Market Size of Taiwan Retail Sector
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | 4.00 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Taiwan Retail Market Analysis
The Taiwan retail sector is projected to register a CAGR of less than 4% during the forecast period, 2021-2026. Retail sales in Taiwan jumped 3.56 % year-on-year in January 2021, following a 1.69% increase in the previous month. It was the fastest growth in retail sales since August 2020, mainly attributed to motor vehicles, motorcycles and parts, construction materials, e-commerce, and household appliances.
Taiwan's success in containing the COVID-19 pandemic has helped it prevent the large-scale closure of retail businesses. However, changing consumer behavior may push retailers to adapt models to the new normal.
Demographics are playing a major role in determining shopping preferences, with many older Taiwanese consumers buying their meat, fish, fruits, and vegetables at specialist markets. In response, some supermarkets are trying to attract this consumer group by recreating the look of a more traditional market within their stores; they have achieved some success, particularly in urban areas. Taiwanese consumers shop for food at least twice a week and sometimes daily. However, those who favor shopping at supermarkets and hypermarkets tend to do one big grocery shopping per week. Top-up food shopping occurs on a daily basis in Taiwan, and it is carried out mostly in convenience stores.
The new normal in the retail sector will accelerate the development of online shopping platforms, which only contributed 2% of sales in the department store and supermarket segments previously and may push them to adopt technology to create a safer physical shopping environment.
Taiwan Retail Industry Segmentation
Retail is the process of selling consumer goods or services to customers through multiple channels of distribution to earn a profit. A complete background analysis of the Taiwan retail sector, which includes an assessment of the emerging trends by segments, significant changes in market dynamics, and market overview, is covered in the report. The Market Is Segmented By Product Category (Food, Beverage, and Tobacco Products, Personal Care and Household, Apparel, Footwear, and Accessories, Furniture, Toys, and Hobby, Industrial and Automotive, Electronics and Household Appliances, and Other Products) and By Distribution Channel (Hypermarkets, Supermarkets, and Convenience Stores, Specialty Stores, Department Stores, E-Commerce, and Other Distribution Channels).
| Product Type | |
| Food, Beverage, and Tobacco Products | |
| Personal Care and Household | |
| Apparel, Footwear, and Accessories | |
| Furniture, Toys, and Hobby | |
| Industrial and Automotive | |
| Electronic and Household Appliances | |
| Other Products |
| Distribution Channel | |
| Hypermarkets, Supermarkets, Convenience Stores, and Department Stores | |
| Specialty Stores | |
| Online | |
| Other Distribution Channels |
Taiwan Retail Sector Size Summary
The Taiwan retail industry is experiencing a dynamic transformation, driven by evolving consumer behaviors and technological advancements. The sector is adapting to the new normal post-COVID-19, with a notable shift towards online shopping platforms and the integration of technology to enhance physical shopping experiences. Demographic changes are influencing shopping preferences, with older consumers favoring traditional market experiences and younger urban dwellers opting for convenience and variety in dining out. The retail landscape is also witnessing a rise in one-person households, particularly in urban areas like Taipei, which is reshaping food and beverage consumption patterns. The apparel industry, a significant component of Taiwan's retail sector, remains highly export-oriented and is leveraging innovation and cultural creativity to enhance product offerings. Fast fashion continues to be a lucrative segment, appealing particularly to millennial consumers.
The market is characterized by a mix of major international players and emerging mid-size to smaller companies that are expanding their presence through technological innovations and strategic partnerships. Key players such as President Chain Store Corp. and Taiwan FamilyMart Co., Ltd. dominate the market, while companies like Bolttech and Foodpanda are enhancing their market reach through collaborations and e-commerce expansions. The retail sector's growth is supported by improved consumer confidence and rising income levels, which are expected to positively impact the food and beverage segment. As the industry evolves, it is increasingly focusing on integrating creativity and cultural heritage into product designs, aiming to capture a broader market share and cater to diverse consumer preferences.
Taiwan Retail Sector Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Overview
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1.2 Market Drivers
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1.3 Market Restraints
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1.4 Value Chain/Supply Chain Analysis
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1.5 Porter's Five Forces Analysis
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1.5.1 Threat of New Entrants
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1.5.2 Bargaining Power of Buyers/Consumers
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1.5.3 Bargaining Power of Suppliers
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1.5.4 Threat of Substitute Products
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1.5.5 Intensity of Competitive Rivalry
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1.6 Impact of COVID-19 on the Market
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2. MARKET SEGMENTATION
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2.1 Product Type
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2.1.1 Food, Beverage, and Tobacco Products
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2.1.2 Personal Care and Household
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2.1.3 Apparel, Footwear, and Accessories
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2.1.4 Furniture, Toys, and Hobby
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2.1.5 Industrial and Automotive
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2.1.6 Electronic and Household Appliances
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2.1.7 Other Products
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2.2 Distribution Channel
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2.2.1 Hypermarkets, Supermarkets, Convenience Stores, and Department Stores
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2.2.2 Specialty Stores
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2.2.3 Online
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2.2.4 Other Distribution Channels
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Taiwan Retail Sector Market Size FAQs
What is the current Taiwan Retail Market size?
The Taiwan Retail Market is projected to register a CAGR of less than 4% during the forecast period (2024-2029)
Who are the key players in Taiwan Retail Market?
President Chain Store Corp., Taiwan FamilyMart Co., Ltd., Mercuries & Associates Holding Ltd., Far Eastern Group and POYA International Co., Ltd. are the major companies operating in the Taiwan Retail Market.
