Market Forecast By Type (Fried, Non-Fried), By Packaging (Cups, Packets), By Sales Channel (Supermarket/Hypermarket, Convenience Stores, Online Stores, Others), And Competitive Landscape
Product Code: ETC048491 | Publication Date: Mar 2023 | Updated Date: May 2024 | Product Type: Report | |
Publisher: 6Wresearch | No. of Pages: 70 | No. of Figures: 35 | No. of Tables: 5 | |
Sri Lanka Instant Noodles market currently, in 2023, has witnessed an HHI of 3164, Which has decreased slightly as compared to the HHI of 3419 in 2017. The market is moving towards concentrated. Herfindahl index measures the competitiveness of exporting countries. The range lies from 0 to 10000, where a lower index number represents a larger number of players or exporting countries in the market while a large index number means fewer numbers of players or countries exporting in the market.
Sri Lanka Instant Noodles Market is estimated to grow significantly over the forecast period due to increasing consumer demand, growing health consciousness among consumers, rising disposable income, and rapid urbanization. However, competition from convenience food option is posing a major threat to the market. Manufacturers should focus on product differentiation and marketing strategies in order to stay ahead of the competition.
According to 6Wresearch, the Sri Lanka Instant Noodles Market is anticipated to grow at a higher growth rate during the 2023-2029. The market is majorly driven by growing population, changing lifestyles, rapid urbanization, and rising disposable incomes. However, the availability of alternatives such as ready-to-eat meals and home-cooked food is expected to hamper the Sri Lanka Instant Noodles Market growth. Nonetheless, increasing urbanization, growing popularity of westernized snacks, and rising health awareness are further fueling the growth of instant noodles market in Sri Lanka. Moreover, the introduction of new flavors and packaging formats is also expected to contribute to the growth of the instant noodles market during the forecast period. Apart from this, the cost of production in Sri Lanka is relatively high when compared to other countries. The busy lifestyles of consumers in Sri Lanka are driving the demand for convenient food options and the increasing number of working women and the growth of the urban population are also contributing to the demand for instant noodles. Several manufacturers in Sri Lanka are introducing new and innovative flavors to attract consumers as it caters to the local taste preferences and help to differentiate their products.
The COVID-19 pandemic has had an adverse impact on the Sri Lanka instant noodles industry. The pandemic has disrupted the supply chain for instant noodles in Sri Lanka, with delays in shipping and transportation leading to shortages of some products. The pandemic has led to increase in prices for instant noodles as the cost of raw materials and transportation has been fluctuating. Moreover, with people staying at home due to lockdowns, the demand for instant noodles in Sri Lanka has increased as they are convenient and easy-to-prepare food options. The pandemic has also led to changes in consumer behavior, with many people becoming more health-conscious and looking for healthier food options which negatively impacts the growth of this market.
According to Ravi Bhandari, Research Head, 6Wresearch, the supermarkets/hypermarkets are expected to dominate the Sri Lanka Instant Noodles Market share during the forecast period owing to the wide product availability.
The report offers a comprehensive study of the subsequent market segments:
1 Executive Summary |
2 Introduction |
2.1 Key Highlights of the Report |
2.2 Report Description |
2.3 Market Scope & Segmentation |
2.4 Research Methodology |
2.5 Assumptions |
3 Sri Lanka Instant Noodles Market Overview |
3.1 Sri Lanka Country Macro Economic Indicators |
3.2 Sri Lanka Instant Noodles Market Revenues & Volume, 2022 & 2029F |
3.3 Sri Lanka Instant Noodles Market - Industry Life Cycle |
3.4 Sri Lanka Instant Noodles Market - Porter's Five Forces |
3.5 Sri Lanka Instant Noodles Market Revenues & Volume Share, By Type, 2022 & 2029F |
3.6 Sri Lanka Instant Noodles Market Revenues & Volume Share, By Packaging, 2022 & 2029F |
3.7 Sri Lanka Instant Noodles Market Revenues & Volume Share, By Sales Channel, 2022 & 2029F |
4 Sri Lanka Instant Noodles Market Dynamics |
4.1 Impact Analysis |
4.2 Market Drivers |
4.3 Market Restraints |
5 Sri Lanka Instant Noodles Market Trends |
6 Sri Lanka Instant Noodles Market, By Types |
6.1 Sri Lanka Instant Noodles Market, By Type |
6.1.1 Overview and Analysis |
6.1.2 Sri Lanka Instant Noodles Market Revenues & Volume, By Type, 2019 - 2029F |
6.1.3 Sri Lanka Instant Noodles Market Revenues & Volume, By Fried, 2019 - 2029F |
6.1.4 Sri Lanka Instant Noodles Market Revenues & Volume, By Non-Fried, 2019 - 2029F |
6.2 Sri Lanka Instant Noodles Market, By Packaging |
6.2.1 Overview and Analysis |
6.2.2 Sri Lanka Instant Noodles Market Revenues & Volume, By Cups, 2019 - 2029F |
6.2.3 Sri Lanka Instant Noodles Market Revenues & Volume, By Packets, 2019 - 2029F |
6.3 Sri Lanka Instant Noodles Market, By Sales Channel |
6.3.1 Overview and Analysis |
6.3.2 Sri Lanka Instant Noodles Market Revenues & Volume, By Supermarket/Hypermarket, 2019 - 2029F |
6.3.3 Sri Lanka Instant Noodles Market Revenues & Volume, By Convenience Stores, 2019 - 2029F |
6.3.4 Sri Lanka Instant Noodles Market Revenues & Volume, By Online Stores, 2019 - 2029F |
6.3.5 Sri Lanka Instant Noodles Market Revenues & Volume, By Others, 2019 - 2029F |
7 Sri Lanka Instant Noodles Market Import-Export Trade Statistics |
7.1 Sri Lanka Instant Noodles Market Export to Major Countries |
7.2 Sri Lanka Instant Noodles Market Imports from Major Countries |
8 Sri Lanka Instant Noodles Market Key Performance Indicators |
9 Sri Lanka Instant Noodles Market - Opportunity Assessment |
9.1 Sri Lanka Instant Noodles Market Opportunity Assessment, By Type, 2022 & 2029F |
9.2 Sri Lanka Instant Noodles Market Opportunity Assessment, By Packaging, 2022 & 2029F |
9.3 Sri Lanka Instant Noodles Market Opportunity Assessment, By Sales Channel, 2022 & 2029F |
10 Sri Lanka Instant Noodles Market - Competitive Landscape |
10.1 Sri Lanka Instant Noodles Market Revenue Share, By Companies, 2022 |
10.2 Sri Lanka Instant Noodles Market Competitive Benchmarking, By Operating and Technical Parameters |
11 Company Profiles |
12 Recommendations |
13 Disclaimer |