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Rice Noodles Products Market Size, Share, & Trends Analysis Report (2023 – 2030)
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Report Overview
The global rice noodles products market was valued at USD 18.2 billion in 2022 and is expected to register a CAGR of 9.2% from 2023 to 2030. The rising popularity of Asian cuisine and various health benefits associated with rice noodles are some of the key factors driving the growth of the market. The increasing demand for convenience food products among consumers is also a major factor driving the growth of the market.
Rice noodles are gaining popularity due to their convenience and versatility. They are easy to cook, low in calories, gluten-free, and rich in fiber. Furthermore, rice noodles are a great source of minerals such as iron, calcium, and phosphorus, as well as vitamins. This is making them a popular choice among health-conscious consumers. The growing demand for these products in Asian countries is also contributing to the growth of the market.
The increasing demand for ready-to-eat products is further driving the growth of the market. The launch of new products with an extended shelf life is also anticipated to drive the growth of the market. For instance, in July 2021, Rice Noodle Co. launched a new range of ready-to-eat noodles, which have a shelf life of 12 months.
The growing demand for natural and organic products is also contributing to the growth of the market. Manufacturers are introducing new products with organic ingredients to meet the rising demand for natural products. For instance, in December 2021, Thai Rice Noodles Co. launched a range of organic noodles made with only natural ingredients.
The increasing popularity of veganism is propelling the demand for rice noodles. Consumers are increasingly opting for plant-based products that are free from animal-derived ingredients. Furthermore, manufacturers are launching new vegan-friendly products to meet the growing demand. For instance, in March 2022, Rice Noodles Co. launched a range of vegan-friendly rice noodles.
The increasing demand for convenience food products is driving the growth of the packaged rice noodles market. The growing demand for ready-to-eat products with an extended shelf life is also driving the growth of the market. The increasing number of health-conscious consumers is further contributing to the growth of the market. Additionally, the rising popularity of Asian cuisine is also driving the growth of the market.
Product Insights
The rice noodles segment is expected to witness the fastest growth, registering a CAGR of 5.3% in terms of revenue over the forecast period. Rising health consciousness among individuals has been driving the demand for rice noodles as they are a healthy and low-calorie alternative to traditional wheat-based noodles. According to a survey conducted by the National Health Center for Health Statistics in June 2019, approximately 43% of individuals aged 15 and above consume rice noodles as a healthier alternative to traditional noodles. Furthermore, increasing demand from countries such as India, China, and Thailand, where rice noodles are extensively consumed, is driving the growth of the market.
The instant noodles segment held a share of around 47.2% in terms of revenue in 2022. Increasing demand for convenience and on-the-go snacks from consumers, especially from the working population, is driving the growth of the instant noodles segment. In addition, manufacturers are introducing various flavors, such as spicy, sweet, and sour, to attract consumers. Moreover, benefits such as easy to cook, long shelf life, and various packaging options are further boosting the demand for instant noodles.
Distribution Channel Insights
The supermarkets and hypermarkets segment is anticipated to dominate the global rice noodles products market and account for around 38.5% market share in 2022. The segment is expected to grow owing to the rising demand for convenience foods among consumers. Supermarkets and hypermarkets offer a wide range of convenience foods such as ready-to-eat meals, snacks, and rice noodles products. This type of distribution channel provides a one-stop destination for customers to purchase their desired product and also offers discounts and promotions.
The online segment is expected to grow at the highest CAGR of 12.1% over the forecast period. The segment is driven by the increasing acceptance of online retail among consumers. Many companies are focusing on launching online stores and e-commerce portals to expand their customer base. For instance, in October 2020, Alibaba Group launched an online store for its rice noodles brand, Yummi House. The online store offers customers a wide range of rice noodles products, including instant noodles, rice noodles, and more.
