Europe & Asia rice noodles market is expected to reach USD 3.6 billion by 2022, according to a new report by Grand View Research, Inc. Rural area in countries such as India is still untapped and has very high potential for growth. Rising penetration of rice noodles owing to availability of smaller sized packs at lower prices is expected to present a lucrative opportunity for growth.
Rice noodles contains low salt, negligible amount of fats and minimum additives, which is expected to make it a healthier alternative to other instant noodles including wheat flour, potato starch and cassava starch. Its demand has witnessed significant growth over the past few years on account of rising disposable income coupled with growing focus on maintaining a healthy lifestyle.
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Further key findings from the report suggest:
- Asia Pacific accounted for 69.3% of the global rice noodles market revenue in 2014. Rice is a staple food for several countries in the region including China, Vietnam, Indonesia, and Thailand. Therefore, rice-based food products will always remain popular among consumers in this region.
- Europe has witnessed growth owing to changing eating habits of consumers coupled with growing population of Asian origin people. This has contributed to a growing number of Asian restaurants in countries such as Germany, U.K., and France. Increasing trend of takeaways and home deliveries for convenience food product is also an important feature for the popularity of the product. The market is expected to grow at a CAGR of 7.8% from 2015 to 2022.
- Changing eating preference of consumers coupled with increasing availability of the product is expected to drive demand in Asia Pacific over the forecast period. China accounted for 19.8% of the global market revenue share in 2014.
- In terms of revenue, Thailand was estimated as second largest market in the region in 2014 and accounted for 19.2% in the same year generating revenues exceeding USD 280.0 million. Thailand is expected to lose some of its share to Vietnam and India owing to significant development of the market in these countries.
- The industry comprises large number of suppliers, distributors and retailers. Growth of the retail sector in emerging economies including India, China, Vietnam and Indonesia is expected to have a major impact on the FMCG sector. Growing disposable income and mounting demand for healthier alternatives to fried noodles is expected to influence overall growth in the next seven years. Together, these countries are estimated to generate revenues exceeding USD 2.50 billion by 2022.
- Key industry players including Tat Hui Foods Pte Ltd., Thuan Phong Co., Ltd., Nissin Foods, Acecook Vietnam, and President Rice Products Public Company Limited have a wide range of supplier and distribution network. Companies such as Trialia Foods Australia are not directly engaged in manufacturing rice noodles but import it from key producing countries including Vietnam and Thailand. They procure and market rice noodles products under their own private label brand. Private label brands in the noodles sector have increased their penetration in the past couple of years which has led to their expansion. In May 2014, Food Noodle Co., Ltd. launched a new organic product series in “Tops market” which is a supermarket chain based in the U.S
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