LONDON–(BUSINESS WIRE)–The global packaged rice noodles market size is expected to grow by USD 717.95 million as per Technavio. This marks a significant market growth compared to the 2019 growth estimates due to the impact of the COVID-19 pandemic in the first half of 2020. Moreover, steady growth is expected to continue throughout the forecast period, and the market is expected to grow at a CAGR of 4%. Request Free Sample Report on COVID-19 Impacts
Read the 120-page report with TOC on “Packaged Rice Noodles Market Analysis Report by Product (Packaged rice vermicelli and Packaged rice stick and other rice noodles) and Geography (APAC, Europe, North America, MEA, and South America), and the Segment Forecasts, 2020-2024”.
The market is driven by the growing prominence of online shopping. In addition, the increasing demand for instant cup rice noodles and packaging innovations is anticipated to boost the growth of the Packaged Rice Noodles Market.
The increasing Internet penetration worldwide is enabling online businesses to witness considerable growth. E-commerce platforms provide consumers access to a wide range of packaged rice noodles from different brands along with convenience to shop whenever they want from the comfort of their homes. These portals are gaining immense popularity among time-pressed shoppers, as they do not need to visit brick-and-mortar stores physically or restrict their shopping to the operating hours of such stores. The number of transactions taking place online and the average amount of money spent per transaction online has been increasing globally. The increasing number of Internet users and the buy-it-now attitude of these users is contributing to the growth of this retail channel. Furthermore, this mode of business helps vendors to save on operating costs and overheads, as these costs are lower in the online retail format than in the physical store format. All these factors are likely to drive the growth of the market during the forecast period.
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Major Five Packaged Rice Noodles Companies:
Acecook Vietnam Joint Stock Co.
Acecook Vietnam Joint Stock Co. has business operations under various segments such as instant noodle, pho-noodle soup and rice vermicelli, bowl-cup-tray, and vermicelli. Key products offered by the company include Rice Vermicelli Nha Toi and Hang Nga Rice Vermicelli.
Clearspring Ltd. offers various types of food products and ingredients such as noodles, purees, snacks, condiments, and porridge, among others. Key products offered by the company include Organic Gluten Free Brown Rice Noodles and Organic Gluten Free Brown Rice Wide Noodles.
itsu Ltd. operates its business through various divisions such as sushi; Asian salads; hot; breakfast; and sides, snacks, and drinks. Key products offered by the company include Katsu rice noodles and Satay rice noodles.
Kikkoman Corp. has its business operations under various segments such as domestic foods manufacturing and sales, domestic others, overseas foods manufacturing and sales, and overseas foods wholesale. Key products offered by the company include J-Basket Ll Yakisoba Noodles and J-Basket Ll Udon Noodles.
Leong Guan Food Manufacturer Pte Ltd.
Leong Guan Food Manufacturer Pte Ltd. operates its business through two segments: retail products, and foodservice products. Key products offered by the company include Tai Thong Rice Vermicelli Box and Peacock Brown Rice Vermicelli.
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Packaged Rice Noodles Product Outlook (Revenue, USD mn, 2020-2024)
- Packaged rice vermicelli – size and forecast 2019-2024
- Packaged rice stick and other rice noodles – size and forecast 2019-2024
Packaged Rice Noodles Regional Outlook (Revenue, USD mn, 2020-2024)
- APAC – size and forecast 2019-2024
- Europe – size and forecast 2019-2024
- North America – size and forecast 2019-2024
- MEA – size and forecast 2019-2024
- South America – size and forecast 2019-2024
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