Instant Noodles Are Still Hot |
http://www.sina.com.cn 2004/03/12 10:07 Shanghai Daily |
Chinese instant noodle makers will continue to enjoy double digit growth, industry insiders said. "The market has been expanding with an average 20 percent growth rate in terms of production capacity in last recent five years," said Meng Suhe, secretary-general of the Chinese Institute of Food Science and Technology, at the 4th World Ramen Summit, which is held in Shanghai yesterday. "It will be hard for new companies to enter the industry since the market has already been crowded with various brands. Only a few of them have established a solid position." In 2003, China, the world's largest instant noodle market, produced 42.2 billion packs of instant noodle, rising 30 percent from a year ago. Nearly 70 percent of the products were made by the seven largest instant noodle makers including Tingyi Holding Corp, Hebei Hualong Food Group Co Ltd and Henan Genron Food Co Ltd, the institute said. "Big instant noodle makers will choose to team up or take over competitors to consolidate their position," Meng added. Taiwan-based Tingyi Holding Corp, the largest instant noodle maker on the mainland, spent 300 million yuan (US$36.1 million) in December to launch a joint venture with Hebei Zhongwang Group to expand its business in rural areas. Uni-President Group, the fifth-largest instant noodle maker on the mainland, was also in talks with Japan-based Nissin Foods Co Ltd. But so far they have not reached an agreement. "We are looking for partners because we expect the industry will have more middle- and high-end products in the future which need capital injection and the support of high technology," said Jason Lin, chief executive officer with Uni-President. "With rising living standards, instant noodle products have to be more delicious instead of being merely a hunger killer." Lin added that Uni-President would focus on products priced from 1 yuan to 2 yuan per pack in the future. Currently, 60 percent of instant noodles available on the mainland are priced below 1 yuan per pack, the institute said. |
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