In 2020, the retail volume and current value growth rates of ready meals have seen a slight slowdown, although 2019 was a particularly impressive year in terms of growth, and rates of increase have returned to nearer the review period average, which is still a dynamic increase. Despite some consumers spending more time at home due to COVID-19 and social distancing, they have tended to use this time to cook themselves from scratch rather than purchasing extra ready meals.
Frozen ready meals has seen the most significant retail volume and current value increase in 2020. Frozen foods are becoming more popular due to the perception that food is kept in a fresher condition in this format.
President Chain Store Corp, Taiwan Family Mart and Hi-Life International have maintained their leading positions in ready meals in value terms in 2020. These are all private label providers, with their 7-Eleven, Family Mart and Hi-Life lines respectively.
Retail volume and current value growth rates are forecast to rise in 2021, with a return to the rates of increase seen in 2019. These higher rates of growth are expected to continue throughout the forecast period, as consumers’ lives become busier and they look for more convenient food options when they arrive home from work, rather than cooking from scratch.
Chilled ready meals is expected to return to seeing the fastest growth rates in the forecast period, as consumers become less bothered about purchasing products with a long shelf life as their fear of COVID-19 fades. Nevertheless, frozen ready meals is also forecast to continue to see dynamic growth.
Taiwan has the second highest coverage of convenience stores globally. Offering a wide variety of chilled ready meals, these outlets are the channel of choice for consumers when they want a quick bite to eat at lunchtime.
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Understand the latest market trends and future growth opportunities for the Ready Meals industry in Taiwan with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
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This report originates from Passport, our Ready Meals research and analysis database.
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