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Vietnam ranks 3rd worldwide in instant noodle consumption
Vietnam’s instant noodle demand is ranked 3rd in the world, after China and Indonesia, with consumption in 2020 increasing by 29.47% compared to 2019.
According to the World Instant Noodles Association (WINA), the global demand for instant noodles rose by 3.45% in 2019 and 14.79% in 2020 under the impact of the Covid-19 epidemic.
According to Facts and Factors market research report, revenue of this product is expected to grow from 45.67 billion USD in 2020 to 73.55 billion USD in 2026, with an annual revenue growth rate of 6% in 2021-2026.
This shows potential for instant noodle business in both the domestic and the world market.
The outbreak of the Covid-19 pandemic has led to border closures and social distancing in many countries around the world. Many consumers have turned to home-cooked meals and stocked up on dry food. The characteristics of instant noodles such as convenience, taste, variety of types and prices suitable for consumers of all segments, besides the above factors, have fueled the strong growth of this product.
The statistics of the World Instant Noodles Association shows that the Asian market has the largest consumption, especially Northeast Asia (China, Korea, Japan), accounting for 56.45% of total global consumption in 2020, followed by Southeast Asia with five main consumption markets including Indonesia, Vietnam, the Philippines, Thailand and Malaysia, accounting for 25.24%.
China has the highest demand for instant noodles in the world, but the growth rate is not as high as that of Vietnam.
According to the World Instant Noodles Association, Vietnam’s instant noodle demand is ranked third in the world with consumption in 2020 increasing by 29.47% compared to 2019. Among Southeast Asian countries, the Philippines also has a high growth rate in demand for instant noodles, with 16.1% in 2020.
According to the latest survey by market research company Nielsen Vietnam, the consumption of instant noodles in the context of the epidemic increased by 67%. There are about 50 companies producing instant noodles in Vietnam.
Regarding export potential, a number of Vietnamese companies recorded a 300-percent surge in noodle export output. Instant noodles made in Vietnam are sold in more than 40 countries worldwide.
Ha Duy
Source: https://vietnamnet.vn/en/business/vietnam-ranks-3rd-worldwide-in-instant-noodle-consumption-765906.html