OREANDA-NEWS. Ajinomoto Co., Inc. and Toyo Suisan Kaisha, Ltd. exchanged a memorandum of understanding today to establish a joint venture company in the instant noodle business in Nigeria and India. By combining the sales infrastructure and marketing capability of Ajinomoto Co. with the strengths of Toyo Suisan in instant noodle development and production technology, the companies will achieve speedy business expansion into emerging markets with notable growth as equal partners.

The global market for instant noodles exceeded 100 billion servings in fiscal 2012, with solid growth at an average rate of 3%/year. In particular, backed by rising middle-class purchasing power and increasing population1, emerging markets have expanded substantially in countries such as India (4.4-billion-serving market; average growth rate 22%/year) and Nigeria (1.9-billion-serving market; average growth rate 7%/year), and are expected to continue growing in the future. (Source: World Instant Noodles Association)

With bases in 26 countries and regions worldwide and sales of food products, amino acids and other products in more than 130 countries and regions, Ajinomoto Co. aims to be a global food products business with the world’s number-one seasoning business at its core. The company has been building its operating infrastructure by developing its seasonings business, entering Nigeria in 1991 and India in 2003. To accelerate top-line (business scale) expansion in both countries, which have high business potential, Ajinomoto Co. has been studying strengthening the competitiveness of its instant noodle business and nurturing it as a growth driver.