Changing Tastes Hit Instant-Noodle Giants Tingyi, COFCO

(Beijing) — A shriveling appetite for one of China's most popular snack foods, the instant noodle, is prompting one leading player to sell off that part of its business, as another reported soggy sales in its latest financial report.

The waning fortunes of cheap instant noodles, known locally as fangbian mian, is the result of rising Chinese incomes that are fueling demand for higher-end, more-nutritious products. Shifting tastes have also hit other cheap-eats purveyors, prompting fast-food giants McDonald's and KFC to reinvent themselves as more-upscale dining options.