Instant Noodles: Peak glory days and turning point
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Tianyuan, tell us more about the industry's ups and downs, when did the plunge happen?
Well, Qiuyuan. 2013 was the peak period for instant noodles in the Chinese market. Total sales stood at 46 billion packets, number one in the world. But after that, everything started to go downhill. Take Kangshifu or Master Kong for example, one of Chinese consumers' favorite brands with a 50 percent market share. The ramen noodle giant was doing well until 2013. Latest data shows that the company had a 25 percent decrease in revenue in just three years.  When the industry met its Waterloo, a revolution, or rather an evolution was happening - the rise of online food order companies. Chinese consumers spent 200 billion yuan, or 30 billion US dollars on food deliveries last year. 340 million users, that is one in three Chinese, order food online. For foodies, especially night owls, they can order almost anything at any time. So why noodles, when you can have fried chicken with beer delivered to your doorstep, hot and fresh.