The Philippines quick service restaurants market size was valued at $4.6 billion in 2018, and is expected to reach $7.9 billion by 2026, registering a CAGR of 6.9% from 2019 to 2026. As of 2016, the Philippines Food Service industry was valued at $1.5 billion establishing nearly 85,000 food outlets across the country. The influence of westernization among the target customers, the rise in per-capita income, and surge in number of millennial populations have been some of the key influential factors that help drive the overall growth of the food service industry in terms of value sales. Among the food service sectors, the quick service restaurants have been witnessing higher rate of value sales growth due to surge in demand for different types of fast food products.
Millennials are the prime customers for the quick service restaurants market since this set of population prefers food products that can be consumed with convenience and ease. This has led to rise in number fast food outlets across the country that comprise of both domestic and international brands. These outlets have been coming up with innovative food products that specifically cater to the requirements and demand of millennials. As of 2018, the millennials accounted for nearly one-third of the total Philippine population. Hence, the rise in number of millennials eventually drives the overall growth of the quick service restaurants market in terms of value sales.
Among the key players operating in the Philippines quick service restaurant market, the domestic player Jollibee Foods Corporation leads through its wide portfolio of leading fast food brands. Jollibee is followed by the U.S. fast food major McDonald's. In 2017, the brand posted highest sales growth with increased rate of new product launches and consistent marketing and promotion activities on its core menu.
The Philippines quick service food restaurant market is segmented on the basis of food type and nature. On the basis of food type, the market is segmented into burger/sandwich, pizza/pasta, chicken, seafood and others. On the basis of nature, the market is bifurcated into independent and franchised.
Key players profiled in the report include BonChon Chicken Philippines, ArmyNavy Philippines, Shakey's Pizza Asia Ventures Inc., 3M Pizza Philippines, Chooks-to-go, Goldlocks, Jollibbee, McDonald's, Wendy's, YUM Brands, and others.
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Key market segments
- By Food Type
o Burger/Sandwich
o Pizza/Pasta
o Chicken
o Seafood
o Others
- By Nature
o Independent
o Franchised