The global instant noodles market size is projected to reach USD 65.77 billion by the end of 2026. The increasing demand for the product across the world will bode well for the market in the coming years. According to a report published by Fortune Business Insights, titled “Instant Noodles Market Size, Share Industry Analysis, By Type (Chicken, Vegetable, Seafood, and Others), By Ingredient (Oats, Rice, Wheat, and Others), By Distribution Channel (Supermarkets/ Hypermarkets, Speciality Stores, Convenience Stores, and Online Retail), and Regional Forecast, 2019 – 2026,” the market was worth USD 41.71 billion in 2018 and will exhibit a CAGR of 5.92% during the forecast period.
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Instant noodles are one of the most popular instant foods that are consumed on a large scale across the world. The adoption of fast-paced lifestyle and the consumption of packaged foods will lead to a wider adoption of instant noodles in numerous countries across the world. The nutritional content of instant noodles is a primary reason why it is widely consumed on a large scale. The variations in product offerings by major companies across the world will bode well for the market in the coming years. The low cost of the products, coupled with expanding middle-class population in several countries across the world will open up a huge potential for the companies operating in the market.
Accounting to the massive demand for the product across the world, instant noodle vendors are looking to offer products with new flavors as well as categories such as vegetarian and non-vegetarian products.
Variations in Product Offerings Will Aid Growth
The report includes several factors that have contributed to the growth of the market in recent years. It discusses key strategies adopted by major companies that are operating across the world. The instant noodles market is growing rapidly due to the massive product demand, coupled with the increasing number of retail chains and shops at which it is sold. The long shelf life of the product makes it suitable for sale at such shops.
As instant noodles are one of the most popular and favorite delicacies across the world, there is a constant demand for the product from outlet stores and retail chains. In November 2018, ITC Limited announced the launch of four new variants of instant noodles. The company introduced these variants to its range of Yippee Noodles, a step that was taken to capitalize on the constant demand for the product across the world. ITC’s newest variants will help the company generate substantial market revenues in the coming years.
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