GARDENA, CALIF. โ Strong sales momentum is taking place at Nissin Foods USA, driven in part by major investments in premium product innovation. Sales increased 21% in the first quarter of fiscal 2023, up from the same period in 2022 and the fourth consecutive quarter of high double-digit sales growth for Nissin Foods.
Nissin Foods said its premium brands remain the fastest-growing products in the portfolio, with sales up 28% from a year ago, according to a September 2023 report from Chicago-based market research firm Circana. Nissin also holds a dominant position in the US premium instant ramen category with a 42% share, which the company attributed to its overall growth. Moreover, Circanaโs 2022 Product Pacesetters Report recently gave award recognition to Nissinโs premium product line, Hot & Spicy Fire Wok, which has amassed more than $70 million in sales since launching in 2021.
โThe strong performance across Nissin Foods and successful start to the fiscal year is a testament to our commitment to serve satisfying, yet unexpected products that deliver on consistency, value and meet the needs of our consumers,โ said Michael Price, president and chief executive officer of Nissin Foods USA. โCore to Nissin Foods is our legacy of innovation that has set a new standard for the instant ramen category, which has led to unprecedented demand for our products and year-over-year growth. This year brings new product and brand launches, debuting the culmination of years of research and development work.โ
Nissin credited its โdrive to extend the limits of innovation within its premium product portfolio, which has introduced product firsts to the market,โ for its positive growth and national awareness. Innovations include the launch of its Geki brand, which features the first chili-infused noodles to be available in the United States. Nissin also launched Cup Noodles Breakfast through the brandโs limited time offering series, which in turn led to a massive increase in consumer demand, according to the company.
