- The Asian market is the biggest consumer of this product, accounting for 56.45% of the total global instant noodle consumption last year
- Consumption rate of instant noodles in Vietnam has increased by 67%
- China/Hong Kong is currently the world’s highest consumer of instant noodles with 46.35 billion servings consumed last year
- The COVID-19 pandemic has caused a sharp increase in the demand for instant noodles around the world
With about 7 billion packages consumed in 2020, Vietnam ranks third in instant noodles consumption in the world, just behind China/Hong Kong and Indonesia, according to the World Instant Noodles Association (WINA).
The latest survey by Nielsen Vietnam shows that the consumption rate of instant noodles in Vietnam has increased by 67%, reported Vietnam News Agency. The Southeast Asian country is home to about 50 local and foreign instant noodles producers.
China/Hong Kong is currently the world’s highest consumer of instant noodles with 46.35 billion servings consumed last year, but the growth rate in consumption is not as high as that of Vietnam.
According to data from WINA, the impact of the COVID-19 pandemic has caused a sharp increase in the demand for instant noodles around the world. The consumption demand of this product surged by 14.79% year-on-year in 2020.
Statistics from WINA show that the Asian market was the biggest consumer of this product last year, the region accounting for 56.45% of the total global instant noodles consumption, especially in Northeast Asian countries such as China, Japan (5.97 billion packages) and the Republic of Korea (4.13 billion).
In Southeast Asia, five markets are among the major consumers, namely, Indonesia (12.64 billion), Vietnam (7.03 billion), the Philippines (4.47 billion), Thailand (3.71 billion) and Malaysia (1.57 billion), making the region accountable for 25.24% of the total demand.
According to a market research report from Facts & Factors, revenue from this item is expected to increase to US$73.55 billion in 2026 from $45.67 billion in 2020. The annual average growth rate can reach 6% between 2021 and 2026.