Last Year, the Global Instant Noodle Market Reached About 67 Trillion Won
Wide Range of Products Expands Choices According to Preferences
Domestic Ramen Also Shows Clear Export Growth Due to Hallyu and More
[Asia Economy Reporter Eunmo Koo] From Italy's pasta to Thailand's Pad Thai and Vietnam's Pho. Accessibility to distinctive dishes from around the world is increasing day by day, and with convenient cooking methods and excellent shelf life added, consumers' demand for noodles continues unabated and extends long.
According to market research firm Fortune Business Insights on the 12th, the global instant noodle market was valued at $51.6 billion (approximately 67 trillion KRW) last year. The instant noodle market, expected to continue growing to $54.6 billion (approximately 71 trillion KRW) this year, is projected to expand to $81.8 billion (approximately 106 trillion KRW) by 2029, recording an average annual growth rate of 5.9%.
The growth rate of the pasta market is even steeper. The research firm forecasted that the global pasta market, which was about $43.6 billion (approximately 56 trillion KRW) last year, will grow to $46.8 billion (approximately 61 trillion KRW) this year and reach $77.8 billion (approximately 101 trillion KRW) by 2029, showing an average annual growth rate of 7.5%.
The recent surge in the noodle market was undoubtedly ignited by COVID-19. As consumers reduced outdoor activities and increased the frequency of eating at home, preference and attention toward noodles?which are mostly produced in dried form with a long shelf life and can be stored for extended periods?have risen. Additionally, the variety of products such as pasta, noodles, and ramen, along with the advantage of being able to choose noodles with different tastes and textures according to preferences, are considered influential factors. Being able to cook with other vegetables and broths makes noodles highly versatile for home use and an indispensable ingredient in dining-out culture.
As the noodle market expands, consumers are showing interest in noodle dishes from other countries. Especially in the instant ramen market, regionally distinctive products are gaining attention as they are introduced through various social networking services (SNS), movies, and dramas. Domestic ramen such as spicy ramen and bibim-myeon are also popular overseas, boosted by the spread of the Korean Wave (Hallyu) and the industry's efforts to develop diverse products. According to the Ministry of Agriculture, Food and Rural Affairs, ramen exports reached $696 million (approximately 904.7 billion KRW) by November this year, a 14.5% increase compared to the same period last year. Exports to China alone increased by 25.6% from last year to $167.5 million, and exports to ASEAN countries amounted to $131.8 million.
In Korea, various processed noodle products from other countries are also being imported, and the global ramen market size is expected to expand further. According to market research firm Euromonitor, the global ramen market, which was $34.3 billion (approximately 45 trillion KRW) in 2017, grew by more than 20% over four years to $41.6 billion (approximately 53 trillion KRW) last year. The ramen market is expected to maintain a positive trend with $43.3 billion (approximately 56 trillion KRW) this year and is anticipated to expand to $52.7 billion (approximately 68 trillion KRW) by 2026.
The recent trend leading the high-growth noodle market is health. Given concerns about the high carbohydrate and calorie content inherent in noodles, consumers tend to seek healthier products. The industry is responding to consumer trends by developing whole grain pasta with reduced carbohydrates and calories, gluten-free pasta made from ingredients like beans or quinoa instead of regular wheat, and vegan products. Additionally, to change the perception that instant ramen is unhealthy, products fortified with vitamins and minerals are also being launched.
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