The cooking ingredients and meals market in the Philippines is set to see slightly slower retail volume growth in 2022 than in the previous year. In 2021, the market stabilised following the spike in demand resulting from the shift to homebound lifestyles at the height of the COVID-19 crisis in 2020.
Meals and soups recorded significant retail volume growth in 2021 as ready meals provided convenience in meal preparation at a time when demand for meals at home remained strong. The demand for convenience is set to be a key factor in maintaining demand in 2022 even as social and economic activity returns to normal in the wake of the COVID-19 crisis, as busy lifestyles encourage consumers to look for products that minimise the time and efforts spent in meal preparation.
The top three companies in cooking Ingredients and meals are expected to maintain their rankings in 2022. The government owned and controlled organisation, San Pablo Mfg Corp is expected to remain the largest player during the year.
With homebound lifestyles prevailing in 2021, many consumers relied on e-commerce for a wide range of shopping needs. The channel is expected to continue to see a positive performance in 2022, with its low base providing notable room for further development and many consumers having become accustomed to its convenience and competitive pricing.
Cooking ingredients and meals is expected to record a slower retail value CAGR over the forecast period than that seen over 2017-2022 for two reasons. Firstly, individuals are expected to gradually return to patronising foodservice channels over the forecast period, leading to a lower demand for cooking ingredients and meals products through retail channels.
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Data and analysis in this report provides further detailed coverage dedicated to a comprehensive range of core packaged food categories.
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Cooking Ingredients and Meals
This report originates from Passport, our Cooking Ingredients and Meals research and analysis database.
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