Vietnam has been among the top three markets for instant noodles over the past three years, according to the World Instant Noodle Association (WINA).
Vietnamese people ate 8.48 billion packs of instant noodles in 2022, far higher than any other country other than China (including Hong Kong, 45.07 billion packs) and Indonesia (14.26 billion packs). On average, each Vietnamese person consumed 85 packs a year, ranking first in the world.
In 2022, The Korea Herald reported that Vietnam surpassed South Korea in terms of instant noodle packs consumed per capita - 87 vs 73 a year. Each Vietnamese person ate 55 packs on average in pre-pandemic 2019, and 72 packs in 2020.
The Covid-19 outbreak in 2020 triggered lockdown policies worldwide that forced many people to stay at home and cook rather than going to eat out, and the value of instant noodles was proven thanks to their convenience and reasonable price.
The pandemic also contributed to a strong increase in the consumption of instant noodles globally, as millions of households struggled to save money.
However, Vietnamese consumers ate less instant noodles in 2022, slightly down 1% from the 8.56 billion packs in 2021. The 2021 figure reflected over 20% growth against 2020.
Vietnam has about 50 instant noodle producers, including domestic and foreign-invested companies. Acecook and Masan together hold the largest market share of 33%, according to a report by UK-based market research firm Euromonitor.
Acecook said it sold 3.3 billion packs of instant noodles in the Vietnamese market in 2022. Though Masan did not publish details for each of its product lines, the company’s 2021 annual report said it had five brands reaching a turnover of VND2 trillion ($81.92 million) or more, including two instant noodle brands.
The global instant noodle market is projected to grow 6% per year on average during 2021-2026, and reach a value of $73.55 billion in 2026, a big surge from the $45.67 billion in 2020, according to global market research company Facts and Factors.