Philippines Food Service Market to Grow at a CAGR of 15.1% During 2024-2032, Aided by the Increasing Number of Tourists in the Country

The Philippines is a sought-after destination for tourists, and the influx of visitors stimulates demand for a wide range of food services, encompassing both local and international cuisines. The Economic Impact Research (EIR) for 2024 by the World Travel & Tourism Council (WTTC) predicts a historic year for Travel and Tourism in the Philippines, with its economic impact, employment figures, and tourist spending all poised to reach unprecedented levels. The sector's contribution to the national economy is projected to exceed PHP5.4TN by the conclusion of 2024, representing an almost 25% year-on-year increase and a remarkable 7.1% surge from the previous peak in 2019. Hence, the growth of the hospitality sector, including hotels and resorts, facilitates the Philippines food service market expansion.

The increasing middle-class population with greater disposable incomes is fuelling the need for a variety of high-quality food service choices. As more individuals live hectic lives, there is a rising inclination towards dining out, ready-to-eat meals, and food delivery services. The emergence of online food delivery platforms and mobile applications has transformed the way food service establishments operate while simplifying access to a wide array of dining options for consumers. Furthermore, the growing emphasis on health and well-being is spurring the demand for healthier menu selections, such as organic, gluten-free, and vegan foods.

In May 2024, Golden Arches Development Corp. (GADC), which holds an exclusive franchise to operate McDonald’s (NYSE: MCD) in the Philippines, announced that it plans to open at least 60 stores by the end of 2024. The majority of the stores are slated to open outside Manilla to capitalise on the evolving markets and customer demands.

Food Service Sector, Philippines

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Market Analysis by Sector, Systems, and Restaurants:

• The market, on the basis of sector, can be divided into commercial and non-commercial.

• Based on system, the market can be divided into conventional foodservice system, centralised foodservice system, ready prepared foodservice system, and assembly-serve foodservice system.

• By restaurants, the market is classified into fast food restaurants, full-service restaurants, limited-service restaurants, and special food services restaurants.

Key Findings of the Report:

• With the growing health consciousness, consumers are opting for food service establishments that offer diverse and healthy menu items. Moreover, such establishments are increasingly providing transparency in nutritional information and ingredient sourcing to meet the evolving demands of health and environmentally-conscious consumers.

• As the Philippines boasts extensive internet and social media usage, the popularity of Instagrammable dine-in establishments is increasing. The rising popularity of food influencers is also favouring the Philippines food service market growth. 

• According to the World Travel & Tourism Council (WTTC) 2024 Economic Impact Research (EIR), the Philippines travel and tourism sector’s contribution to the national economy is expected to exceed PHP5.4TN. Hence, the increasing number of tourists and the expansion of the hospitality sector aid the market growth.

• In the forecast period, the increasing integration of advanced technologies, ranging from digital menus to advanced point-of-sale systems, among others, in food service establishments is anticipated to create more efficient and engaging dining experiences.

Key Offerings of the Report:

• The EMR report gives an overview of the Philippines food service market for the periods (2018-2023) and (2024-2032).

• The report also offers the historical (2018-2023) and forecast (2024-2032) markets for food service by the sector, system, and restaurant in the Philippines.

• The report analyses the market dynamics, covering the key demand and price indicators in the market, along with an assessment of the SWOT and Porter’s Five Forces models.

The major players in the Philippines food service market are McDonald’s Corporation, Domino’s Pizza Inc., Yum! Brands, Inc., Burger King Corporation, DD IP Holder LLC (Golden Donuts Inc), Tim Hortons Restaurants International GmbH, and J.CO Donuts & Coffee’s, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

Key Highlights of the Report

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