The instant noodle market in the Philippines is estimated to hit $1.16 billion by 2025, a 6.8 percent compounded growth from an estimated $832.2 million value in last year.
The figures are part of a study commissioned by Monde Nissin Corp. as part of the prospectus for its initial public offering set to roll between May 24 and 28. It eyes to be listed by June 7, 2021.
Based on the market study conducted by market research firm Euromonitor, the instant noodles market in the Philippines grew a compounded 10.2 percent in the last five years, 2016 to 2020, valued at $565.2 million in 2016.
Per capita spending for instant noodles is at $7.6 last year, “lower than other Asian countries like Indonesia ($11.1) and Thailand ($9).
Figures from the World Instant Noodles Association meanwhile has put the Philippines’ instant noodles demand at 4.47 billion servings as of last year, ranking the country at 7th in its list.
Monde Nissin is confident given the relatively low per capita consumption of noodles in the Philippines compared to other Asian markets, there remains a room for growth in the instant noodles market.
Monde Nissin is a leading manufacturer of instant noodles in the Philippines, through its brand Lucky Me.
The company is looking to raise about P55.89 billion by issuing to the public 3.6 billion shares covering the firm shares and another 540 million shares for the greenshoe option, at an offer price of P13.50 apiece.
The company said the proceeds will be used to fund capital expenditures, and redemption of obligations.
Market research firm Nielsen said the company enjoys a 68 percent retail sales market share in the Philippines as of 2020. It is also into biscuit and beverage manufacturing in the Philippines.
