USDA expects Philippine food service industry to grow by 20% in 2023

Published 2023년 10월 11일

Tridge summary

The United States Department of Agriculture predicts that the Philippines' food service revenue will grow by 20% annually, reaching about $12.6 billion in 2023 due to the recovery of the tourism and hotel industries and the rapid development of food delivery services. This growth will create opportunities in various food sectors, including meat, dairy, condiments, beverages, and bakery products. However, rising inflation, increased food and fuel costs, and declining household consumption are all factors that may negatively impact the industry.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

According to a report by the Philippine "Manila Times" on October 9, the United States Department of Agriculture reported that the Philippines' food service revenue will reach about 12.6 billion U.S. dollars in 2023, an expected growth of 20% year-on-year. As the tourism and hotel industries continue to recover, and takeaway With the rapid development of food delivery services, it is expected that the Philippine food service industry will return to pre-epidemic levels by early 2024. Growth in the food service industry will create more opportunities in meat, dairy, condiments, beverages and bakery products. However, rising inflation will have a negative impact on the industry. Increased food ...

Source: Foodmate