With the rise in demand for different types of fast food products among the Filipino customers, some of the key international players in the restaurant market.
PORTLAND, OR, UNITED STATES, December 1, 2020 /EINPresswire.com/ — 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.The burger/sandwich segment was the highest contributor to the market, with $1.7billion in 2018, and is estimated grow at a CAGR of 6.1% during the forecast period.
• While the lockdown ordered restaurants to board up, it naturally had a substantial impact on the Philippines quick service restaurants market.
• Also, consumers happened to cut down on their discretionary spends, fearing an economic downturn which hampered the market greatly.
• However, government is now issuing relaxations on the existing regulations and take-away services have also come to the fore along with the necessary social-distancing measures.
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The Philippines quick service restaurants market has been continuously improvising in terms of product offerings, number of outlets, hospitality and other perks regarding prices that attracts a higher number of customers. Over the years, the Filipinos, specifically the millennials, have been open to different types of innovative food products due to increase in influence of westernization among the target customers. Considering this customer perception, some of the key players in the Philippines quick service restaurants market have been strategizing on innovating its existing product offerings. For instance, the U.S. fast food giant Kentucky Fried Chicken that specializes in the preparation of fried chicken, added new flavors in Spanish Salpicao, Japanese Teriyaki, and Spicy Gangnam Chicken for its Filipino customers.
Moreover, the quick service restaurants have been strategizing on broadening their menu to offer a wider selection of meals and snacks, owing to varying customer perception and preference for fast food products. Most of these operators offer value for money by facilitating promotional pricings, customer loyalty programs, weekly special, and others. Such increase in product offering from QSR outlets is expected to increase the Philippines quick service restaurants market share during the forecast period.
Some of the key players in the Philippines quick service restaurants market have been taking efforts on improvising the overall ambience of its establishments in the view of connecting to the culture and lifestyle of their customers. For instance, Pancake House, one of the key players in the Philippines market, took efforts of introducing interior designs that are attractive as well as alluring for majority Filipino customer visiting them.
Key Findings Of The Study
• The Seafood segment is expected to grow at a CAGR of 9.1% during the forecast period.
• Burger/Sandwich segment is anticipated to dominate the Philippines Quick Service Restaurants market growth, registering a CAGR of 6.1% during the forecast period.
• The Independent segment is anticipated to dominate the Philippines Quick Service Restaurants market analysis, with a CAGR of 7.5%during the forecast period.
• The Franchised segment is estimated to grow at a CAGR of 6.3%during the Philippines Quick Service Restaurants market forecast period.
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Top key Players: 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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Source: EIN Presswire