Cup Noodles and Top Ramen maker Nissin reported a 41% year-over-year increase in sales during the final quarter of 2022, which indicates its continued growth in the shelf-stable noodles category.
The company’s upward trajectory during the past several years was first aided by the pandemic spike in ramen sales in 2020. The company has attributed the rise in sales to the growing popularity of its premium and spicy offerings, such as Cup Noodles Hot & Spicy and Stir Fry flavors. It also made a multi-million dollar investment into its Lancaster, Pennsylvania distribution center, which the company said expanded its capacity by 15%.
The ramen maker said it aims to seize on the growth by further evolving its portfolio. During the past decade, Nissin has reworked its formulas to improve the nutrition of its products, such as by removing MSG, reducing sodium levels and adding a full serving of vegetables to some.
“The key growth drivers have been leveraging global leadership in product development and innovation,” Michael Price, Nissin Foods USA president and CEO, said in a statement. “This has set Nissin Foods on a trajectory to catapult beyond our competitors and regain our leadership position in the U.S. market."
Nissin said it holds a 40% share of the instant ramen segment in the U.S., and the company reported a 32% year-over-year increase in category growth.
The company has continued to add new and unique innovations to its portfolio. Last week, the company announced it tapped the flavors of pancakes, eggs and sausage for its latest variety, Cup Noodles Breakfast. In a statement, Nissin said the product is geared toward consumers craving noodles at any time of the day.