Every Filipino consumes an average of 40 packs of instant noodles in a given year, which Henry Soesanto, Monde Nissin Corp., chief executive officer), said is enough to place the Philippines the 7th largest instant noodles market globally.
Soesanto, speaking on the sidelines of the World Instant Noodles Association (WINA) Summit in Taguig City yesterday, cited market studies which said the global instant noodles industry is poised to hit $98.2 billion in value by 2032 from $57.73 billion in 2023, a 6.12 percent compounded growth.
He did not provide data for the Philippines but attributed the continued growth of the instant noodles market locally to the product’s unique position as a staple in the diet of Filipinos who take it as a snack or a viand.
Consumption of instant noodles globally is expected to match the 125 billion meals served as of 2023 worth $42 billion, according to Koki Ando, WINA chairman, at the summit yesterday.
WINA yesterday bared the Manila Declaration which outlines its policy and commitment to exert effort to address nutrition and health, environmental sustainability, food safety, and addressing social issues — it calls the WINA Challenge Targets — as the instant noodles industry grows.
The WINA Challenge Targets is a set of voluntary goals aimed at driving global industry efforts in the four critical areas.
“Instant noodles have become a global cultural staple, with over 120 billion servings consumed annually. Amidst global challenges like climate change and malnutrition, the instant noodle industry remains committed to addressing these critical issues,” WINA said in a statement.
