Philippines Frozen Storage Market is Driven by Growing Demand for Dining at Restaurants, Improving Lifestyle and Increasing Consumption of Frozen Food Products: Ken Research

“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:-

Philippines Cold Chain Market Outlook to 2023 – By Service Mix (Cold Storage Market and Cold Transportation)

End-User Perspective in Central Luzon Cold Storage Market- Dominance of Meat and Seafood Production Albeit by Inadequate Storage Facilities and Frequent Power Outrages

Philippines Logistics and Warehousing Market Outlook to 2024 – By Freight Forwarding (Air, Sea, Land), Domestic and International Freight Flow Corridor; By Warehousing (Industrial/Retail Freight, Container Freight, Cold Storage, Agriculture and Others), Express and E-commerce Logistics, Balikbayan Box, Third Party Logistics

Contact Us:-
Ken Research
Ankur Gupta, Head Marketing & Communications
Ankur@kenresearch.com
+91-9015378249

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