All about the Food and Beverage Industry in Taiwan: Market Overview and Analysis

Taiwan's economic outlook includes a projected 1.42% year-on-year (YoY) growth in real GDP for 2023, with a 2.46% YoY increase expected in the Consumer Price Index (CPI). In 2024, real GDP growth is forecasted at 3.43% YoY, while the CPI is predicted to rise by 1.85% YoY, primarily due to sustained price increases in food and residential rent. Taiwan relies heavily on agricultural imports, particularly from the United States, with soybeans, corn, and wheat being the primary imports. Recent years have seen a notable increase in coffee imports driven by rising local demand and prices. The food service sector dominates Taiwan's food and beverage (F&B) industry revenue, with full-service restaurants, including high-end and fine dining options, being popular. Coffee shops are also on the rise as consumers seek experiential coffee consumption. Post-pandemic, there's been a shift towards fast and easy F&B options, with an emphasis on health benefits. This trend has boosted the popularity of products promoting health, convenience, and happiness. Korean cuisine, particularly grilled meat and fried chicken, holds a significant presence in Taiwan's culinary landscape.