“Changing lifestyles and rising urbanization in the country has driven the growth of frozen storage market in the Philippines”
Rise in Dining at Restaurants: Millennial population in the Philippines actively eats at restaurants. Young diners have been observed to consume 1 of every 3 breakfasts, half of their lunches and a minimum of 4 of 10 dinners, away from home. On a monthly basis, 85% millennial source food from fast-food restaurants, 82% from street-food kiosks or carts, 81% from office-building cafeterias, 80% from prepared-foods areas at retail stores, 76% from cafes specializing in beverages and baked goods, 74% from sit-down restaurants and 56% from vending machines. In addition to this, Filipinos have adopted the habit of prior reservations before actually visiting the restaurants. This has bolstered the business of companies such as Booky, Zomato, and Eatigo as well.
Growing per Capita Income: Philippines has been performing financially well, during the previous 6 years. The GDP of the Philippines was observed to grow from USD 284.6 billion in 2014 to USD 330.9 billion in 2019 depicting a CAGR of 3.8% during the period. Correspondingly, the GDP per Capita also increased from PHP 2,768 in 2013 to PHP 3,294 in 2019 indicating a CAGR of 2.9% during the 6 year period. A rise in per capita income and financially stable economy of the Philippines are indicators of improving lifestyle and growing consumption in the country thereby increasing demand for frozen storage products as well.
Increasing Demand for Processed Frozen Foods: Demand for processed frozen foods has grown in the country including frozen yogurts and ice-creams requiring freezers during the review period 2014 to 2019. The demand is mostly met by companies such as Papa Diddi’s, Merry Moo, Ambassador’s Vegan Ice Cream, Sebastian’s and Carmen’s best. The growing frozen dessert sector and increasing consumption levels of frozen patties, pizzas and nuggets pose great opportunities for freezers to expand operations and meet the rising demand for the nation.
Analysts at Ken Research in their latest publication “Philippines Frozen Storage Market Outlook to 2025 Driven by Growing Meat and Seafood Consumption and Insufficient Pallet Capacity to Tackle Food Wastage” observed that the market in The Philippines is presently in the growth stage and is projected to continue growing till it reaches maturity by the year 2035. The market is indicating a year-on-year increase owing to factors such as a rise in dining at cafes and restaurants majorly by growing millennial population, rising per capita income and increasing consumption of frozen products such as ice-cream, frozen yogurts and desserts, frozen pizzas, nuggets, fries, and ready-to-eat meals. Thus, the Philippines’ frozen storage market by revenue has shown considerable growth in the year 2019 and is projected to continue growing at a CAGR of 9.8% during the forecast period 2020-2025.
Key Segments Covered:-
Types of Products:
Meat and Seafood
Dairy Products
Vaccination and Pharmaceuticals
Fruits and Vegetables
Processed Frozen Products
Key Target Audience
Cold Storage Companies
Frozen Storage Companies
Captive Cold Storage Companies
Captive Frozen Storage Companies
Logistics Companies
Non-captive Companies
Cold Chain Associations
Logistics Associations
Private Equity Firms
Venture Capitalists
Time Period Captured in the Report:
Historical Period: 2019
Forecast Period: 2020F-2025F
Companies Covered:
Jentec Cold Storage
Glacier Megafridge
Mets Logistics
Royale Cold Storage
ORCA Cold Chain
Big Blue Logistics
Royal Cargo
Vifel Ice Plant & Cold Storage
Frabelle Cold Storage
Arctic Cold Storage
Polar Bear Freezing Services
Igloo Supply Chain
Koldstor Inc.
Antarctica Cold Storage
VVS Cold Storage
Crystal Cold Storage
JM Processing
Cold Chain Warehouse Specialist
San Simon Cold Storage
WCL Cold Storage
Benson Industrial Cold Storage
Estrella Cold Storage
Cebu Subzero Logistics
Aspen Cold Storage
Technofreeze
Everest Cold Storage
Iraj Corporation
Key Topics Covered in the Report:-
Benson Industrial Cold Storage Market Size
Cold Storage industry in Southeast Asia
Cold Storage Market in APAC
Logistics Companies in Philippines
Philippines Dairy Products Market Analysis
Philippines Ready to Meals Market Size in PHP Billion
Philippines Restaurants Market Growth Rate
Philippines Weighted Average Rental Price
Production of Poultry in Philippines in Thousand metric Tons
Refrigerants Used for Cold Storage of Meat in Philippines
Temperature Controlled Storage in Philippines
Vegetables Blast Freezer Market Philippines
For More Information on the research report, refer to below links:-
Philippines Frozen Storage Industry
Related Reports by Ken Research:-
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Ken Research
Ankur Gupta, Head Marketing & Communications
Ankur@kenresearch.com
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