iCrowd Newswire – Jul 20, 2020
The Philippines quick service restaurants market is estimated to grow at a CAGR of 6.9% during the forecast period 2019-2026. As per the detailed market study, the Philippines quick service restaurants industry was valued $4.6 billion in the year 2018 and is estimated to reach $7.9 billion by the end of the year 2026.
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The Philippines is a fastest-growing region in the Asia with growing share of young population and middle-class income group. The regional economy is rooted with strong consumer demand, increasing per capita income and rising overseas remittances. With large-sized population and decreasing farmland capacities, the region is largely relying on food imports from oversees with U.S. as the largest supplier for products used in the HRI (Hotel, Restaurants and Institutional) sector.
As per the Agriculture and Agri-Food Canada, the foodservice sector of Philippines is estimated to reach ~$16.2 billion by the end of the year 2022, hence this projection shows that the Philippines foodservice industry is estimated to grow at the fastest growth rate in the ASEAN region. The growth of the regional industry is attributed to changes in lifestyle, surge in number of millennial population and increasing income amongst the growing middle-class population. Among the foodservice sector, the quick service restaurants section has been witnessing high sales value, owing to increasing demand of various types of fast food products.
The quick service restaurants record millennials as their major customer segment as this category largely prefers convenient and quick food products, which led to boost the number of fast food outlets in the region constituting both domestic and international brands. Millennials accounted ~1/3rd of the total population in Philippines i.e. ~106 million in the year 2019, which shows the large consumer group for quick service restaurants. Consumer spending pattern also influence the food service sub-sector majorly; as per the study from Agriculture and Agri-Food department of Canadian Government, Filipino customers spent $1.7 billion on non-alcoholic beverages, $6.5 billion on food and $1.5 billion on alcoholic beverages in the year 2018 and each category witnessed a growth of 3%, 3.2% and 7.7% respectively.
Competitive Insights of the Philippines Quick Service Restaurant Market
YUM Brands, Wendy’s, McDonald’s, Jollibbee, Goldlocks, Chooks-to-go, 3M Pizza Philippines, Shakey’s Pizza Asia Ventures Inc., ArmyNavy Philippines, BonChon Chicken Philippines and others are some major key players included in the research study of the Philippines quick service restaurant market. The market players are consistently working on marketing and promotion activities to gather majority of the customers. Also, product innovation plays a major role in market leadership with quality and low-prices.
The domestic market player Jollibee Foods Corporation leads the Philippines quick service restaurant market with its wide range of fast food products. The domestic player is followed by McDonald’s, a major fast food player at global level. Other local players dominating the regional quick service restaurant market are Mister Donut, Mang Inasal and Mang Inasal.
Segmentation Overview of the Philippines Quick Service Restaurant Market
The Philippines quick service restaurant market is segmented on the basis of food type and nature. These major market segments are further categorized into various sub-segments. The market segmentation study offers detailed market analysis by including market determinants and geographical dynamics.
The Food Type Segment of the Philippines Quick Service Restaurant Market is Sub-Segmented into:
The Nature Segment of the Philippines Quick Service Restaurant Market is Sub-Segmented into:
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Keywords: Philippines Quick Service Restaurants (QSR) Market