Type Insights
The dry rice noodles segment held the largest revenue share of 68.6% in the year 2022. The increasing preference for convenience food products owing to the changing lifestyle and hectic work schedule has increased the demand for the dry rice noodles. Furthermore, the availability of various flavors in dry rice noodles has also increased the demand for the product. For instance, in April 2022, Indomie launched its new flavor in dry noodles segment called ‘Spicy Southern Fried Chicken’.
The fresh noodles segment is anticipated to expand at the highest CAGR of 11.3% over the forecast period. The high nutritional value and long shelf life of fresh noodles are the major factors driving the growth of this segment. Furthermore, the increasing number of supermarkets and hypermarkets is boosting the demand for fresh noodles. For instance, in June 2021, Walmart opened its first supermarket in China that offers a wide variety of products including fresh noodles.
Regional Insights
Asia Pacific dominated the market and accounted for the largest revenue share of more than 60% in 2021. The region is home to the largest producer and consumer of rice noodles, with China leading in terms of production and consumption. Additionally, the increasing demand for convenience food products, such as rice noodles, is driving the growth of the market in this region. Moreover, the presence of a large number of small-scale manufacturers of rice noodles has provided the necessary impetus to the market growth in this region.
North America is expected to witness the second-fastest growth in the coming years. The increasing number of Asian immigrants in the region is expected to boost the demand for rice noodles. In addition, the rising popularity of Asian cuisines among the millennial population is expected to propel the demand for rice noodles in this region. For instance, in January 2021, the Tawainese restaurant chain, A&J launched a new range of rice noodles in the U.S. market.
Financial Projections
In this part of the rice noodles products business plan we will provide a detailed breakdown of all income and expense categories of the business. These forecasts include cash flow projections and capital requirements for your rice noodles business. Usually, these projections are drafted for a 5-year period.
Revenue Assumptions
The main sources of revenues for a rice noodles products business come from the sale of products, distribution fees, and other services. Here you will find a list with a description of each of them and other possible sources of profit such as catering, online sales, and wholesale.
Projecting Expenses
In this section, all the regular expenses related to keeping the rice noodles products business running will be described. The list of operating expenses includes salaries, rent, utilities, equipment and machinery costs, supplies, shipping and packaging, advertising, and others.
Key companies & market share insights
Some of the key companies operating in the rice noodles market are increasingly focusing on product launches and expansion of the distribution channel to gain prominent visibility among consumers. Some of the initiatives are:
– In June 2022, Master Kong launched the ‘Master Kong Noodles’ in the Chinese market.
– In August 2022, Myojo Foods launched the ‘Myojo Ippei-chan Yakisoba’ in the Japanese market.
– In October 2022, Wai Wai launched the ‘Wai Wai Instant Noodles’ in the Indian market.
Some of the prominent players in the rice noodles market include:
– Nissin Foods
– Master Kong
– Myojo Foods Co., Ltd.
– Indofood Sukses Makmur Tbk
– Nongshim Co., Ltd.
– Wai Wai
– Ajinomoto Co., Inc.
– Sun Noodle
– Acecook Vietnam Co., Ltd.
– Mamee-Double Decker (M) Sdn Bhd.
Global Rice Noodles Market Segmentation
This report forecasts growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the global rice noodles products market based on product, distribution channel, type, and region:
1. Product Outlook (Revenue, USD Million, 2017 – 2030)
– Traditional Rice Noodles
– Instant Rice Noodles
– Others
2. Distribution Channel Outlook (Revenue, USD Million, 2017 – 2030)
– Supermarkets & Hypermarkets
– Online
– Others
3. Type Outlook (Revenue, USD Million, 2017 – 2030)
– Regular
– Organic
4. Regional Outlook (Revenue, USD Million, 2017 – 2030)
– North America
– Europe
– Asia Pacific
– Central & South America
– Middle East & Africa
Frequently Asked Questions
[Q]: What is the market outlook for Rice Noodles Products?
