Global Instant Noodles Market to Reach 139.2 Billion Packs by 2015 According to Analysts
As the next generation of convenient ready and easy to prepare foods hit the market, instant noodles, as a product category, banking on its strength of convenience are poised to encounter days of plenty in the upcoming years.
1/4/2011 --- With the overwhelming pace of modern man’s busy lifestyles, set by increased working time, heavier traffic, growing importance given to workouts and healthy existence, people have an ever dwindling free time at their disposal and thereby demand more convenience foods and ready meals. Against this backdrop of an era characterized by the growing desire for minimal cooking efforts, reduced labor time and liberation from extensive time consuming cooking, the future for instant noodles stands palpably clear. Harried lifestyles brought upon by the growing number of women working, has triggered a shift in cooking habits away from conventional time consuming preparation of fresh foods to easy precooked, easy to prepare meals. With consumers having less time to cook meals at home and with the contemporary mom no longer cooking, the task of preparing foods is transferred to the food processor.
Increasing number of nuclear families, rise in disposable incomes, young singles with little or no cooking skills, enhanced awareness of healthful diets and increased interest in ethnic and international foods, represent additional factors that are expected to have a bearing on eating and food preparation habits. As the next generation of convenient ready and easy to prepare foods hit the market, instant noodles, as a product category, banking on its strength of convenience are poised to encounter days of plenty in the upcoming years. Instant noodles are finely tuned to fit into the consumers’ ever-dwindling cooking time schedules. The trend of cooking meals in just a few minutes is gaining momentum not only among individual consumers but also among institutions and public food outlets. Even restaurants and fast food joints are turning to convenience food to meet the ever-busy consumers demand for quick service and quality food.
Global recession had a major impact on virtually all industries, but some segments fared better than others. Decline in sales of fast food products was relatively less when compared to durables during the years 2008 and 2009. Instant noodles market across the globe was minimally affected by the recent slump in macro economy. Demand for noodles stood positive across several geographies including the matured as well as developing nations. Recession has in fact proved to be a boon in certain regional markets, as instant noodles are considered cost-effective alternative for cutting down the cost of living during tiring times. Today, instant noodles have become an integral part of the individuals’ diet plan.
Asia-Pacific represents the largest regional market for instant noodles worldwide, as stated by the new market research report on Instant Noodles. The region is portended to continue its dominance over the coming years. The United States trails Asia-Pacific in terms of sales of instant noodles. Growth-wise, Middle East/Africa is projected to be the fastest growing regional market for instant noodles, with a CAGR of more than 13% over the analysis period.
Disposable income and purchasing power parity of consumers in various regions across the globe represent major economic factors that influence the demand for and consumption of instant noodles. Typically, consumers with higher disposable income consume higher amounts of instant noodles. Demand in the future will stem from countries presently not ranked among the top consuming countries worldwide. Driving forces will include product characteristics such as lesser cooking time, anytime-anywhere consumption, affordability, hygiene, safety and nutrition. Innovation in flavors will however represent a key factor, kindling consumer interest. Given the unimaginable variety in satisfying flavors, instant noodles add a new dimension to traditional meals all over the world.
Although widely consumed, instant noodles, as a product category, have been forced to confront health issues just like any other packaged food product. Few of the controversial health issues pertaining to instant noodles include among others its high fat content. Moreover use of partially hydrogenated vegetable oils (PHVO), which are rich in trans-fatty acids present potent health issues related to obesity. The use of Monosodium Glutamate (MSG), an artificial additive, has also been a controversial issue. The excessive use of this synthetic additive according to research studies poses potential health hazards, and hence brings instant noodles directly under the microscope.
Major players profiled in the report include Acecook Vietnam Co. Ltd, Ajinomoto Company Inc., AFP Properties Limited, Hebei Hualong Food Group Co. Ltd, HJ Heinz Co Ltd, Nestlé India Ltd, New Dragon Asia Corp., Nissin Food Products Co. Ltd., Nong Shim Co Ltd, PT Indofood Sukses Makmur TBK, PT Sentrafood Indonusa, Samyang Foods Co. Ltd, Sco-Fro Foods Ltd, Tat Hui Foods Pte Ltd, Thai President Foods Public Company Limited, Tingyi (Cayman Islands) Holding Corp, Toyo Suisan Kaisha Ltd, Uni-President Enterprises Corp, among others.
The research report titled “Instant Noodles: A Global Strategic Business Report” announced by Global Industry Analysts Inc., provides a comprehensive review of the instant noodles markets, impact of recession on the markets, current market trends, key growth drivers, recent product introductions, recent industry activity, and profiles of major/niche global as well as regional market participants. The report provides annual sales estimates and projections for Instant Noodles market for the years 2007 through 2015 for the following geographic markets - US, Canada, Japan, Europe, Asia-Pacific, Middle East/Africa and Latin America. Also, a seven-year (2000-2006) historic analysis is provided for additional perspective.
