158.7 billion packs of instant noodles by 2010

Driven by the ever-rising demand for convenience foods, and continuous innovation in product flavours and packaging, the world instant noodles market is projected to reach 158.7 billion packs by the year 2010.

One of the strongest and enduring growth drivers in the world instant noodles market is the truly functional concept of convenience epitomised and embodied by the product. In addition to convenience, other factors lending traction to the market's growth include easy preparation, preservability, affordability, rich taste and numerous flavour choices.

The market stands enthused by the increasing number of nuclear families, rise in disposable incomes, increased interest in ethnic eastern cuisines and fast-vanishing time, skill and knowledge of cooking.

The proclivity of consumers to pay attention to the nutritional value of food products is resulting in the growing popularity of vitamins, and minerals fortified instant noodles. This transition of instant noodles into a healthy and nutritious food product marks the product's second stage of evolution, and is expected to offer expanded growth opportunities in the world market.

Innovations in flavours, such as Chinese style wakame (seaweed), Indian style masala, and curry flavours, kimchi or Korean hot pickle flavours, tomato-basil, and seafood, harusame (bean-starch) flavours, are expected to keep consumer enthusiasm and interest alive.

In addition, flavour innovations are also helping the humble instant noodles metamorphose into a haute multi-flavoured cuisine. Gourmet-style instant noodles are witnessing increased demand despite their premium retail prices.

Asia represents a large and robust market for instant noodles flaunting a projected CAGR of 10.91% over the period 2011 through until 2015. Rapidly growing Asian markets include Philippines and Vietnam, which together are forecast to witness sales of approximately 13.8 billion packs by the year 2012.

Asia–Pacific ranks as the largest and fastest growing market worldwide, with growth in this region stemming largely due to the widespread retail distribution system, the massive levels of product innovation and publicity undertaken. After decades of aggressively spearheading the development of instant noodles, Japan, presently a mature market, is characterised by levelling consumption patterns and increased product overcrowding, and is being eclipsed by the growing dominance of China.

In the United States and Europe, growth in consumption is expected to stem from the growing popularity of Asian gourmet food among non-Asians, and the rapidly expanding Asian communities in the West.

Leading global and regional players operating in the industry include Nissin Food Products Co Ltd, Acecook Vietnam Co Ltd, Ajinomoto Company Inc, Blue Dragon, CJ Corporation, Fukushima Foods Company Ltd, Hebei Hualong Food Group Co Ltd, HJ Heinz Co Ltd, Kohlico Group, Mamee-Double Decker (M) Berhad, Myojo Foods Company (Singapore) Private Limited, Nong Shim Co Ltd, Nestlé India Ltd, New Dragon Asia Corp, Pt. Indofood Sukses Makmur TBK, PT Jakaranatama Food Industry, PT Sentrafood Indonusa, Samyang Foods Co, Ltd, Sco-Fro Foods Ltd, Tat Hui Foods Pte Ltd, Thai President Foods Public Company Limited, Toyo Suisan Kaisha, Ltd, and Uni-President Enterprises Corp, among others.

The report, titled 'Instant Noodles: A Global Strategic Business Report' and published by Global Industry Analysts, Inc, provides a comprehensive review of market drivers, trends, issues, challenges, companies, products, and competition. Visit www.strategyr.com/Instant_Noodles_Market_Report.asp.