Note: This report includes forecasting data that is based on baseline historical data.
Executive summary
The plant-based food sector accounted for retail value sales of US$23.3 billion globally in 2021 and are expected to maintain its rapid growth momentum in the coming years (Euromonitor International,2022). Motivated by consumers' increasing health, sustainability/environmental and animal welfare concerns, plant-based eating, consumption of alternative proteins, and the move away from animal-derived food products are continuing to grow in the markets like Taiwan.
In 2021, retail sales of plant-based (free from meat) food products in Taiwan were valued at US$36.0 million. From 2017 to 2021, sales of plant-based food recorded a compound annual growth rate (CAGR) of 7.7%. As the Covid-19 uncertainty is set to remain at large, retail sales of plant-based meals will continue to experience positive growth over the next five years. During the 2022-2026 period, sales of plant-based food is forecast to record a CAGR of 8.0%, reaching US$46.5 million in 2026.
In 2021, the top five plant-based food companies in Taiwan accounted for 31.1% of the market. Vegefarm Corp, Tenin Food Co Ltd and Fu Kuei Hsiang Co Ltd were the top three companies in 2021. Vegefarm Corp saw the largest growth (12.5%) in retail sales, from US$2.0 million in 2017 to US$3.2 million in 2021.
According to data from Mintel, 72 plant-based food products were launched in Taiwan between 2017 and 2021. Dairy, snacks, and side dishes were top categories of newly released plant-based food launches while plant based, low/no/reduced allergen, and vegan/no animal ingredients were top claims associated with plant-based food released during the prescribed period. Earthly Treats, Jung Nung Bees Threads, and Alpro were the three companies with the most launches in the past five years.
Market overview
The plant-based food sector accounted for retail value sales of US$23.3 billion globally in 2021 and are expected to maintain its rapid growth momentum in the coming years (Euromonitor International,2022). As patent activity in plant-based food and drink continues to grow around the world, innovators are actively developing more sophisticated meat substitutes, be it through ever more complex meat-like products, or increasing realism in appearance, texture, or cooking experience (Mintel, 2021).
Motivated by consumers' increasing health, sustainability/environmental and animal welfare concerns, plant-based eating, consumption of alternative proteins, and the move away from animal-derived food products are continuing to grow in the markets like Taiwan. According to Euromonitor International, while the number of vegan or vegetarian consumers is small worldwide, the number who are trying to limit their animal product consumption is much more significant for meat that has now reached 22.5% globally.
In Taiwan, flexitarians stand for 18.0% of total population (USDA, 2022). It is these flexitarian consumers who have been driving the shift from animal towards plant. Based on a survey 2021 from Rakuten Insight, there were about 70.0% of Taiwanese consumers had consumed plant-based alternatives to animal-based food products (Statista, 2022). Many vegetarians and vegans in Taiwan are older people who choose not to eat meat and animal products for religious reasons. These consumers generally prefer traditional free from meat product types such as tofu and derivatives, and have been slow to embrace newer meat substitutes and dairy alternatives (Euromonitor International, 2022. However, younger adults are generally more likely to be eschewing animal-based food in Taiwan (Euromonitor International, 2022).
In 2021, retail sales of plant-based (free from meat) food products in Taiwan were valued at US$36.0 million. From 2017 to 2021, sales of plant-based food recorded a CAGR of 7.7%. As the Covid-19 uncertainty is set to remain at large, retail sales of plant-based meals will continue to experience positive growth over the next five years. During the 2022-2026 period, sales of plant-based food is forecast to record a CAGR of 8.0%, reaching US$46.5 million in 2026.
