The food and beverage industry is one of the most essential components of several economies across the world. The 2020 global food and beverage market size is estimated to be $7 trillion. Changing consumer lifestyles and consumer preferences, growing demand for organic food products, and evolving consumption and selling patterns are the key trends in the global market.
Taiwan’s food and beverage market size are poised to report a strong growth rate over the forecast period due to increasing population, rising disposable incomes, coupled with changing trends and product innovations. The increasing number of restaurants, fast-food chains, and food delivery apps such as grub hub, caviar, and others enhance the availability to consumers, resulting in strong growth in the food and beverage industry. Besides, the rising demand for organic, natural, and fresh foods among consumers due to rising health awareness is the major factor expected to enhance the demand for the food and beverage market.
Taiwan’s food and drink industry will still continue on a positive growth path in 2021, despite a slow down in food spending growth due to the high base effects in 2020 as consumers shifted their purchasing patterns amid high levels of unpredictability due to the Covid-19 pandemic.
According to Market Research’s forecast in alcoholic drinks spending growth to return to growth this year while spending on non-alcoholic drinks will only see minimal growth in 2021. Over the medium term (2021-2024), they forecast food and drinks spending growth to remain positive, supported by positive economic growth and increasing disposable incomes.