The emerging market opportunities for instant noodles appear to be conducive for the acceptance of convenience food in Europe and Asia Pacific region. Increasing new product launch by the key players are considered to be one of the major factors for the rising growth of instant noodles over the last couple of years. The increasing consumption of instant noodles is driven by this desire to create more leisure time which means that consumers like to maximize their free time along with their disposable income and spend more time doing the things they value more. Consumers look for convenience food as they are easily available, and possess nutritional value due to fortification, variety and product appeal. Due to changing lifestyles, consumers are spending less time planning and cooking meals at home as they consider preparing food at home as a chore and is time and energy consuming. The instant noodles is considered convenient as there is no need to put in efforts in cooking & chopping vegetables, these factor will support the growth of this market.
Also, the manufacturers have introduced packs in different sizes, right from single noodle packs of 50-75 gm. to value eight noodle packs. Further, to increase the category’s penetration, brands like Maggi and Wai Wai have extended product offerings in an even smaller pack size, priced at INR 5.
A vital development in the market was the extension from pouch noodles to cup noodles that are ready-to-eat, on adding hot water, unlike pouch noodles that require to be cooked. The driving factor here is that convenience (the need for an on-the-go meal) is gaining in prominence in consumers’ lives owing to the rise in a younger working population and a migrant population, the increasing population of double income households with more working women, etc
May 2017 Nestle S.A. launched iron fortified Maggi noodles, so as to curb iron deficiency
May 2017 Nestle S.A. launched Arabic-inspired products 'by year end'
May 2017 Nestle S.A. launched new flavored Maggi in India. Nestlé India has brought the much-needed innovation in the noodle portfolio to offer its discerning consumers an opportunity to taste various popular Indian cuisines and flavours via their favourite MAGGI noodles
May 2016 ITC Limited launched Sunfeast Yippe noodles in whole wheat variant, so as to increase product line
May 2016 Ajinomoto Co., Inc. entered into a joint venture with Toyo Suisan Kaish and launched two new products under the brand A&M
Major Key Players:
Key manufacturers are focusing to enhance its brand name by arranging various promotional activities. The company has participated in various social media promotions, events and interaction with the consumers. The manufacturers have demonstrated their new product offerings in order to attract the new customers. By this strategy the product of the company will be popular among the consumers which will aid to increase the overall profitability of the company.
Moreover, the key players are emphasizing in the research & development process in order to introduce new product also to extend the product line. Key players are introducing new instant noodles in different flavored to increase the volume sales and also to increase the overall revenue of the company.
In addition, manufacturers focus on effective packaging design as it has noticeable impact on consumers’ shopping behavior. Packaging plays a significant role in product marketing for any business that makes or sells products and act as selling point for many consumers by delivering a sense of quality and reflect the product’s brand image.
The key players profiled in Instant Noodles are as Nestle SA (Switzerland), Ajinomoto Co., Inc. (Japan), The Unilever Group (Pot Noodles) (U.K.), Campbell Soup Company (U.S.), Nissin Foods Co., Ltd (Hong Kong), Capital Foods Limited (India), ITC Limited (India)
The global Instant Noodles market is segmented into North America, Europe, Asia Pacific and Rest of the World. Among all the region, Asia Pacific region is estimated to retain its dominance throughout the forecast period. The foodservice industry plays a massive role in the increasing growth of instant noodles in the Asia Pacific region. Organized food service industry use majorly instant noodles, frozen noodles, and others as the key raw material for preparing food for end customers. Europe is also one of the attractive destination among the instant noodles manufacturers. The demand for instant noodles is increasing owing to increasing demand of convenience food. Also, the major players are promoting their products extensively which in turn accelerates the sales of instant noodles in the European countries.