Georgia Instant Noodles Market Shipment Analysis
Georgia Instant Noodles Market registered a growth of 56.07% in value shipments in 2022 as compared to 2021 and an increase of 3.23% CAGR in 2022 over a period of 2017. In Instant Noodles Market Georgia is becoming less competitive as HHI index in 2022 was 6056 while in 2017 it was 6027. Herfindahl Index measures the competitiveness of exporting countries. The range lies from 0 to 10000, where a lower index number represents a larger number of players or exporting countries in the market while a large index number means less numbers of players or countries exporting in the market.
Georgia has reportedly relied more on imports to meet its growing demand in Instant Noodles Market. India is shifting towards local production to meet its demand as we see the trend is shifting towards reducing imports. The import factor of Instant Noodles Market in 2022 was 221.39 while in 2017 it was 12975.59. Russia, Azerbaijan, Kazakhstan, Turkey and Poland were among the top players of the market in 2022, where Russia acquired the largest market share of 77.21% with a shipment value of 10.67 million USD in 2022 Russia also offered the product above the average market price, but remained at the leadership position indicating the trust it holds in the Instant Noodles Market. In 2017 Russia had the largest market share of 76.41% with the shipment value of 5.59 million USD. The country was offering its product with an average price which is lower than the average market price offered in the country. As Russia price is lower than the average price, it provided a significant edge among other competitor in 2017.