| Category | 2017 | 2021 | CAGR* % 2017-2021 | 2022 | 2026 | CAGR* % 2022-2026 |
|---|---|---|---|---|---|---|
| Free From meat[1] meat and seafood substitutes | 26.8 | 36.0 | 7.7 | 34.2 | 46.5 | 8.0 |
| Free from meat[1] chilled meat and seafood substitutes | 10.7 | 13.8 | 6.6 | 13.3 | 16.2 | 5.1 |
| Free from meat[1] soy-based frozen meat and seafood substitutes | 6.5 | 9.9 | 11.1 | 9.2 | 15.4 | 13.7 |
| Free from meat[1] Shelf atable meat and seafood substitutes | 9.6 | 12.3 | 6.4 | 11.8 | 14.9 | 6.0 |
|
Source: Euromonitor International, 2022 *CAGR: Compound Annual Growth Rate 1 - Free from meat: this category includes plant-based products that are positioned as a replacement of meat-based variants. It includes products where meat has been substituted by soy, tofu, quorn (mycoprotein), non-soybeans (that is, black bean burgers), wheat gluten, etc. Note: Euromonitor's Retailing research took place before the invasion of Ukraine. As such, the impact of the war in Ukraine and sanctions on Russia are not factored into our forecast data and analysis. The repercussions of the crisis and implications at a wider regional/global level. |
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Competitive landscape
The boom in plant-based food in 2020, with international brands like Beyond Meat and OmniPork entering the market, encouraged local players in Taiwan to join the competition (Euromonitor International, 2021). In 2021, the top five plant-based food companies in Taiwan accounted for 31.1% of the market. Vegefarm Corp, Tenin Food Co Ltd and Fu Kuei Hsiang Co Ltd were the top three companies in 2021. Vegefarm Corp saw the largest growth (12.5%) in retail sales, from US$2.0 million in 2017 to US$3.2 million in 2021.
| Company Name | 2017 | 2018 | 2019 | 2020 | 2021 | CAGR* % 2017-2021 |
|---|---|---|---|---|---|---|
| Total | 26.8 | 27.7 | 28.3 | 31.6 | 36.0 | 7.7 |
| Vegefarm Corp | 2.0 | 2.1 | 2.3 | 2.7 | 3.2 | 12.5 |
| Tenin Food Co Ltd | 2.2 | 2.3 | 2.3 | 2.6 | 2.9 | 7.2 |
| Fu Kuei Hsiang Co Ltd | 1.6 | 1.7 | 1.7 | 1.8 | 2.1 | 7.0 |
| Chyuan Kuang Provision Co Ltd | 1.3 | 1.3 | 1.4 | 1.5 | 1.7 | 6.9 |
| Hsin Tung Yang Co Ltd | 1.1 | 1.1 | 1.1 | 1.2 | 1.4 | 6.2 |
| Lian Fa Foods Co Ltd | 0.9 | 0.9 | 0.9 | 1.0 | 1.1 | 5.1 |
| Ta-Maw Foods Corp | 0.8 | 0.9 | 0.9 | 0.9 | 1.0 | 5.7 |
| Tai Kang Vegetarian Foods Co Ltd | 0.6 | 0.6 | 0.6 | 0.7 | 0.7 | 3.9 |
| Ruxiang Foods Corp Ltd | 0.4 | 0.5 | 0.5 | 0.5 | 0.5 | 5.7 |
| Others | 15.9 | 16.3 | 16.6 | 18.6 | 21.4 | 7.7 |
|
Source: Euromonitor International, 2022 *CAGR: Compound Annual Growth Rate |
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| Company Name | 2017 | 2018 | 2019 | 2020 | 2021 | CAGR* % 2017-2021 |
|---|---|---|---|---|---|---|
| Vegefarm Corp | 7.5 | 7.7 | 8.1 | 8.5 | 8.8 | 4.1 |
| Tenin Food Co Ltd | 8.1 | 8.2 | 8.3 | 8.2 | 8.0 | −0.3 |
| Fu Kuei Hsiang Co Ltd | 5.9 | 6.1 | 5.9 | 5.8 | 5.7 | −0.9 |
| Chyuan Kuang Provision Co Ltd | 4.8 | 4.8 | 4.9 | 4.9 | 4.8 | 0.0 |
| Hsin Tung Yang Co Ltd | 4.1 | 4.1 | 4.0 | 3.9 | 3.8 | −1.9 |
| Lian Fa Foods Co Ltd | 3.3 | 3.2 | 3.1 | 3.1 | 3.1 | −1.6 |
| Ta-Maw Foods Corp | 3.1 | 3.1 | 3.0 | 3.0 | 2.8 | −2.5 |
| Tai Kang Vegetarian Foods Co Ltd | 2.2 | 2.2 | 2.2 | 2.1 | 2.0 | −2.4 |
| Ruxiang Foods Corp Ltd | 1.6 | 1.7 | 1.6 | 1.6 | 1.5 | −1.6 |
| Others | 59.2 | 58.9 | 58.8 | 58.9 | 59.4 | 0.1 |
|
Source: Euromonitor International, 2022 *CAGR: Compound Annual Growth Rate |
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New product launches in Taiwan
According to data from Mintel, 72 plant-based food products were launched in Taiwan between 2017 and 2021. Dairy, snacks, and side dishes were top categories of newly released plant-based food launches while plant based, low/no/reduced allergen, and vegan/no animal ingredients were top claims associated with plant-based food released during the prescribed period. Earthly Treats, Jung Nung Bees Threads, and Alpro were the three companies with the most launches in the past five years.
