Illustrative image (Photo: Acecook Vietnam) The latest survey by Nielsen Vietnam show that the consumption rate of domestic instant noodles has increased by 67 percent. Vietnam is home to about 50 local and foreign instant noodles producers.
China is currently the world's highest consumer of instant noodles, but the growth rate in consumption is not as high as that of Vietnam.
According to data from the WINA, the impact of he 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 percent year-on-year in 2020.
Statistics of the WINA show the Asian market was the biggest consumer of this product, accounting for 56.45 percent of the total global instant noodle consumption last year, especially in Northeast Asian countries such as China, the Republic of Korea, and Japan.
With the five main markets, namely Indonesia, Vietnam, the Philippines, Thailand and Malaysia, the Southeast Asian region accounted for 25.24 percent of the total demand.
According to a market research report of Facts and Factors, revenue from this item is expected to increase to 73.55 billion USD in 2026 from 45.67 billion USD in 2020. The annual average figure can reach 6 percent in the 2021-2026.
Regarding export potential, a number of Vietnamese companies recorded a 300-percent surge in the noodle export output. Instant noodles made in Vietnam have been sold in more than 40 countries worldwide./.
VNA
