Philippines Foodservice Market Growth, Trends and Forecasts (2019-2024): Major Players are Strategizing to Increase Product Visibility through Promotions & Providing Lucrative Discount Options - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--May 23, 2019--
The “Philippines Foodservice Market - Growth, Trends and Forecasts (2019 - 2024)” report has been added to ResearchAndMarkets.com’s offering.
Philippines foodservice market is growing at a CAGR of 4.5% during the forecast period (2019-2024).
With a strong economic performance in recent years and the increase in the number of foodservice establishments, the sales in the Philippines foodservice market continued to increase. Moreover, establishments increased due to a rise in the frequency of eating out influenced by the growing affluence, increasingly busy lifestyles, the desire for convenience and the entry of several international brands in the Philippines foodservice industry.
The foodservice market in Philippines is highly driven by the rise in value-conscious consumers willing to try new restaurants with a wide range of menu options including interesting international and local cuisines, which also cater to an increasingly busy lifestyle, will likely find favor in this market going forward.
Increased Food Imports from the United States
The increasing urbanization, changing consumer behavior and millennials preference towards eating out has majorly benefitted the food service sector of the country. Many foreign players are eyeing on this potential country and strategizing to boost market penetration by increasing the exports to the country. Philippines remains the largest market for consumer-oriented food and beverage exports from the U.S. to supplement the foodservice sector. A report published by USDA stated that products such as Condiments & Sauces, Processed Vegetables, Chocolate & Cocoa Products experienced a considerable growth rate.
Self-Service Restaurants Hold the Major Share in the Market
Philippines foodservice market is highly dominated by independent restaurants. However, chained restaurants are expected to grow at a faster pace. Self-service restaurants in the Philippines are more appealing to the mass consumers for its rich choices of dishes at competitive pricing among the chained restaurants. Key chained restaurants which are self-service restaurants in the country include Golden Arches Dev Corp (with the McDonald’s brand), Yum! Brands, (Pizza Hut and KFC), Max’s Group, and Shakey’s. Economies of scale are thus, an important factor of profit margin for players, especially in the foodservice market. The quick-service restaurants and foreign food chains such as McDonald’s, Yum are gaining prevalence owing to the preferences of the growing millennial.
Philippines foodservice market is highly fragmented owing to the number of small and giant players dominating the market. Some of the key players in the market are McDonald’s, Starbucks Coffee Company, Domino’s Pizza, Inc, and Yum! Brands RSC. Major players are strategizing to increase product visibility through promotions and providing lucrative discount options.
Key Topics Covered
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
3.1 Market Overview
4 MARKET DYNAMICS
4.1 Market Drivers
4.2 Market Restraints
4.3 Porter’s Five Forces Analysis
5 MARKET SEGMENTATION
5.1 By Type
5.1.1 Full-service Restaurant
5.1.2 Self-service Restaurant
5.1.3 Fast Food
5.1.4 Street Stall and Kiosk
5.1.5 Cafe and Bar
5.1.6 100% Home Delivery Restaurant
5.2 By Structure
5.2.1 Independent Consumer Foodservice
5.2.2 Chained Consumer Foodservice
6 COMPETITIVE LANDSCAPE
6.1 Most Active Companies
6.2 Market Share Analysis
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
6.4.1 Jollibee Foods Corporation
6.4.3 Starbucks Coffee Company
6.4.4 Domino’s Pizza, Inc.
6.4.5 Yum! Brands RSC
6.4.6 Max’s Restaurant
6.4.7 Shakey’s Pizza USA
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/a5rzi3
View source version on businesswire.com:https://www.businesswire.com/news/home/20190523005585/en/
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Related Topics:Food Service
KEYWORD: ASIA PACIFIC PHILIPPINES
INDUSTRY KEYWORD: RESTAURANT/BAR RETAIL
SOURCE: Research and Markets
Copyright Business Wire 2019.
PUB: 05/23/2019 11:52 AM/DISC: 05/23/2019 11:52 AM