Nissin Foods USA, the maker of Top Ramen and Cup Noodles, has reported a 41% increase in sales in the fourth quarter of 2022 compared to the same period last year, and a 32% year-on-year increase in overall category growth.
To date, Nissin Foods holds a 40% share in the premium instant ramen category.
Its products include Hot & Spicy FIRE WOK, Hot & Spicy, Cup Noodles Stir Fry, Cup Noodles Stir Fry Rice with Noodles and Top Ramen Bowl.
To keep up with increased demand for instant ramen, the company invested in a multi-million dollar project in the Nissin Foods Lancaster Plant, which boosted its overall production capacity by 15%.
This follows the opening of the brand's distribution centre in Lancaster, Pennsylvania, in 2020.
"Nissin Foods has seen monumental growth over the past five years, significantly outpacing the category," said Michael Price, president and CEO of Nissin Foods USA.
"The key growth drivers have been leveraging global leadership in product development and innovation. This has set Nissin Foods on a trajectory to catapult beyond our competitors and regain our leadership position in the US market," Price added.
Nissin Foods was established in 1958 by Momofuku Ando, who invented the first instant ramen noodle in Japan inspired by his belief that 'peace will come to the world when there is enough food.'
The company reported a 22.2% increase in total product sales in 2021.
In March, Nissin Foods USA unveiled a new variant of its popular Cup Noodles brand, aimed at the breakfast category.
The Japanese firm has launched Cup Noodles Breakfast, blending ramen noodles with breakfast flavours including pancakes, maple syrup, sausage and eggs.
© 2023 European Supermarket Magazine – your source for the latest A-Brands news. Article by Robert McHugh. Click subscribe to sign up to ESM: European Supermarket Magazine.