Taiwan: Food Processing Ingredients
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Taiwan's economy is booming with the GDP forecasted to increase 4.42 percent in 2022. In 2021, Taiwan imported $3.93 billion worth of agricultural and food products from the US, making it the 6th largest market for U.S. agricultural products. However, the market is currently experiencing global supply chain and local inflation issues due to the pandemic. Its food processing industry produced almost $23 billion of processed food and beverages in 2021, which accounts for 3.44 percent of the island’s GDP. As the population ages, consumers are attracted to low additives, locally sourced products with health and nutritional benefits.