(MENAFN- EIN Presswire) EINPresswire/ -- The Philippines quick service restaurants industry was estimated at $4.7 billion in 2019 and is expected to hit $7.9 billion by 2026, registering a CAGR of 6.9% from 2019 to 2026.

Rise in demand for convenience food, key promotional strategies of quick service restaurants, and implementation of effective pricing stratagems fuel the growth of the Philippines quick service restaurants market. On the other hand, increase in health issues due to consumption of fast food restrains the growth to some extent. However, rise in the number of millennial populations and surge in social media marketing are expected to create multiple opportunities in the near future.

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With the rise in demand for different types of fast food products among the Filipino customers, some of the key international players in the Philippines quick service restaurant market, have been considering investment in the country in future. Brands such as Pink's Hotdogs and The Halal Guys, which are popular for their hotdogs and chicken or lamb respectively, are anticipated to enter the Philippines Quick Service Restaurants market in 2020.

The Philippines quick service restaurants market has been continuously improvising in terms of product offerings, number of outlets, hospitality and other perks regarding prices that attracts a higher number of customers. Over the years, the Filipinos, specifically the millennials, have been open to different types of innovative food products due to increase in influence of westernization among the target customers. Considering this customer perception, some of the key players in the Philippines quick service restaurants market have been strategizing on innovating its existing product offerings. For instance, the U.S. fast food giant Kentucky Fried Chicken that specializes in the preparation of fried chicken, added new flavors in Spanish Salpicao, Japanese Teriyaki, and Spicy Gangnam Chicken for its Filipino customers.

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Moreover, the quick service restaurants have been strategizing on broadening their menu to offer a wider selection of meals and snacks, owing to varying customer perception and preference for fast food products. Most of these operators offer value for money by facilitating promotional pricings, customer loyalty programs, weekly special, and others. Such increase in product offering from QSR outlets is expected to increase the Philippines quick service restaurants market share during the forecast period.

The Philippines quick service restaurants market report is analyzed across product type and nature. Based on product type, the burger/sandwich segment accounted for nearly two-fifths of the total market share in 2019 and is expected to retain its dominance by 2026. The seafood segment, on the other hand, would showcase the fastest CAGR of 9.1% throughout the forecast period. The other segments studied in the report include pizza/pasta and chicken.

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Some of the key players in the Philippines quick service restaurants market have been taking efforts on improvising the overall ambience of its establishments in the view of connecting to the culture and lifestyle of their customers. For instance, Pancake House, one of the key players in the Philippines market, took efforts of introducing interior designs that are attractive as well as alluring for majority Filipino customer visiting them.

The key market players analyzed in the Philippines quick service restaurants market size report include ArmyNavy Philippines, McDonald's, YUM Brands, Shakey's Pizza Asia Ventures Inc., Goldlocks, Chooks-to-go, 3M Pizza Philippines, Jollibbee, BonChon Chicken Philippines, and Wendy's. These market players have incorporated several strategies including partnership, expansion, collaboration, joint ventures, and others to brace their stand in the industry.

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