There has earlier been a shift from developed to emerging markets for the packaged foods by market players. Saturation in the developed markets due to high penetration rates had compelled the key players to enter developing regions where increasing disposable incomes and changing consumer preferences were expected to boost the growth in the market. However, a new shift has been seen recently in the packaged food market where the players have realized the futility of considering the emerging economies as sole growth drivers of the market and taking the developed markets for granted. Majority of the players are now flocking back to the developed regions to sustain growth in the future.
Mergers and partnerships are becoming the way for the key players to expand business and presence. As Asia Pacific is expected to grow the fastest, owing to an increasing number of the individuals accepting packaged food in their homes, players are vigorously trying to make a presence in the region.
The report titled “Packaged Food in Taiwan” provides a detailed picture of the packaged food market in Taiwan, identifying sectors that are driving growth and changes and brings forth the competitive landscape of the packaged food market in the country. The products covered under the packaged food category include: Baby Food, Baked Goods, Breakfast Cereals, Confectionery, Dairy, Edible Oils, Ice Cream and Frozen Desserts, Processed Fruit and Vegetables, Processed Meat and Seafood, Ready Meals, Rice, Pasta and Noodles, Sauces, Dressings and Condiments, Savoury Snacks, Soup, Spreads, Sweet Biscuits, Snack Bars and Fruit Snacks.
In Taiwan, which is one of the emerging economies, packaged food market has developed at a healthy rate in 2016, both in terms of volume and value because of the growing demand for the products which are being made from ingredients that are healthier and are of higher quality. The current value sales has been noticed to grow due to an increase in prices because of rising costs of production and usage of higher quality ingredients in order to build consumer confidence.
The key drivers that have resulted in change in consumers’ preferences in 2016 are namely- health and food safety. Taiwan has seen a number of food safety scandals in the recent past, making consumers suspicious of manufacturers’ claims and thereby seeking out healthier options and more natural products from producers of some repute.
The Global Packaged Food Market is expected to register massive revenues by 2020 with a much better compound annual growth rate than the preceding years. This means that future prospects of the global packaged food market are bright, offering vast opportunities to the market players. This has further resulted in key players like Nestle and Kraft Food bulking up investments to offer promotions and increasing brand awareness and has led to product differentiation. In the packaged food market, the category of baby food is expected to grow the fastest in the coming years.
Considering Taiwan with respect to its contribution to the global packaged food market, the country is expected to keep on improving its share in the total revenue generation year after year. Taiwan’s market is all set to flourish with the ever growing demands for customer convenience subject to rising awareness.
Key Topics Covered in the Report:
Taiwan Packaged Food Market Research Report
Taiwan Ready to Eat Packaged Food Market Demand
Taiwan Packaged Food Import Value
Taiwan Packaged Food Export Value
Taiwan Packaged Food Industry Trends
Taiwan Packaged Cereals Market Size
Taiwan Processed Food Industry Future Outlook
Taiwan Packaged Food Market Growth Opportunities
Taiwan Frozen Processed Food Market Revenue
Taiwan Packaged Green Vegetables Market Analysis
Taiwan Packaged Food Market Competitors
Taiwan Packaged Baby Food Production Volume
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Ankur Gupta, Head Marketing & Communications