NEW YORK, May 12, 2022 /PRNewswire/ — The retail market size in the Philippines is set to grow by USD 70.67 billion between 2021 and 2026, accelerating at a CAGR of 11.68% during the forecast period. The market is segmented by product (food and beverages, personal and household care, apparel and footwear, electrical and electronics, and others) and distribution channel (offline and online). The report provides detailed insights into how vendors are performing in terms of revenue generation, market position, product launches, and customer base among others.
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Key takeaways from the retail market study
- Retail market size in the Philippines to increase by USD 70.67 billion at 11.68% CAGR between 2021 and 2026
- 10.42% year-over-year growth expected in 2022
- Food and beverages segment accounted for maximum growth in the market in 2021
- Dominant vendors include Amazon.com Inc., Cosco Capital Inc., Fast Retailing Co. Ltd., Mercury Drug Corp., Metro Retail Stores Group Inc., New City Commercial Corp, Robinsons Retail Holding Inc., Seven and I Holdings Co. Ltd., SM Investments Corp, and SSI Group Inc.
Retail Market in the Philippines: Key segment analysis
Based on the product, the food and beverages segment will account for the maximum share in the market throughout the forecast period. Consumers in the Philippines are exhibiting high interest in imported goods, especially processed foods. This is encouraging players operating in the food and beverages industry to enter the market and introduce a wide range of ready-to-eat food products. These factors are driving the growth of the market in the food and beverages segment.
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Retail Market in the Philippines: Growth Drivers and Restraints