Philippines Ready to Eat Food Market (2022-2028) | Revenue, Size, Share, Growth, Industry, Outlook, Forecast, Analysis, Trends, Value, Segmentation & COVID-19 IMPACT

Latest 2023 Developments of Philippines Ready To Eat Food Market

The Philippines Ready To Eat Food Market is predicted to experience significant growth backed by various latest development in the industry. The demand for convenience food is growing due to busy and hectic lifestyles. This trend is driving the growth of the ready-to-eat food industry in the Philippines. The expansion of retail chains such as supermarkets, hypermarkets, and convenience stores is driving the growth of the ready-to-eat food market in the Philippines. The popularity of online grocery shopping is also propelling the demand for ready-to-eat food as more and more consumers are opting for online shopping.

Moreover, the government is taking several initiatives to promote the market by proving support to local manufacturers and promoting the export of local food products. In addition, companies in the ready-to-eat food market are investing in product innovation and development to meet the changing consumer preferences and demands. The growing packaging industry in the country is projected to drive the demand for ready-to-eat food, as more and more consumers are looking for convenient, easy-to-store food options. The Philippines Ready To Eat Food Industry is expected to grow significantly in the coming years, driven by factors such as rising demand for expansion of retail chains, convenience food, and a growing focus on health and wellness.

Philippines Ready To Eat Food Market Synopsis

One of the main reasons for this growth is that there is a growing population and an ageing population in the Philippines, which means that there are more people who are looking for convenience foods. In addition, the country has a very high level of urbanization, which means that more people are living in cities and have access to restaurants and grocery stores. The Philippines Ready To Eat Food Market is a part of Asia Pacific (APAC) Ready To Eat Food Market and the global Ready to Eat Food Market

According to 6Wresearch, the Philippines Ready To Eat Food Market size is likely to witness growth during 2022-28. The main drivers of this market are increasing urbanization, rising disposable incomes, and growing health consciousness among Filipinos. The increase in affluence and population growth are the major factors fueling this market. Rising disposable incomes, increasing health consciousness among people, and preference for convenience over time are some of the key reasons for the growth of this market. Additionally, there is a growing demand for ready to eat food products as they are perceived as healthier options compared to pre-prepared food items. Moreover, consumers are increasingly looking for brands that offer quality food products at affordable prices. This is driving the Ready To Eat Food market in the Philippines.

Market Analysis By Product Type

In terms of product type, the market is categorized into Instant Breakfast/Cereals, Instant Soups And Snacks, Ready Meals, Baked Goods and Meat Products & Others. Ready meals hold the highest market share. The Ready To Eat Food Market in the Philippines is expected to reach USD 2,023.2 Million by 2028. Rapid urbanization and increasing affluence are some of the key factors fueling the growth of this market.

Market Analysis By Competitive Landscape

There are a number of food companies that are active in the ready to eat food market in the Philippines. These companies include Jollibee, McDonald's, and KFC. In 2014, Jollibee was the fastest-growing company in the Philippines with a revenue growth of 27%. The company currently operates 339 restaurants across the country. McDonald's is also a major player in the Philippine ready to eat food market with over 1,000 restaurants across the country. It has a presence in both urban and rural areas and offers a wide range of cuisine options including burgers, fries, desserts, and shakes. KFC is another well-known player in the Philippine ready to eat food market with over 400 restaurants operational. The company offers classic chicken dishes such as chicken joys and double Downers along with speciality items such as Kentucky fried chicken with gravy and garlic mashed potatoes.

COVID-19 Influence on the Philippines Ready To Eat Food Market 

The occurrence of the Covid-19 pandemic has resulted in a slump in market growth. However, Retail stores account for the largest share of the market, followed by food service establishments and home-based businesses. In terms of retail stores, these are mainly located in major malls and shopping centres across the country. Foodservice establishments are prevalent in high-end restaurants and hotels, while home-based businesses account for a majority of the market share in rural areas. 

Key Attractiveness of the Report

• COVID-19 Influence on the Market Dynamics.
• 10 Years of Market Data.
• Historical Numbers from 2018 to 2021.
• Base Year: 2021
• Market Forecast Data Until 2028
• Key Performance Indicators Influencing the Market.
• Key Developments and Projects.

Key Highlights of the Report:

• Philippines Ready to Eat Food Market Overview
• Philippines Ready to Eat Food Market Outlook
• Philippines Ready to Eat Food Market Forecast
• Philippines Ready to Eat Food Market Size and Philippines Ready to Eat Food Market Forecast until 2028
• Philippines Ready to Eat Food Market Share, By Types
• Philippines Ready to Eat Food Market Share, By Product
• Philippines Ready to Eat Food Market Share, By Distribution Channels
• Philippines Ready to Eat Food Market Share, By Region
• Historical Data of Philippines Ready to Eat Food Market Revenues and Volume for the period, 2018-2028
• Market size and Forecast of Philippines Ready to Eat Food Market Revenues and Volume until 2028
• Historical Data of Philippines Ready to Eat Food Market Revenues and Volume, By Product Types, for the Period 2018-2028
• Market size and Forecast of Philippines Ready to Eat Food Market Revenues and Volume, By Product Types, until 2028
• Historical Data of Philippines Ready to Eat Food Market Revenues and Volume, By Distribution Channels, for the Period 2018-2028
• Market size and forecast of Philippines Ready to Eat Food Market Revenues and Volume, By Distribution Channels, until 2028
• Historical Data of Philippines Ready to Eat Food Market Revenues and Volume, By Region, for the Period 2018-2028
• Market size and Forecast of Philippines Ready to Eat Food Market Revenues and Volume, By Region, until 2028
• Philippines Ready to Eat Food Market Drivers and Restraints
• Philippines Ready to Eat Food Market Trends and Industry Life Cycle
• Porter’s Five Force Analysis
• Philippines Ready to Eat Food Market Opportunity Assessment
• Philippines Ready to Eat Food Market Revenue Share, By Company
• Philippines Ready to Eat Food Market Overview on Competitive Benchmarking
• Company Profiles
• Key Strategic Recommendations

Markets Covered

The report delivers a widespread study of the subsequent market segments:

By Product Type

• Instant Breakfast/Cereals
• Instant Soups And Snacks
• Ready Meals
• Baked Goods
• Meat Products & Others

By Distribution Channel

• Hypermarkets/Supermarkets
• Online Retail Stores
• Convenience Stores
• Others