One of the world’s most popular instant noodle soup brands, Nissin, has benefited majorly from the coronavirus pandemic by boosting its revenue as well as its net profits since January.
In Nissin’s first quarter of the 2020/21 fiscal year (which ended in June), the Japanese brand’s sales totaled 120 trillion Yen ($1.1 billion) and increased almost 14 percent compared to the same period in the previous year. Net profit soared even higher and reached 12 billion Yen ($114 million), double last year’s result. Between January and March, the brand grew its year-over-year profits even more, gaining 167 percent.
According to the Nikkei Asian Review, convenience foods have have been in high demand during the pandemic, bumping up the sales of different instant noodle makers. Tingyi Holding, maker of China’s number one brand Master Kong, grew net profit by almost 60 percent in the first half of 2020.
China is the biggest market for instant noodles in the world. Chinese and Hong Kongese slurped down 40 percent of the global production in 2019, according to the World Instant Noodle Association.