Food and beverage revenues hit new high in Taiwan

2016/05/19

Taiwan’s food and beverage industry reported record revenues of NT$111 billion (US$3.39 billion) in the first three months of 2016, up 3.1 percent year and on year for 28 consecutive quarters of growth, according to the Ministry of Economic Affairs May 17.

“The numbers show that the sector is playing a leading role in sustaining the local economy,” said Huang Li-ching, an official at the MOEA Department of Statistics. She attributed the strong result to robust demand during the Lunar New Year holidays, which generally fall in late January or early February.

According to Huang, Taiwan’s booming tourism is a key driver behind the trend. “Local firms’ expansion strategies such as aggressive franchising, branding campaigns and enhanced services also helped them attract new clients,” she said.

In particular, department store food courts are becoming a major draws for shoppers, accounting for nearly 19 percent, or NT$60 billion, of total store revenues last year. “An increasing number of businesses are taking advantage of this development and rolling out expansion plans,” Huang added.

The latest statistics from the Ministries of Finance and Labor show the food and beverage sector comprised 124,124 businesses in 2015, up 5.81 percent from the year before, and employed 210,590 people in 2014, up 44.06 percent from the previous year.

It is anticipated that annual sector revenues will top NT$430 billion in 2016, up 1.39 percent year on year, despite challenging conditions at home and abroad. The MOEA attributes this to the interest of local firms in creating new brands, increasing table turnover rates and introducing new menu items.

Taiwan is renowned for its distinctive gourmet culture. Its iconic dishes are frequently featured in news reports by international media outlets such as the BBC, CNN and The New York Times. The country’s unique cuisines are also a central plank in government efforts promoting the local tourism industry, as illustrated by “Food Culture in Taiwan,” a 28-minute video produced by the Ministry of Foreign Affairs for the Trending Taiwan YouTube channel.

Source: Taiwan Today (http://taiwantoday.tw/ct.asp?xItem=244808&ctNode=2194&mp=9)