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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
Philippines Food Service Market Growth
As per the World Travel and Tourism Council, the Philippines’ tourism industry is expected to contribute PhP 5.4 trillion to the national economy in 2024, recording a year-on-year growth of 25% and constituting over 20% of its economic size. The total spending by international visitors and domestic travellers is expected to reach USD $12.2 billion and USD $62.9 billion, respectively. This is expected to contribute to the significant growth of the market, due to increasing demand for local and delectable cuisines. By 2034, the contribution of the local tourism industry is expected to rise to USD $161.5 billion to its GDP, which is expected to accelerate the market growth in the coming years.
The Philippines is home to a tech-savvy audience, where social media influencers promote a wide variety of Instagrammable restaurants. This is expected to increase the consumer appeal for dine-in restaurants, thereby leading to the market growth. Non-contact and online food delivery systems are expected to enjoy sustained demand, due to increasing consumer consciousness for hygiene and health safety. Busier lifestyles and increased mobility of people are expected to increase the sales of convenience foods sold on street stalls and kiosks. The establishment of international franchises has emerged as a significant trend leading to the growth of the market in the Philippines.
Philippines Food Service Market Report Snapshots
Philippines Food Service Market Size
Philippines Food Service Market Growth
Philippines Food Service Market Share
Philippines Food Service Companies
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Key Questions Answered in the Report
The market reached nearly USD 10.98 million in 2023.
The market is projected to grow at a CAGR of 15.1% between 2024 and 2032.
The market is assessed to witness healthy growth in the forecast period to reach around USD 38.93 million in 2032.
The major sectors in the market include commercial and non-commercial.
The different systems in the market include conventional foodservice system, centralised foodservice system, ready prepared foodservice system, and assembly-serve foodservice system.
The different restaurants in the food service industry include fast food restaurants, full-service restaurants, limited-service restaurants, and special food services restaurants.
The key market players 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.
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