Korean noodle brands provide opportunity for growth to FMCG companies
Spicy ramen from Korea is fast replacing the comfort of instant noodles in India. After Korean dramas and beauty, Korean noodles are the latest disruptors in the Indian market.
What started as a fad during the pandemic, has become a trend that is here to stay. Indian fast-moving consumer goods (FMCG) companies are recognising this trend and expanding their instant noodle portfolios to cater to this growing demand for K-noodles.
Recently in November 2023, Nestle India expanded its Maggi brand with the launch of Maggi Korean noodles in two flavours – BBQ chicken and BBQ veg. The packaged foods major is the latest entry in the space. Hindustan Unilever had also expanded its Knorr brand with the launch of the Korean meal pot. Nissin – the maker of Top Ramen instant noodles – too had launched its Gekki variant for K-noodles three years ago.
According to the latest data shared by consumer intelligence firm NielsenIQ, the size of the Korean noodles market has surged from ₹2 crore in 2021 to over ₹65 crore in 2023.
“In terms of value, this segment has experienced a 4X growth (400 per cent) compared to last year, surpassing the 10 per cent growth in the instant noodles category,” Roosevelt D’souza, head of customer success – India at NielsenIQ (NIQ), told Business Standard.
“With over a dozen major players in this segment, and in response to the increased demand, we anticipate key players in the instant noodles category expanding their portfolio to include this variant,” D’souza added.
The category is clearly primed to witness growth in the coming years.
A May 2023 report by quick-commerce platform Zepto stated that demand from Delhi-NCR, Bengaluru, Mumbai, Chennai, and Hyderabad is fuelling the trend.
“The recent wave of K-Pop (Korean pop music) and K-Dramas has not only brought Korean culture to India but also influenced various lifestyle choices cutting across age groups and regions in India. Particularly, the demand for new Korean food experiences. It has been fascinating to see its impact on the way new Korean instant food brands, variants/flavours, and an increasing number of restaurants serving the cuisine,” Saurabh Maheshwari, senior vice-president, category and buying, stated in the report.
The report had further stated that brands serving Korean and Asian products on the platform had seen a 400 per cent rise in sales in the six months before that.
First Published: Jan 21 2024 | 6:53 PM IST