The Taiwanese food industry and Technology Intelligence Services (ITIS), a government supported research organization, revealed that the Taiwanese food industry is growing at an annual growth rate of 5.2% and earned revenue of NT$113.7 Billion (US$3.68 Billion) in the first quarter of 2008, as reported by ChinaPost.

The organization also provided data on wholesale prices of foodstuff that grew 18.2% in the first quarter of 2008 over the same period last year. The sale of beverage products experienced annual growth of 0.4% whereas prices for consumer products including cooking gas, noodles, fresh milk, adult powdered milk formula, drinking yoghurt and pastry grew over 10% in the first quarter of this year compared to the same period last year.

Spiraling food prices on boom in the food demand supported the growth in the Taiwan food industry. Rising population alongwith growth in spending of local food consumers have significantly escalated the food products demand in the country. People are increasingly spending on buying foods, particularly health foods, because they become health conscious and willingly spend on their food habits.

Growth in the organized retailing food outlets such as restaurants, super markets, and shopping malls are altogether helping the Taiwan food industry to grow. This has led to easy availability of variety of foods under one roof that has attracted younger generation.

Other reason for high growth in the food industry of Taiwan is burgeoning demand for delicious and nutritive food in the country. High quality of food products in Taiwan has increased their demand in other countries as a result the export has risen. China is a leading importer of food products from Taiwan and it mainly purchases soybean oil and other crops from Taiwan.

According to a research analyst at RNCOS, “The growth in the Taiwan food industry is likely to continue in future due to favorable business conditions that are supporting the food industry. Favorable business conditions have given rise to the establishment of food retail shops and foreign investors are increasingly coming forward to tap the opportunities in the food industry.”

Related Market Research Reports:
UK Health Drinks Market
Indian Food, Beverages and Tobacco Market Forecast till 2011
Indonesian Food, Beverages and Tobacco Market Forecast till 2011