CHICAGO--(BUSINESS WIRE)--IRI®, a fast-growing, global leader in innovative solutions and services for consumer, retail and media companies,
CHICAGO–(BUSINESS WIRE)–IRI®, a fast-growing, global leader in innovative solutions and services for consumer, retail and media companies, and Nissin Foods USA, a food company that specializes in the production and sale of convenience food and instant noodles with brands such as Top Ramen® and Cup Noodles®, have partnered to drive Nissin’s consistent growth through innovative product launches, including Cup Noodles® Stir Fry™ and Hot & Spicy Fire Wok. These successful launches have driven incredible growth for Nissin, as it expands the premium segment. Nissin is reporting increasing dollar sales and purchase frequency at three- and six-times the broader Instant Noodle category performance, respectively, over the last year.1
Nissin leveraged IRI’s Market Shopper Intelligence and Hendry Market Structure solutions for a fast and holistic read of the category landscape through concept testing and consumer attitudinal learnings. This enabled Nissin to not only determine the potential size of the market opportunity, but also identify specific consumer groups that were likely to maximize sales of the new products.
“As an innovation leader in the ramen category for more than 50 years, Nissin is constantly evaluating opportunities to grow our market share within the premium ramen segment,” said Michael J. Price, president and chief executive officer of Nissin Foods USA. “Our partnership with IRI has offered invaluable insights into the competitive landscape and consumer attitudes, helping us to implement internal strategies that increased our dollar sales and purchase frequency. We look forward to leveraging IRI’s platforms and talented team for future product launches as we continue identifying new ways to delight our consumers.”
“Understanding where a company stands relative to its peers and with consumers is essential when considering the launch of new product innovation, particularly for small and midsize CPG companies which are often better able to capitalize on emerging opportunities with expedited rollouts of new products,” said Bob Sanders, executive vice president and practice leader for Health Care, Home and Mid-Market at IRI. “The results of Nissin’s product launch strategy demonstrate the value add that IRI’s solutions and talented teams can have for our small and midsize clients. We look forward to continuing to partner with Nissin as they release new, innovative products that meet the needs of their consumer base.”
For more information on IRI’s Mid-Market Growth Practice’s comprehensive portfolio of solutions specifically crafted for small and midsize brands, please contact Robert Porod at Robert.Porod@IRIworldwide.com.
1Latest 52-week data ending July 11, 2021
About Nissin Foods
Nissin Food Products Co. Ltd. was established in 1958 by Momofuku Ando, who invented the first instant ramen noodle in Japan. In 1970, they established Nissin Foods (USA) Co., Inc. in Gardena, California, introducing ramen noodles to U.S. consumers. In 1971, the company invented Cup Noodles, and revolutionized the industry by making it possible to package, prepare and serve noodles all in the same container. For over 60 years, Nissin Foods has been providing consumers with quick and delicious meal solutions.
In the U.S., Nissin Foods USA develops and markets a variety of products including Top Ramen®, Cup Noodles®, Cup Noodles® Stir Fry™, Top Ramen® Bowl, Hot & Spicy, Hot & Spicy Fire Wok, Chow Mein, RAOH®, and Souper Meal®, uniquely positioning them to meet the needs of today’s busy lifestyles. The company’s corporate philosophy inspires commitment to taste, convenience and quality.
IRI is a leading provider of big data, predictive analytics and forward-looking insights that help CPG, OTC health care organizations, retailers, and financial services and media companies grow their businesses. A confluence of major external events — a change in consumer buying habits, big data coming into its own, advanced analytics and personalized consumer activation — is leading to a seismic shift in drivers of success in all industries. With the largest repository of purchase, media, social, causal and loyalty data, all integrated into an on-demand, cloud-based technology platform, IRI is empowering the personalization revolution, helping to guide its more than 5,000 clients around the world in their quests to remain relentlessly relevant, capture market share, connect with consumers, collaborate with key constituents and deliver market-leading growth. For more information, visit www.iriworldwide.com.
About IRI’s Mid-Market Growth Practice
The Mid-Market Growth Practice of IRI provides high-tech and high-touch support for small- to midsize manufacturers. Regardless of company size, IRI has a data solution that drives understanding and growth. Companies benefit from access to all the same tested and proven solutions offered to IRI global partners, enabling companies of all sizes to democratize data, streamline analytics and, ultimately, win in the marketplace. For more information on IRI’s comprehensive portfolio of solutions specifically crafted for small- and midsized brands, please contact Robert Porod at Robert.Porod@IRIworldwide.com.