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.
Europe & Asia Pacific rice noodles market
size was estimated at USD 1.69 billion in 2014 and is expected to witness a
significant growth over the next seven years owing to increasing consumer
demand from emerging economies including China and India. Positive outlook
towards the retail sector in countries such as India and China is expected to
propel expansion of the market. Urbanization coupled with changing consumer
habits owing to increasing working population has resulted in fueling demand
for convenience food products.
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.
Access Research Report of Europe &
Asia Rice Noodles Market @ http://www.grandviewresearch.com/industry-analysis/europe-asia-rice-noodles-market-analysis
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
Grand View Research has segmented the
Europe & Asia Pacific rice noodles market on the basis of region:
Europe & Asia Pacific Rice Noodles
Regional Outlook (Revenue, USD Million, 2012 - 2022)
·
Europe
·
Asia Pacific
Access Press Release of
Europe & Asia Rice Noodles Market@ https://www.grandviewresearch.com/press-release/europe-asia-rice-noodles-market
About Grand View Research
Grand View Research, Inc. is a
U.S. based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides
syndicated research reports, customized research reports, and consulting
services. To help clients make informed business decisions, we offer market
intelligence studies ensuring relevant and fact-based research across a range
of industries, from technology to chemicals, materials and healthcare.
