Philippines Quick Service Restaurants Market Detailed Study of Lucrative Opportunities, New Trends, Competitive Scenario

WILMINGTON, DE, UNITED STATES, December 23, 2024 /EINPresswire.com/ -- 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.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.

With the rise in demand for different types of fast food products among the Filipino customers, some of the key international players in the Philippines quick service restaurant market, have been considering investment in the country in future. Brands such as Pink’s Hotdogs and The Halal Guys, which are popular for their hotdogs and chicken or lamb respectively, are anticipated to enter the Philippines Quick Service Restaurants market in 2020.4

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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.

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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 players profiled in the Philippines Quick Service Restaurants industry 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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