TA23 Economic Project Microeconomics (Instant Noodle) by Aditi Shanker /ACC https://padlet.com/s102032691/c93hzvd5k462295g Aditi Shanker, Siti Nur Amirah, Selena Loh, Dinesh Kumar, Lim Boonsiang, Austin Kwang Wen Bin en-us 2020-11-11 07:21:44 UTC 2025-10-08 12:30:15 UTC hello@padlet.com https://padlet.net/icons/png/1f600.png Microeconomics Prelim Analysis [Based on 4 key sources of information] s102032691 https://padlet.com/s102032691/c93hzvd5k462295g/wish/931632850 1) Demand for instant noodles increases during COVID-19
Support from key sources: 
  • As many Chinese people are staying indoors, the demand and sales for fast food like instant noodles have skyrocketed as it is cheap and easy to cook.
  • The fear of buying food from a restaurant due to the pandemic has also affected the demand for instant noodles. 
  • A spokesperson representing an online store called JDDJ in China has noted that the sales for instant noodle has increased by 740% since January and has become one of the  "most popular items" recently.
2) Changes to Taste and Preferences led to the increase in demand for instant noodles.
Support from key sources: 
  •  Baixiang Food Group deputy general manager of R&D, Wang Yanli, commented that when they developed buckwheat instant noodles to cater to the group who would like to eat more healthy food and keep fit, they promote their products through live streaming sessions online.
  •  A Hebei-based instant noodle maker, Jinmailang product director, Liu Jian said that their major consumer for convenience food is those who are born after 1990 and 1995.
  • A professor from the college of food science and nutritional engineering of china agricultural university said that convenience food is becoming more healthy, safe, and distinctive.
  • Diversifying the different flavours available to suit the different age groups ranging from the young to the old along with catering to the different genders such as females who wish to keep fit or the young who like different flavours such as Thai style Tom Yam Kung soup or Lanzhou beef Noodles. And the taste preference for those who wish to eat healthier

3) Increasing demand for instant noodles affects the number of sellers
Support from key sources:
  • With the increasing demand for instant noodles, it affects the number of the supplier as factories rush to open to be able to meet the increasing demands for instant noodles in the virus hit areas. 
  • Seasonings used to make the noodles have run out making the supplier produce the instant noodles short but the demand is still high 
  • With the number of factories reopening low, it affects the supply of noodles being produced as factories opened may not have the capacity to be able to run to produce the demand by the people

4) Number of sellers, selling instant noodles increasing over the years 
  • In 2016, the global consumption reached 97.5 billion units, equivalently to around 270 million units consumed daily 
  • However, from 2013 to 2017, there was a decrease in the sales volume for instant noodles due to an increase in demand for China's food delivery industry along with the Chinese consumers becoming more conscious about their health. 
  • With the supply volume maintained at 10 million tons and the demand dropping, the supply then dropped to 7 million tons in 2018.
  • There has been a rise in the consumption and sales of instant noodles in China in 2019, as companies began to cater to the different needs and preference of customers to revive the instant noodles market. 

]]> 2020-11-17 13:49:55 UTC https://padlet.com/s102032691/c93hzvd5k462295g/wish/931632850