Chilled Noodles Market size is estimated to reach $17.28 billion by 2026, growing at a CAGR of 2.9% during the forecast period 2021-2026. Chilled noodles are instantly prepared noodles that require refrigerated storage. Chilled noodles are increasingly being adopted among the working population across the world owing to the growing demand for frozen foods among the young population and the rise in product launches with innovative flavors. The rise in the availability of soba noodles in supermarkets in developed nations, increase in the demand for convenience foods, rise in the adoption of sesame noodles made with unleavened dough, increase in the inclination of customers towards ready-to-eat products, and the growing investment by the key players to develop quality chilled noodles are the factors that are set to drive the growth of the Chilled Noodles Market for the period 2021-2026.
Chilled Noodles Market Segment Analysis-By Type
The Chilled Noodles Market based on the Type can be further segmented into Egg Noodles, Soba Noodles, Ramen Noodles, Sesame Noodles, Udon Noodles, and Others. The Soba Noodles segment held the largest share owing to the factors such as the increase in the availability of soba noodles in supermarkets and the rise in the product launches by the key players. The growing demand for noodles made from buckwheat flour is driving the growth of the Chilled Noodles Market. The Sesame Noodles segment is estimated to be the fastest-growing segment with a CAGR of 3.3% over the period 2021-2026. This growth is owing to the factors such as the growing adoption of chow mein noodles in developed nations and the increase in the consumer inclination towards Chilled Noodles.
Chilled Noodles Market Segment Analysis-By Distribution Channel
The Chilled Noodles Market based on the Distribution Channel can be further segmented into Supermarkets/Hypermarkets, Online Channels, Convenience Stores, and Others. The Supermarkets/Hypermarkets segment held the largest share in 2020 owing to the factors such as the cost-effectiveness and the availability of a wide range of soba noodles and sesame noodles with different brands and prices ranges. The presence of distinct product shelves coupled with attractive schemes in supermarkets is driving the growth of the Chilled Noodles Market. The Online Channels segment is estimated to be the fastest-growing segment with a CAGR of 3.8% over the period 2021-2026. This growth is owing to the factors such as the rise in the demand for digitalized shopping experiences among the customers and the growing demand for door-stop delivery.
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Chilled Noodles Market Segment Analysis-By Geography
The Chilled Noodles Market based on Geography can be further segmented into North America, Europe, Asia-Pacific, South America, and Rest of World. Asia-Pacific held the largest share with 29% of the overall market in 2020. The growth in this segment is owing to the factors such as the rise in the adoption of sesame noodles made with unleavened dough and the increase in the product launches by the key players. The growing demand for instant chilled noodles among the young population is driving the growth of the Chilled Noodles Market. North America segment is estimated to be the fastest-growing segment over the period 2021-2026. The growth in this segment is owing to the factors such as the increase in the adoption of soba noodles in developed nations and the growing investment by the key players to develop high-quality chilled noodles.
Chilled Noodles Market Drivers
Increase in the Demand for Convenience Foods.
Customers across the world are increasingly shifting towards convenience foods owing to the growing inclination towards a sedentary lifestyle and the rise in the disposable income of individuals. The key players across the world are developing chilled noodles, such as soba noodles and sesame noodles that are made from unleavened dough to meet the increasing demand from consumers, which is one of the major factors driving the growth of the Chilled Noodles Market.
Rise in the Adoption of Instant Chilled Noodles among Young Population.
The young population across the world is increasingly shifting towards instant chilled noodles as they do not any require any additional preparation and expertise. Moreover, the key players across the world are launching instant chilled noodles with innovative flavors, which is further propelling the growth of the Chilled Noodles Market.
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Chilled Noodles Market Challenges
Growing Awareness about the Negative Health Impacts of Chilled Noodles.
The key players in the market are increasing their investment to carry out various research and development activities for developing quality sesame noodles and soba noodles. However, the growing awareness about the negative health impacts of chilled noodles is one of the major factors that is estimated to reduce the growth of the Chilled Noodles Market.
Chilled Noodles Market Competitive Landscape:
Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in the Chilled Noodles Market. Key companies of this market are Nestle SA, CG Foods India, Hindustan Unilever Ltd, Capital Food India Ltd, Ajinomoto Co. Inc, Nissin, Patanjali, GSK Consumer Healthcare Ltd, ITC Ltd, and Inbisco India among others.
Expansions/Product Launches:
In February 2021, ITC Ltd has launched a differentiated instant noodle variant in its portfolio for consumers who enjoy chilled noodles with a drizzle of tomato sauce and for delivering the tanginess in everyday noodles.
In January 2020, Ajinomoto Co. Inc has expanded its market share in Indian MSG Market by launching chilled noodles. The company is also planning to expand its market presence in the western and the northern by expanding its sales network.
In August 2019, CG Foods India has entered into a partnership with Wai Wai instant noodles for marketing and distributing the noodles in India. The company is also planning to set up two manufacturing units in the country.
Key Takeaways
Geographically, the Asia-Pacific Chilled Noodles Market accounted for the highest revenue share in 2020 and it is poised to dominate over the period 2021-2026 owing to the rise in the adoption of sesame noodles made with unleavened dough.
The increase in the availability of a wide range of sesame noodles with different brands and prices ranges is driving the Supermarkets/Hypermarkets segment. However, the growing awareness about the negative health impacts of chilled noodles is one of the major factors that is said to reduce the growth of the Chilled Noodles Market.
Detailed analysis on the Strength, Weakness, and Opportunities of the prominent players operating in the market will be provided in the Chilled Noodles Market report.