Instant noodles Market is poised to achieve continuing growth 2027| Nissin Foods Holdings Co. Ltd., PT Indofood Sukses Makmur Tbk

Instant noodles are ready to cook food product which is available in dried and precooked form along with seasoning oil and flavoring powder. They are produced from flour and alkaline mixtures. Starch, edible oil, and stabilizers are other food ingredients added in the noodles. They are easy to cook and have longer storage capability.

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Competitive Landscape:

Nestlé SA, Hebei Hualong Food Group Co., Ltd., Nissin Foods Holdings Co. Ltd., PT Indofood Sukses Makmur Tbk, Tingyi (Cayman Islands) Holding Corporation, Acecook Vietnam Joint Stock Company, and Toyo Suisan Kaisha, Ltd.

Key Drivers

Increasing number of working women and changing lifestyle of consumer is driving growth of the instant noodles market. Hectic lifestyle of consumers coupled with the rapid urbanization is again augmenting growth of the market. Increasing preferences for convince food due to growing westernization is again fostering growth of the market.

Growing disposable income of the consumers is another key factor boosting sale of instant noodles. According to Trading Economics, the aggregate personal disposable income in the U.S. increased from US$ 14,000 billion in 2016 to US$ 16,500 billion in September 2019.

Covid-19 Impact Analysis

After the COVID-19 virus began to spread, food industries has taken many measures to protect their employees, secure supply chains, and address other concerns in the market. During initial days of infection F &B market and grocery stores were shut down but later it has created a massive spike in online grocery delivery services. However the situation is still serious and governments are imposing social-distancing policies. Moreover, major players are looking for adopting various strategies for reimagining and reforming their business.

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Key Takeaways:
1. The instant noodles market is expected to exhibit a CAGR of XX % over the forecast due to growing urbanization and changing lifestyle of consumers.

2. Asia Pacific is expected to witness significant growth over the forecast period owing to the high demand for convenience food such as noodles in the region. According to the India Brand Equity Foundation, India’s food processing sector is one of the largest in the world and its output is expected to reach US$ 535 billion by 2025-26. This sector is expected to generate 9 million jobs by 2024. The Indian food industry is expanding at a CAGR of 11% and the food processing sector accounts for 32% of the total food industry.

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This release was published on openPR.