Tingyi, one of the biggest food and beverage groups in China with more than half of the country’s instant- noodle market, plans to raise prices for its cup noodles next month as it struggles with rising commodity prices.
The announcement that it would raise cup noodles prices by Rmb0.5 (7 cents) – a 14 per cent increase – comes after it had already increased prices last November.
Gross margins at the Taiwan-based company, whose Master Kong brand of noodles, bottled beverages and pastries is a household name in China, last year fell by nearly a fifth, to 28 per cent, as prices for raw materials from flour to plastic bottles registered at least double-digit increases.
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