| Product attributes | Yearly launch count | ||||
|---|---|---|---|---|---|
| 2017 | 2018 | 2019 | 2020 | 2021 | |
| Yearly product launches | 1 | 1 | 7 | 25 | 38 |
| Top five categories | |||||
| Dairy | 1 | 1 | 2 | 12 | 12 |
| Snacks | 0 | 0 | 1 | 4 | 15 |
| Side dishes | 0 | 0 | 0 | 6 | 1 |
| Processed fish, meat and egg products | 0 | 0 | 1 | 1 | 3 |
| Breakfast cereals | 0 | 0 | 2 | 1 | 0 |
| Top five claims | |||||
| Plant based | 1 | 1 | 7 | 25 | 38 |
| Low/no/reduced allergen | 0 | 1 | 5 | 8 | 24 |
| Vegan/no animal ingredients | 0 | 0 | 3 | 5 | 26 |
| Social media | 0 | 0 | 3 | 8 | 20 |
| No additives/preservatives | 0 | 1 | 4 | 13 | 12 |
| Top five price groups (US dollars) | |||||
| 1.38 - 5.37 | 0 | 0 | 3 | 16 | 18 |
| 5.38 - 9.37 | 0 | 0 | 1 | 6 | 13 |
| 13.38 - 17.37 | 0 | 0 | 0 | 1 | 4 |
| 9.38 - 13.37 | 1 | 0 | 0 | 0 | 3 |
| 17.38 - 23.00 | 0 | 1 | 0 | 1 | 0 |
| Top five launch types | |||||
| New product | 0 | 0 | 6 | 15 | 30 |
| New variety/range extension | 0 | 1 | 0 | 8 | 3 |
| New formulation | 0 | 0 | 1 | 1 | 2 |
| New packaging | 0 | 0 | 0 | 1 | 3 |
| Relaunch | 1 | 0 | 0 | 0 | 0 |
| Top five flavours (including blend) | |||||
| Unflavoured/plain | 1 | 1 | 4 | 17 | 17 |
| Pork | 0 | 0 | 0 | 0 | 2 |
| Roasted/toasted | 0 | 0 | 0 | 2 | 0 |
| Salt (sea)/fleur de sel and cauliflower | 0 | 0 | 0 | 0 | 2 |
| Cauliflower | 0 | 0 | 0 | 0 | 2 |
| Top five companies | |||||
| Earthly Treats | 0 | 0 | 0 | 0 | 6 |
| Jung Nung Bees Threads | 0 | 0 | 0 | 4 | 0 |
| Alpro | 0 | 0 | 0 | 4 | 0 |
| DJ&A | 0 | 0 | 0 | 3 | 0 |
| Chimei Frozen Food | 0 | 0 | 0 | 2 | 1 |
| Source: Mintel Global New Products Database, 2022 | |||||
Examples of new products
Onion Plant Based Meat Floss
Source: Mintel, 2022
| Company | Xu Yu Biotechnology |
|---|---|
| Brand | No Meating |
| Category | Snacks |
| Store name | Breeze Super |
| Store type | Gourmet Store |
| Date published | November 2021 |
| Launch type | New product |
| Price in local currency | TWD324.00 |
| Price in US dollars | 11.64 |
No Meating Onion Plant Based Meat Floss is now available. The product is free from preservatives and retails in a 200 gram pack.
Japanese Wild Mushroom BBQ Grilled Meatless Beef with Fried Brown Rice, Quinoa & Vegetables
Source: Mintel, 2022
| Company | RicoRico International |
|---|---|
| Brand | RicoRico |
| Category | Meals and Meal Centers |
| Store name | Shin Kong Mitsukoshi |
| Store type | Department Store |
| Date published | November 2021 |
| Launch type | New product |
| Price in local currency | TWD129.00 |
| Price in US dollars | 4.61 |
RicoRico Japanese Wild Mushroom BBQ Grilled Meatless Beef with Fried Brown Rice, Quinoa & Vegetables is now available. This 100% plant-based and low-carbon product is said to fulfil one third of the daily requirement of dietary fibre and vitamins and provide protein and satiety. It is free from five pungent spices, cholesterol, hormones, GMO and added MSG, and is claimed to be low in GI and calorie, high in dietary fibre and quick and easy to prepare. According to the manufacturer, this meal is made with ingredients invented by the soy protein technology and provides carb-free and low-fat concentrated plant-based protein. Each serving of the product contains at least five types of fresh vegetables, non-GMO concentrated soy protein isolate and quality carbohydrates from wholegrains. The cruelty-free and microwavable product is suitable for vegans and vegetarians, and retails in a 300 gram recyclable pack featuring preparation instructions, the ISO 22000, HACCP and Clean Label certifications and the Facebook and Instagram logos. The manufacturer claims to donate 1% of the proceeds from each product sold to support environmental protection.
