(Taiwan News photo)
TAIPEI (Taiwan News) — With a 2.12% boost in 2020, the output value of Taiwan’s food industry has increased for five consecutive years, the Ministry of Economic Affairs (MOEA) Department of Statistics announced on Wednesday.
The MOEA said it believes the food industry will continue to grow in 2021, as the first half of the year has already shown a 7.8% increase in output value, and the trend to cook at home remains steady. Since the challenges some imported foods face and the rising prices of raw agricultural materials also promotes domestic supply levels and market values, the MOEA said the food industry output value should reach even higher in 2021.
The “other foods” category, which accounted for NT$206 billion (US$7.43 billion), or 44% of the total output value, saw a 2.01% decline, breaking a 17-year positive growth streak. While there has been a decline in tourism-related food industries such as refrigerated foods, baked and cooked foods, and refined tea due to the impact of COVID-19, the loss was partly offset by growth in meals and dishes, health foods, instant noodles as people stocked up.
The biggest contributing factor to 2020’s increase in output value has been the boom in meat processing and preservation, which was the second-largest category that accounted for NT$132 billion, or 28% of the total output value. The 7.43% increase mainly stemmed from consumers choosing to cook at home rather than dining out.
The MOEA also analyzed four development trends in the food industry that have driven innovation and products with higher value.
Updated : 2022-05-07 20:05 GMT+08:00
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