Philippines Quick Services Restaurant Market
Quick service restaurants are also termed as fast-food restaurants. This type of restaurant aims at fast food service and regulated table service. Take away or take-out possibilities are also provided. The food is usually cooked in mass volume ahead of time and kept warm until supplied. Quick service restaurants are time and again a part of a restaurant chain such as McDonald’s or KFC.
The food is usually manufactured and served in bags or cartons. The food is normally cooked at a central supply facility and then shipped to individual locations where they are prepared rapidly in response to incoming orders. Pre-cooked items are thoroughly supervised for freshness and holding time.
Philippine’s quick services restaurant market is expected to exceed USD 7,900 million by 2030 from USD 4,600 million in 2019 at a CAGR of 6.2% throughout the forecast period i.e. 2020-2030.
The market is anticipated to grow on the back of rising food imports from the United States.
The impact of westernization amongst the ultimate customers, the increase in the per-capita income, and the rise in many millennial populations have been some of the primary significant aspects that help fuel the overall growth of the foodservice sector in terms of value sales.
Philippines Quick Services Restaurant Market: Segments
The Burger/Sandwich segment to grow with the fastest CAGR during 2020-2030
Philippines ‘ quick services restaurant market is segmented by Food Type into Burger/Sandwich, Pizza/Pasta, Chicken, Seafood, and Others. Among these, the burger/sandwich segment is estimated to hold the largest market share in 2019, based on the increase in demand for products from reputed fast food joints, such as McDonald’s and Burger King.
Other than these international brands, various key regional brands, such as the Lusso, The Burger Joint, 8 Cuts Burgers, and Zak’s Burgers are acquiring recognition in the market.
Philippines Quick Services Restaurant Market: Market Dynamics
Raised Food Imports from the United States
The rising urbanization, varying customer preferences, and millennials’ inclination towards eating out have primarily promoted the foodservice segment of the region. Various foreign players are eyeing up on this impending region and maneuvering to fuel the market saturation by raising the exports to the region.
Philippines continues to be the biggest market for consumer-oriented food and beverage exports from the U.S. to enhance the foodservice sector. A report circulated by USDA mentioned that products such as Condiments & Sauces, Processed Vegetables, Chocolate & Cocoa Products witnessed a substantial growth rate.
Increasing Inclination towards Fresh and Natural Food Products
For several customers, frozen food is considered to be a product that is an inferior alternative to fresh food, which is one of the primary hindrances for this market. There is a view that food manufactured a year or more before it is consumed could not be healthy.
Nevertheless, proclamations such as “frozen food can be just as good as the fresh stuff in terms of nutrition” from the Food and Drug Administration (FDA) and the International Food Information Council (IFIC) about the nutrient content of frozen food are altering the consumer insight.
Philippines Quick Services Restaurant Market: Key Players
Bon Chon Chicken Philippines
o Company Overview
o Business Strategy
o Key Product Offerings
o Financial Performance
o Key Performance Indicators
o Risk Analysis
o Recent Development
o Regional Presence
o SWOT Analysis
Army Navy Philippines
Shakey’s Pizza Asia Ventures Inc.
3M Pizza Philippines
The market report on Philippines quick services restaurant also contains the following in-depth analysis:
Quick Services Restaurant Market Segments:
By Food Type
By Network Type
By Cuisine Type