Under the impact of the COVID-19 pandemic, processed meat and seafood retail sales growth rates have accelerated in 2020 due to stockpiling among cautious consumers preferring to stay home and cook. Frozen meat substitutes has benefited the most from this, with Taiwan having a sizeable vegetarian population.
Taiwan has a very large number of vegetarians, representing around 13% of the total population, the second-highest proportion in the world. Most traditional vegetarians in Taiwan are elderly consumers and they do not eat meat for religious reasons.
Charoen Pokphand Enterprise (Twn) Co Ltd, Uni-President Enterprises Corp, Black Bridge Foods Co Ltd and Chung Hwa Food Industrial Co Ltd remain the top four players in 2020, with their value shares mostly intact from the previous year. The strength of these companies is founded on their wide distribution networks and long-established brand images within processed poultry, red meat and meat substitutes.
It is predicted that the ongoing preference for eating at home will continue to positively affect retail sales in 2021, while keep foodservice sales down, albeit to less extents. Over the duration of the forecast period, retail performance is set to strengthen on the review period performance.
A high-protein and low-carb diet has recently become very popular as it can help people to lose weight. Many young people who work out are particularly more likely to choose a high-protein diet, representing opportunities for processed meat and seafood producers over the forecast period.
In the short to medium term, processed seafood is likely to benefit from consumers seeking to strengthen their immune system in the wake of the pandemic, in case of future illness, with the omega-3 and B vitamins present in processed seafood offering such immune system support. Frozen processed seafood is predicted to remain the strongest-performing category with processed seafood over the forecast period, driven by an expanding supply of seafood products in various packaging formats to target demand ranging from small households to larger families.
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This report originates from Passport, our Processed Meat and Seafood research and analysis database.
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