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Taiwan food, beverage sales in H1 post 7-year record growth
Source: Taiwantrade
| Updated: 27 August 2018
Taiwan's food and beverage industry reported record revenues of US$7.63 billion in the first 6 months of 2018, up 4.7 percent year-on-year and marking the largest growth in 7 years, thanks to an increase in social media and smartphone usage, according to the Ministry of Economic Affairs (MOEA).
MOEA statistics released on Aug. 15 showed that in 2017, 54.1 percent of the food and beverage operators in Taiwan used social media such as Line to boost their sales, with 23.3 percent offering online reservation or ordering services. In addition, 17.2 percent provided mobile payment options, compared with 10.5 percent in 2016.
Between 2012 and 2017, chain store brands in the food and beverage sector increased from 624 to 970 in number, with restaurant chains accounting for the biggest increase of 201, according to data provided by the Association of Chain and Franchise Promotion, Taiwan.
Meanwhile, the number of franchise stores rose from 28,880 to 32,810 during the period, with an increase of 1,737 in the restaurant and catering industry, according to the data.
Major players in Taiwan's food and beverage industry have been very actively expanding into the global market.
According to 6 food and beverage companies that have listed their stocks on the Taiwan Stock Exchange (TWSE) or Gre Tai Securities Market (GTSM), their domestic business sales accounted for 58.2 percent of their total sales in 2013 but dropped to 47.5 percent in 2016, showing that the ratio of their overseas sales had been on the rise.
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