13.3.6 The Rest of Asia-Pacific
    13.4 South America
        13.4.1 Brazil
        13.4.2 Argentina
        13.4.3 Chile
        13.4.4 Colombia
        13.4.5 The Rest of South America
    13.5 The Rest of The World
        13.5.1 The Middle East
        13.5.2 Africa
14. Noodles Market - Market Entropy
    14.1 New product launches
    14.2 M&As, collaborations, JVs and partnerships
15. Noodles Market - Industry Competition Landscape (Premium)
    15.1 Market Share Analysis
        15.1.1 Market Share by Product Type - Key Companies
        15.1.2 Market Share by Country - Key Companies
        15.1.3 Market Share by Region - Key Companies
    15.2 Competition Matrix
    15.3 Best Practices for Companies
16. Noodles Market - Key Company List by Country Premium (Premium)
17. Noodles Market - Company Analysis
    17.1 Company 1
    17.2 Company 2
    17.3 Company 3
    17.4 Company 4
    17.5 Company 5
    17.6 Company 6
    17.7 Company 7
    17.8 Company 8
    17.9 Company 9
    17.10 Company 10
* "Financials would be provided to private companies on best-efforts basis." 
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