TINGYI(HK:00322) Sou Hu Cai Jing·2025-11-27 01:09Core Insights - The report by Sullivan indicates that the Chinese instant noodle industry is experiencing steady growth, with a market size expected to reach 1,105.4 billion RMB in 2024 and projected to grow to 1,333.3 billion RMB by 2029, reflecting a shift from "quantity" to "quality" [1][11][12] - The demand for old hen soup instant noodles has surged, with the market size increasing from 280 million servings in 2020 to 2.19 billion servings in 2024, achieving a compound annual growth rate (CAGR) of 67.2% [1][21] - Consumer pain points include insufficient flavor restoration, low health and nutrition content, and severe product homogeneity, which need to be addressed for future growth [1][22][24] Industry Overview - The overall demand for instant noodles in China is rebounding amidst urbanization and consumption upgrades, with a significant portion of consumption driven by the younger workforce [6][9] - The average per capita consumption of instant noodles in China is projected to be 31 servings in 2024, which is still lower than that of South Korea and Japan, indicating substantial growth potential [9][11] Market Trends - The old hen soup instant noodle segment is becoming a crucial category within the industry, benefiting from consumption upgrades and technological innovations [1][18] - The market is expected to stabilize with a CAGR of approximately 35.9% from 2024 to 2029, with the market size potentially exceeding 10 billion servings [21][33] Consumer Pain Points - Key consumer concerns include the inadequate restoration of chicken soup flavor, low compatibility between noodles and soup, and a lack of distinctive product features [22][24] - Consumers are increasingly seeking healthier options, with expectations for lower fat and sodium content, as well as more natural ingredients [35][36] Technological Innovations - The rapid development of locking freshness technology is addressing consumer pain points by enhancing flavor restoration and product quality [2][25][34] - Companies like Master Kong are leading in this area, utilizing patented technologies to improve the flavor and stability of their products [2][28][32] Future Outlook - The industry is expected to see multi-dimensional growth driven by quality upgrades, health-oriented product optimization, and the integration of convenience in consumption [33][34][36] - The future of locking freshness technology may involve digitalization, standardization, and modularization, allowing for regional flavor upgrades and cross-scenario applications [30][31]