Weat Vegan Burger
Source: Mintel, 2022
| Company | Hung Yang Foods |
|---|---|
| Category | Processed Fish, Meat and Egg Products |
| Store name | Pxmart |
| Store type | Supermarket |
| Date published | March 2021 |
| Product source | Shopper |
| Launch type | New formulation |
| Price in local currency | TWD199.00 |
| Price in US dollars | 7.00 |
Hung Yang Weat Vegan Burger has been reformulated with an upgraded texture. This 100% plant-based and vegan product is free from GMO, trans fat, and cholesterol. It retails in a 300 gram pack containing two 75 gram units, featuring cooking instructions.
Plant-Based Minced Meat
Source: Mintel, 2022
| Company | Plant A Foods |
|---|---|
| Importer | DKSH |
| Brand | OmniPork |
| Category | Processed Fish, Meat and Egg Products |
| Store name | Carrefour |
| Store type | Supermarket |
| Date published | March 2020 |
| Launch type | New product |
| Price in local currency | TWD199.00 |
| Price in US dollars | 6.65 |
OmniPork Plant-Based Minced Meat is said to be made using ingredients sourced and proprietary blend produced in Canada, and is assembled in Thailand. Comparing with uncooked regular ground pork, this 100% plant based product is 61% lower in calories, 82% lower in saturated fat, 100% lower in cholesterol, and low in fat. The vegan friendly all purpose meat substitute provides fiber, and is free from added hormones, added antibiotics, GMO, and five spices. It retails in a 230 gram pack featuring the Facebook and Instagram links, the Green Monday logo, and a QR code.
Maple Leaf Tofu Puff
Source: Mintel, 2022
| Company | Daxing International |
|---|---|
| Category | Processed Fish, Meat and Egg Products |
| Store name | Pxmart |
| Store type | Supermarket |
| Date published | February 2021 |
| Launch type | New product |
| Price in local currency | TWD39.00 |
| Price in US dollars | 1.39 |
Daxing Maple Leaf Tofu Puff contain quality plant-based protein and can be prepared by air fryer. The vegan product retails in a 120 gram pack featuring a QR code.
Plant-Based Original Chik'n Nugget
Source: Mintel, 2022
| Company | Alpha Foods |
|---|---|
| Importer | Emporium |
| Brand | The Alpha Nugget |
| Category | Processed Fish, Meat and Egg Products |
| Store name | Carrefour |
| Store type | Supermarket |
| Date published | January 2021 |
| Launch type | New product |
| Price in local currency | TWD359.00 |
| Price in US dollars | 12.73 |
The Alpha Nugget Plant-Based Original Chik'n Nugget is now available. This heat-and-eat product is microwaveable, is protein packed, is said to be mouthwatering, and comprises tender meatless chick'n breaded in a delicious crispy batter. It is suitable for vegans, is free from GMO, palm oil and dairy, and is said to make for an easy on-the-go snack, a quick fix for a game day spread, or a kid-approved dinner option. The product retails in a 309 gram BPA-free and resealable pack featuring the Facebook, Twitter, Pinterest and Instagram logos, and heating instructions.
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For additional information on Food Taipei 2022, please contact:
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Resources
- Euromonitor International, June 2021, Plant-based Eating and Alternative Proteins
- Euromonitor International, December 2021, Processed Meat, Seafood and Alternatives to Meat in Taiwan
- Euromonitor International, February 2022, Free from in Taiwan
- Euromonitor International, March 2022, The Evolution of Plant Based: Eating and Beyond
- Mintel Global New Products Database, 2022
- Mintel, October 2021, Patent insights: plant protein ingredients
- Mintel, September 2021, A year of innovation in meat substitutes and eggs, 2021
- Statista, 2022, Share of respondents in Taiwan who consumed plant-based food alternatives as of November 2021
- USDA, March 2022, New Consumers Embrace Plant-based Trends in Taiwan
Sector Trend Analysis – Plant-based food trends in Taiwan
Global Analysis Report
Prepared by: Zhiduo, Wang, Market Analyst
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