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Philippines Quick Services Restaurant Market: Segmented: By Food Type(Burger/Sandwich, Pizza/Pasta, Chicken, Seafood and Others); By Network Type(Franchisedand Independent); By Cuisine Type American Cuisine, TurkishCuisine and Lebanese Cuisine);and Regional Analysis of Market Size, Shares & Trends for 2016-2019 and Forecasts to 2030
Philippines Quick Services Restaurant Market is anticipated to surpass USD 10.68 billion by 2030 from USD 5.25 billion in 2020 at a CAGR of 6.70% throughout the forecast period, i.e. 2020-2030
Quick-service restaurants are also termed fast 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. Food products need the application of flavors like salt, sugar, and stabilizers. These manufacturing procedures restrict the nutritional value of the food. To improve speedy delivery, several quick-service food restaurants provide a drive-thru. Wireless programs enable orders to be placed thru speakers. Computer systems and software are used to raise proficiency and offer reports to managers and corporate offices.
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 food service sector in terms of value sales. Among the food service sectors, quick-service restaurants have been experiencing a greater degree of value supply growth owing to a rise in demand for distinct categories of fast food products.
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 of xx% in 2019, based on the increased 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 is segmented by Network Type into Franchised and Independent. Among these, the franchised segment is witnessed to hold the largest market share of xx% in the year 2019, owing to the segment having relatively bigger customer support, which is reliable to its brand and product contributions. Such franchised quick-service restaurants have distinctive characteristic that is used for advertising activities as well as for supplying their products.
Philippines ' quick services restaurant market is segmented by Cuisine Type into American Cuisine, Turkish Cuisine, and Lebanese Cuisine. Among these, the American cuisine segment is witnessed to hold the largest market share of xx% in the year 2019. The segment comprises of restaurants offering a range of burgers, pop-corns, fries, frozen dairy desserts, wraps, doughnuts, toasts, nuggets, sandwiches, sliders, coleslaw, potato wedges, chicken fries, corn dogs, chicken fingers, cinnamon rolls, biscuits, cakes, muffins, and sweet flavored drinks. The manufacturing procedure, fast-paced lifestyle, expansion of franchises, and smoothness in production are some of the aspects having a vigorous part in broadening the opportunity of American cuisine.
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.
Rising Emergence of Independent Restaurants
Philippine's foodservice market is largely led by independent restaurants. Nevertheless, franchised restaurants are estimated to upsurge at a rapid pace. Independent restaurants in the Philippines are more alluring to the larger part of customers for its rich preferences of dishes at competitive pricing among the franchised restaurants. Primary restaurants which are independent in the country comprise of Goldlocks, YUM Brands, Pizza Hut, McDonald’s, Max’s Group, and Shakey’s. Pizza Asia Ventures Inc. is a key aspect of profit margin for players, particularly in the foodservice market. The quick-service restaurants and foreign food chains such as McDonald's, Yum are acquiring popularity based on the preferences of the rising millennials.
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.
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