Retail Market size in the Philippines to grow by USD 70.67 billion from 2021 to 2026, The market is fragmented due to the presence of prominent companies like Amazon.com Inc., Cosco Capital Inc. and Fast Retailing Co. Ltd., and many more – Technavio
NEW YORK, Sept. 24, 2023 /PRNewswire/ — The retail market in the Philippines is estimated to grow by USD 70.67 billion from 2021 to 2026, growing at a CAGR of 11.68%. The retail market in the Philippines is fragmented owing to the presence of many global and regional companies. A few prominent companies driving the retail market in the Philippines are Amazon.com Inc., Cosco Capital Inc., Fast Retailing Co. Ltd., Mercury Drug Corp., Metro Retail Stores Group Inc., New City Commercial Corp, Robinsons Retail Holding Inc., Seven and i Holdings Co. Ltd., SM Investments Corp, and SSI Group Inc. The report provides a full list of key companies, their strategies, and the latest developments. Download a FREE Sample before buying
- Amazon.com Inc.: The company operates retail business through e-commerce and others.
- Cosco Capital Inc.: The company operates retail business through its subsidiary, Puregold Price Club Inc.
- Fast Retailing Co. Ltd: The company operates retail business through supermarkets, department stores, and others.
- For details on companies and their offerings – Buy the report
- Impactful driver- Growing demand for convenience food products
The fast-paced and hectic lifestyle and an increase in the number of working women result in the growth of the market. Since both men and women go to work, the decline in the time spent on household chores results in a shift in consumer preferences for convenience food products and eating outside from fast food and takeaway outlets. Hence, such factors drive the growth of the retail market during the forecast period.
- Key Trend – Rising prominence of in-store bakeries in supermarkets
- Major Challenges – Threat from counterfeit products
- By Product, the market will observe significant growth in the food and beverages segment during the forecast period. The increasing interest of consumers in imported goods, especially processed foods is the key factor driving the growth of the segment. The rise in purchasing power is another factor driving the growth of the segment. The growth in demand for this segment is due to increasing commodity prices, boosting the purchasing power of people in regions like Manila and Calabarzon. Furthermore, factors like sales of ready-to-eat food products have been increasing, with manufacturers launching and promoting healthier options like protein balls, trail mix, and chilled ready meals. Additionally, mini marts, focusing on instant food and beverage products, are expanding from big cities to smaller ones. Furthermore, Filipino retail stores offer freshly baked and prepared items like hotdogs and steamers, attracting customers. Hence, such factors drive the growth of the food and beverages segment of the retail market in the Philippines during the forecast period.
Technavio Research experts have provided more insights on the market share of segments – View a FREE Sample Report
- How do the major trends impact the market?
- How do the key drivers and challenges impact the market?
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by Distribution Channel
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
Originally published at https://www.prnewswire.com/news-releases/retail-market-size-in-the-philippines-to-grow-by-usd-70-67-billion-from-2021-to-2026–the-market-is-fragmented-due-to-the-presence-of-prominent-companies-like-amazoncom-inc-cosco-capital-inc-and-fast-retailing-co-ltd-and-ma-301935779.html
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