Convenience Food - Philippines

Philippines

Revenue in the Convenience Food market amounts to €1,309.00m in 2024. The market is expected to grow annually by 6.10% (CAGR 2024-2029).
In global comparison, most revenue is generated in China (€142bn in 2024).
In relation to total population figures, per person revenues of €10.99 are generated in 2024.
In the Convenience Food market, volume is expected to amount to 263.50m kg by 2029. The Convenience Food market is expected to show a volume growth of 2.6% in 2025.
The average volume per person in the Convenience Food market is expected to amount to 1.9kg in 2024.

Key regions: Canada, China, Spain, Japan, Philippines

Mercado

Región

Comparación de regiones

Moneda

Analyst Opinion

The Convenience Food Market in the Philippines is experiencing minimal growth, influenced by factors like the increasing popularity of ready-to-eat meals and soups, as well as the convenience they offer to busy consumers. The market's growth is also affected by rising health awareness and the adoption of digital technologies in the food industry.

Customer preferences: Convenience food products have always been popular in the Philippines due to their affordability and easy preparation. However, with the rise of health-consciousness among consumers, there has been a growing demand for healthier convenience food options. This has led to the emergence of new players in the market, offering healthier versions of traditional convenience food products, such as low-sodium and gluten-free options. Moreover, with the increasing number of working individuals and busy lifestyles, there has been a shift towards on-the-go convenience foods, such as pre-packaged salads and protein bars, reflecting the evolving lifestyle factors of the Filipino consumer.

Trends in the market: In the Philippines, the Convenience Food Market is experiencing a surge in demand for healthier and more convenient options, such as ready-to-eat meals and pre-packaged snacks. This trend is driven by changing consumer preferences and a growing awareness of the importance of a balanced diet. As a result, companies are investing in research and development to create innovative products that cater to this demand. This trend is expected to continue, with potential implications for industry stakeholders such as increased competition and the need for product differentiation. In addition, there is a growing trend of online food delivery services, which is further boosting the convenience food market in the country.

Local special circumstances: In the Philippines, the Convenience Food market is heavily influenced by the country's unique geographical and cultural factors. With its archipelagic geography and diverse cultural heritage, the market is shaped by the demand for a wide variety of convenient food options that cater to different tastes and preferences. Additionally, the market is also impacted by regulatory circumstances, such as the recent implementation of a sugar tax, which has led to a shift towards healthier convenience food options. These factors make the Philippines a dynamic and evolving market within the larger Food Market industry.

Underlying macroeconomic factors: The Convenience Food Market within The Food market in the Philippines is influenced by macroeconomic factors such as changing consumer lifestyles, rising disposable incomes, and urbanization. As the country's economy continues to grow, consumers are increasingly seeking convenient and time-saving food options, leading to a rise in demand for convenience foods. Additionally, the government's efforts to improve infrastructure and promote foreign investment are contributing to the growth of the market. However, the market is also facing challenges due to inflation and fluctuations in commodity prices, which can impact the affordability and availability of convenience foods.

Methodology

Data coverage:

The data encompasses B2C enterprises. Figures are based on the total consumer spending on food, which comprises all private household spending on food that is meant for at-home consumption (out-of-home consumption is not accounted for).

Modeling approach:

Market sizes are determined through a top-down approach, building on specific predefined factors for each market segment. As a basis for evaluating markets, we use resources from the Statista platform as well as in-house market research, national statistical offices, international institutions, trade associations, companies, the trade press, and the experience of our analysts. In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, consumer spending, and consumer price index. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the exponential trend smoothing is well suited for forecasting the Food market with a projected steady growth. The main drivers are GDP per capita and consumer spending per capita.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year.