2012-09-12 12:59:16 - Taiwanese foodservice industry to increase at a CAGR of 4.8%

Despite the global economic crisis, the Taiwanese foodservice industry has been growing persistently, and is forecast to increase at a compound annual growth rate (CAGR) of 4.8% through to 2014.Increases in expenditure on tourism, annual disposable income, and changing demographics have enormously affected the foodservice market.Growth within the Taiwanese foodservice industry in terms of outlet numbers, transactions, and sales value in 2010 was faster over the past few years, with the improving economy helping to boost demand.Due to rising disposable incomes, consumers are spending money more on food and dining out more frequently. On the other hand, operators have not eased discounting promotions and instead continued to offer price deductions in order to stimulate sales.Increasing consciousness of health and wellness

 

 

issues continued to influence food preferences amongst Taiwanese consumers during 2010, with a growing number of people looking to have lighter meals that are low in oil, salt, and fat.To cater to this trend, many foodservice operators adjusted the ingredients of their products and launched new health oriented dishes. In addition, there are an increasing number of vegetarians in Taiwan and more and more people are consuming less meat for health and environmental reasons.Social media sites act as a platform for the foodservice operators to advertise their products and connect with a larger consumer base at a more personal level. Operators that are present on social networking sites are creating greater brand awareness, promoting upcoming events and limited time offers, engaging with the customer base, recruiting employees, and building brand loyalty.Growth within the Taiwanese foodservice market looks set for a continued growth through to 2016, however, the pace will gradually slow down as the region reaches saturation.In addition, stagnant population growth will also negatively influence growth. In response, a growing number of operators will look to target incoming tourists in addition to local consumers.For more information on the Taiwanese foodservice industry, see the latest research: Taiwanese Foodservice Industry ReportFollow us on Twitter @CandMResearch

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