Overview of the PRC instant noodle market
The PRC instant noodle market is the largest instant noodle market in the world. Nevertheless, due to certain negative incidents in relation to food safety, increasing popularization of online food take-out platforms and the general increase in product prices, the growth rate of the retail sales value of the PRC instant noodle market decreased by 7.0% and 0.8% in 2015 and 2016, respectively.
Overall, the retail sales value of the PRC instant noodle market increased from approximately CNY80.0 billion in 2012 to approximately CNY81.2 billion in 2016, representing a CAGR of approximately 0.4% from 2012 to 2016, whereas the retail sales volume of the PRC instant noodle market decreased from approximately 43.6 billion servings in 2012 to approximately 37.2 billion servings in 2016, representing a CAGR of approximately -3.9%. According to Frost & Sullivan, the PRC instant noodle market is likely to remain steady growth in terms of retail sales value in the future. It is estimated that the retail sales value of the PRC instant noodle market will reach approximately CNY93.7 billion in 2021, representing a CAGR of approximately 2.9% from 2016 to 2021.
Instant Noodles Market in India (2018–2023)
Overview of the PRC premium instant noodle market
Due to similar reasons that drive the Hong Kong premium instant noodle market and fast urbanization in the PRC, the retail sales value and retail sales volume of the PRC premium instant noodle market achieved a growth at a CAGR of approximately 11.2% and 6.3% from 2012 to 2016, respectively, reaching approximately CNY7.5 billion and 1.5 billion servings in 2016, respectively. It is estimated that the PRC premium instant noodle market will reach approximately CNY13.0 billion and 2.0 billion servings in terms of retail sales value and retail sales volume in 2021, respectively, representing a CAGR of approximately 11.7% and 6.1% from 2016 to 2021, respectively.
Meanwhile, the retail sales value and retail sales volume of the mass instant noodle market in the PRC decreased from 2012 to 2016, representing a CAGR of approximately -0.5% and -4.2%, respectively. According to Frost & Sullivan, the majority of premium instant noodles are also cup and bowl-type instant noodles. With the development of the PRC premium instant noodle market, the PRC cup and bowl-type instant noodle market also embraced a growth. In 2016, the retail sales value and retail sales volume of the PRC cup and bowl-type instant noodle market reached approximately CNY38.3 billion and 12.8 billion servings, accounted for approximately 47.2% and 34.4% of the total PRC instant noodle market, respectively. Driven by the continuous consumption upgrade and higher demand of consumers for premium instant noodles, the retail sales value of the PRC cup and bowl-type instant noodle market is expected to increase by a CAGR of approximately 3.6% from 2016 to 2021, continuing its higher growth rate than that of the retail sales value of the PRC bag-type instant noodle market, which is expected to increase by a CAGR of approximately 2.3% from 2016 to 2021.