[A]: The market for rice noodles products is expected to experience rapid growth over the forecast period. The growing demand for convenience foods, increasing disposable income, and the escalating health consciousness of the consumers are some of the major factors driving the market growth.
[Q]: What are the key players in the Rice Noodles Products Market?
[A]: Major players in the rice noodles products market include Nissin, Maggi, Acecook, Nongshim, and Quexco.
[Q]: What factors are driving the growth of the Rice Noodles Products Market?
[A]: Factors driving the growth of the rice noodles products market include the rising demand for convenience foods, increasing disposable income, and the growing health consciousness among consumers.
[Q]: What are the key trends in the Rice Noodles Products Market?
[A]: Key trends in the rice noodles products market include the increasing demand for organic and gluten-free products, the growing popularity of plant-based proteins, and the expansion of the e-commerce market.
[Q]: What region offers the largest opportunity for sales of Rice Noodles Products?
[A]: Asia Pacific is expected to be the most lucrative region for rice noodles products sales. This is due to the increasing demand from China and India, the two largest markets for rice noodles products.
Research Methodology
Impact Analytix employs a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecasts possible. The company utilizes a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. In Addition, a recurring theme prevalent across all our research reports is data triangulation which looks market from three different perspectives. Critical elements of the methodology employed for all our studies include:
Preliminary data mining
Raw market data is obtained and collated on a broad front. Data is continuously filtered to ensure that only validated and authenticated sources are considered. In addition, data is also mined from a host of reports in our repository, as well as a number of reputed paid databases. For a comprehensive understanding of the market, it is essential to understand the complete value chain and in order to facilitate this; we collect data from raw material suppliers, distributors as well as buyers.
Technical issues and trends are obtained from surveys, technical symposia, and trade journals. Technical data is also gathered from an intellectual property perspective, focusing on white space and freedom of movement. Industry dynamics with respect to drivers, restraints, and pricing trends are also gathered. As a result, the material developed contains a wide range of original data that is then further cross-validated and authenticated with published sources.
Statistical model
Our market estimates and forecasts are derived through simulation models. A unique model is created and customized for each study. Gathered information for market dynamics, technology landscape, application development, and pricing trends are fed into the model and analyzed simultaneously. These factors are studied on a comparative basis, and their impact over the forecast period is quantified with the help of correlation, regression, and time series analysis. Market forecasting is performed via a combination of economic tools, technological analysis, industry experience, and domain expertise.
Econometric models are generally used for short-term forecasting, while technological market models are used for long-term forecasting. These are based on an amalgamation of the technology landscape, regulatory frameworks, economic outlook, and business principles. A bottom-up approach to market estimation is preferred, with key regional markets analyzed as separate entities and integration of data to obtain global estimates. This is critical for a deep understanding of the industry as well as ensuring minimal errors. Some of the parameters considered for forecasting include:
Market drivers and restraints, along with their current and expected impact
Raw material scenario and supply v/s price trends
Regulatory scenario and expected developments
Current capacity and expected capacity additions up to 2030
We assign weights to these parameters and quantify their market impact using weighted average analysis, to derive an expected market growth rate.
Primary validation
This is the final step in estimating and forecasting our reports. Exhaustive primary interviews are conducted, face to face as well as over the phone to validate our findings and assumptions used to obtain them. Interviewees are approached from leading companies across the value chain including suppliers, technology providers, domain experts, and buyers so as to ensure a holistic and unbiased picture of the market. These interviews are conducted across the globe, with language barriers overcome with the aid of local staff and interpreters. Primary interviews not only help in data validation but also provide critical insights into the market, current business scenario, and future expectations and enhance the quality of our reports. All our estimates and forecast are verified through exhaustive primary research with Key Industry Participants (KIPs) which typically include:
Market-leading companies
Raw material suppliers
Product distributors
Buyers
The key objectives of primary research are as follows:
To validate our data in terms of accuracy and acceptability
To gain an insight into the current market and future expectations
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