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Taiwan Confectionery Market - Forecast(2023 - 2028)
Taiwan Confectionery Market Overview
The Taiwan Confectionery Market size is estimated to reach $4.2 billion by 2027, growing at a CAGR of 4.2% during the forecast period 2022-2027. Confectionery can be delineated as various food items that are sweet in taste and known for their rich carbohydrate nature. Sugar and baker are two main types into which confectionery is mainly categorized. Sugar confectionery includes sweet things such as hard boiled sweets, candies, gums, and toffies; nevertheless, baker confectionery comprises fine bakery wares including bread, cakes, doughnuts, pastries, and cookies. Sucrose, fruit, nuts, and flour are principal ingredients of confectionery items. Nevertheless, corn syrup and coloring agents play a vital role in hard candy recipes. Taiwan is known for its diverse confectionery market. Not just western-style confectionery but the country is home to several traditional confectionery items also. Expansion in retail outlets, availability of a variety of confectionery items, enlarging demand for luxury goods because of increasing disposable incomes, and developing domestic industry are the factors set to drive the growth of the Taiwan Confectionery Market for the period 2022-2027.
Report Coverage
The
report: “Taiwan
Confectionery Market Forecast (2022-2027)”, by Industry ARC, covers an in-depth analysis of
the following segments of the Taiwan Confectionery Market
By
Type: Chocolate (Milk, Dark), Sugar (Caramels, Jellies, Mint, Toffees,
Gums, and Others), Bakery items (Cakes, Pastries, Snacks, Bread, and Others),
and Others.
By
Nature: Organic and Conventional.
By
price: Low, Medium, and High.
By
Distribution Channel: Offline (Kiosks, Supermarkets/Hypermarkets, Special Bakeries,
Convenience stores, and Others) and Online.
Key Takeaways
- Out of the box marketing strategies used by market players, high urbanization, growing western influence, expansion in retail channels like hypermarkets and supermarkets, growing domestic players, a wide variety of products, and broadening disposable incomes are the factors said to be preeminent in driving the growth of Taiwan Confectionery Market.
- Exacerbated gum demand because of pandemic restrictions like wearing masks, risks of a possible invasion by mainland China, and hampered raw material supply chains because of the pandemic are said to reduce the market growth.
- Detailed analysis of the Strength, Weaknesses, and Opportunities of the prominent players operating in the market will be provided in the Taiwan Confectionery Market report.
Taiwan Confectionery Market Share, By Distribution Channel (%) in 2021
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Taiwan Confectionery Market Segment Analysis-By Type
Taiwan Confectionery Market Segment Analysis-By Distribution Channel
The Taiwan Confectionery Market based on distribution channels can be further segmented into offline & online. The offline segment held the largest share in 2021. The growth is owing to the comprehensive presence of physical stores and expansion in modern retail outlets like hypermarkets across the country. Nevertheless, in-person purchases have several advantages such as instant purchase, easy returns, a chance to go outside, on-spot quality check, and bargaining. Also, owing to their one-stop solution, supermarkets are a perfect place to shop when someone is running low on time and has to shop in bulk. However, the online segment is estimated to be the fastest-growing with a CAGR of 6.2% over the forecast period 2022-2027. This growth is owing to an overwhelming number of smartphone users, the surging trend of work-from-home jobs, and the time-saving nature of e-commerce purchases. According to a report, Taiwan had nearly 20 million smartphone users and 97 percent of Taiwan’s population is believed to use a smartphone by 2026. In addition to that, the busy lifestyles of people have dramatically changed peoples’ buying behavior enhancing the segment growth.
Taiwan Confectionery Market Drivers
Staggering urbanization is anticipated to boost market demand
As of March 2022, Taiwan’s total population stands around 23 million; whereas, nearly 79 percent live in urban areas. The figure is anticipated to reach 97 percent before long. As a result, the confectionery market is anticipated to experience a boom as urban areas provide several employment opportunities. In addition to that, people living in metropolitan areas enjoy quality lifestyles. Moreover, owing to well-established infrastructure market players finds it easy to reach out to the target audience through various means and innovative marketing strategies. Also, the presence of a variety of flavors such as tropical fruit, herbal, exotic, and nut flavors have their fair share in drawing the attention of consumers.
The expanding retail network and soaring disposable incomes are expected to boost market demand.
High GDP per capita incomes have aided the confectionery market in the country. Taiwan’s GDP per capita was whirling around $32,787 (nominal) and $59,398 (Purchasing Power Parity) in 2021. The nominal GDP per capita of the country is anticipated to cross the $35,000 mark in 2022. On another hand, the growing number of modern retail outlets is another reason for market expansion. PX Mart, Wellcome, Funcom, and Simple Mart are major supermarkets in the country. PX Mart is the biggest player with more than 60 percent market share and nearly 994 supermarkets across Taiwan, thus supporting the market growth.
Taiwan Confectionery Market Challenges
Hampered demand and supply chain, unemployment, and the threat of widescale conflict with China are anticipated to hamper the market growth.
Following the COVID outbreak, the unemployment rates in Taiwan have grown slightly which is anticipated to be a big challenge for the steady growth of the country’s confectionery market. The unemployment rate was recorded at 3.8 percent in 2021. The figure could rise steadily if there is another COVID variant outbreak. The gap between demand and supply because of COVID restrictions is running its course and posing a threat to the growth of the confectionery market. Moreover, owing to the fear of imminent attack from mainland China, investors fear investing in the country, therefore, impeding the market growth.
Taiwan Confectionery Industry Outlook:
Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in the aforementioned Market. Taiwan Confectionery market's top 10 companies include:
- Taiwan
Morinaga Co Ltd
- I-Mei
Foods Co
- Wm
Wrigley Jr Company
- H&C
Food Industrial Co
- Ferrero
Taiwan
- L.R.
Ritz Enterprises Ltd
- City
queen International
- Hunya
Foods Co Ltd
- Billion
Food Family Co
- Nestlé S.A.
Recent Developments
- On June 3, 2021, Taiwan-based firm Bioflag Biotech announced that the company has successfully developed candies and gummies that promote oral health by keeping probiotics in the cavity for more than usual. Alongside, these candies are capable of expanding IgA antibody’s salivary production. An experiment showed that a number of Streptococcus mutans (a pathogen) diminished after consumption.
- In March 2021, several food firms in Taiwan ramped up their efforts in order to utilize the excess supply of pineapple following the Chinese ban on pineapple imports. Wangli Pineapple Town (a renowned pineapple cake manufacturer) has stepped up its efforts to create innovative items such as pineapple-assisted walnut pastries and nougats.
- In January 2020, Mondelez International Inc has patented a process that enables it to lower the sugar levels in its chocolate using soluble corn fiber; this has the potential to reduce the level of sugar in its products by up to 50% without compromising the flavor of the actual product.
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