Naperville, IL -- (ReleaseWire) -- 09/20/2012 -- Product Synopsis
This report provides a top-level overview and detailed market, channel, and company-specific insights into the operating environment for foodservice companies.
Introduction and Landscape
Why was the report written?
This report is the result of Canadean's extensive market and company research covering the Taiwan foodservice industry. It provides detailed analysis of both historic and forecast foodservice industry values at channel level, analysis of the leading companies in the industry, and Taiwan's business environment and landscape.
What is the current market landscape and what is changing?
In spite of the global economic crisis, the Taiwanese foodservice industry has been growing incessantly. Increases in expenditure on tourism, annual disposable income, and changing demographics have enormously affected the foodservice industry.
What are the key drivers behind recent market changes?
A balanced economic growth, increase in the working women population, small family households and a growth in tourism provide the impetus for growth in the foodservice industry. Additionally, the growth in health awareness and food safety concerns has helped to develop healthier and more nutritious eating habits.
What makes this report unique and essential to read?
Taiwanese Foodservice: The Future of Foodservice in Taiwan to 2016 provides a top-level overview and detailed market, channel, and company-specific insights into the operating environment for foodservice companies. It is an essential tool for companies active across the Taiwanese foodservice value chain, and for new companies considering entering the market.
Key Features and Benefits
This report provides readers with unparalleled levels of detail and insight into the development of the foodservice sector in the Taiwan.
This report provides readers with in-depth data on the valuation and development of both the profit and cost sectors in the Taiwan foodservice market.
This report provides details on the number of outlets, transactions, average prices, foodservice sales, sales per outlet, and transactions per outlet per week, across nearly 50 sub-channels.
This report provides highly granular future forecasts and historic market data to aid market and strategic planning.
This report will help you to assess the impact of the economic recession and recovery on foodservice market growth.
Key Market Issues
A balanced economic growth is one of the major growth drivers for the foodservice industry in Taiwan. GDP growth, accompanied with a steady rise in disposable income, has been a major driving factor in the growth of the Taiwanese foodservice industry. A reduction in the unemployment rate led to higher footfall and increased consumer spending.
There had been an increase in the inflation rate from -0.9% in 2009 to 1.4% in 2011, which led to reduced consumer spending. Public debt had increased to 40.8% in 2011 from 38% in 2009, and is forecasted to increase to 42.5% in 2012. A growth in inflation influences the purchasing decisions of consumers.
In 2011, 6.08 million tourists visited Taiwan and Taiwan's Tourism Bureau forecasts 6.6 million visitors to the country by the end of 2012. This boost in tourism is mainly the result of Taiwan's rapid improvements in tourism infrastructure such as mass rapid transit and sightseeing facilities. With the growth of the tourism industry and thereby the hotel and leisure industries, the foodservice sector is therefore expected to benefit as well.
The on-the-run mentality has created the need for quick meals. Foodservice providers are offering quick-and-easy take home meals, preparing easy-to-carry food, and are offering premium meal ingredients for at-home consumption. However, Taiwanese consumers are increasingly evaluating their meal options, preferring healthy and nutritious food, while also looking for ways to alleviate time pressure.
Increasing health awareness has encouraged the people of Taiwan to turn towards natural and organic products. Most of the foodservice operators have also started keeping organic food options in their menus to cater to the increased demand for such items
Small households, increasing number of women joining the workforce and a busy life-style has led to an increased demand for fast-food.
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.
Taiwan, along with its own cuisine, also offers Chinese cuisines in its menus. Chinese dishes served with rice and healthy vegetables add-ons, and traditional food is immensely popular during festival times, including the Chinese New Year. In addition, Taiwan has a good fusion cuisine culture, because of years of Japanese rule in the country, and a good variety of vegetarian options because of the prevalent Buddhist culture.
According to CEPD, Taiwan, with an internet penetration rate of 70%, is ranked 4th in Asia, with a 2.6 times increase from 6.26 million people in 2000 to 16.15 million in 2011. Realizing the increased level of internet penetration and the eating-out trend by the Taiwanese consumers, many foodservice providers are using this knowledge to their advantage.
Taiwan currently has 7.07 million smartphone or tablet computer users, accounting for about 30.7% of the total population. Smartphone users more than doubled as of the second quarter year-on-year, rising from 2.97 million in 2011 to 6.09 million in 2012. There were 2.32 million tablet computer users in the same period. The growing importance of smartphones and tablets has led to the development of various software applications that provide facilities such as online restaurant reservations.
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