Taiwan’s food market is worth about US$ 43 billion and ranks fifth in Asia in terms of per capita food spending, trailing only the region’s wealthiest countries like Singapore and Japan.
Taiwan, like many other prosperous Asian economies, is spearheading the region’s transition toward higher protein, healthier, and more diversified diets.
Taiwanese customers, like those in many other high-income economies, are becoming more health conscious and less price sensitive. Demand is shifting in favor of well-known overseas brands, higher quality, lesser sugar, and a willingness to try something new or different. Young people, in particular, are looking for meals and brands that fit their ideal lifestyle.
Because many Taiwanese are Buddhists, vegetarianism is prevalent, giving the island an ideal location for new dietary trends. Meat and dairy alternatives that do not contain any animal products, such as those offered by Beyond Meat (meat replacements) and Oatly (dairy replacements), can benefit from a small but growing market. Organic, ecologically conscious, or ethically sourced meals are increasingly gaining popularity, especially among young, well-educated, and urbane consumers. This pattern is expected to continue.
Food demand in Taiwan is surpassing wage growth, owing to the fact that much of that growth is in disposable income. Taiwanese consumers are upgrading their lifestyles by demanding more variety, novelty, and higher-quality food options.
This creates a compelling opportunity for both large and small businesses to provide healthy solutions that fit with today’s positive lives, which are often urban and convenience-oriented. While environmental and socially responsible businesses and goods are still making inroads in many Asian markets, they will be well-positioned to meet consumer needs in the long run.