25 Apr 2019
Posted in Consumer
Philippines meat market forecast to be worth PHP264.5bn by 2023, says GlobalData
Fuelled by increasing disposable income due to growing employment levels, the meat sector in the Philippines is expected to grow at a compound annual growth rate (CAGR) of 5.2% from PHP204.9bn (US$3.9bn) in 2018 to PHP264.5bn (US$4.8bn) by 2023, says GlobalData, a leading data and analytics company.
GlobalData’s report, ‘Country Profile: Meat in Philippines’, reveals that fresh meat available in retail counters held the largest value share of 43.6%, followed by the frozen meat category, which accounted for a value share of 30.8% in 2018.
The company predicts the packaged cooked meat category to grow at the fastest value CAGR of 6% while cooked meat available in retail counters will record a CAGR of 5.7% during 2018-2023.
Satyajit Biswas, Consumer Analyst at GlobalData, says: “Growing population, decreasing unemployment rates and availability of convenient and time-saving food options are driving the growth of the meat sector in the Philippines.”
The per capita consumption (PCC) of meat in the Philippines was 6.8kg in 2018, which was marginally higher than APAC level, but lower than global level – a trend expected to continue in the future.
In 2018, San Miguel Corporation, Cdo Foodsphere, Inc. and Jaro Development Corporation were the leading market players while Monterey, Cdo, and Jdc were the top brands in the country. Hypermarkets and supermarkets was the dominant distribution channel for the sales of meat products while private label products accounted for a value share of 7.9% in 2018.
Satyajit concludes: “With the tastes of the Philippines consumers evolving from global influences, a lot of meat products are being imported to the Philippines, thereby leading to the robust growth of the market.”