NewswireToday - /newswire/ -
Delhi, New Delhi, India, 2008/06/03 - Consumer expenditure on food, beverages & tobacco in the Philippines is expected to rise at a CAGR of 7.5% during 2007-2011, due to rise in personal disposable income and change in lifestyle.
According to a new research report “Philippines Food, Beverages and Tobacco Market Forecast till 2011” from RNCOS, consumer expenditure on food, beverage & tobacco is expected to grow at a CAGR of 7.5% during 2007 to 2011 in the Philippines.
The report identifies rise in personal disposable income of as one of the major reasons behind the growth in food, beverage and tobacco industry of the country. From 2001 to 2007, an increase at a CAGR of 5.37% was recorded in the per head disposable income of Filipinos. The continuous rise in remittances from abroad is significantly contributing to the rise in disposable income of many dual-earning families and this leads to higher consumer expenditure, especially on retail food and commodities.
Rising income is also bringing a transition in the consumption pattern of Filipinos, says the RNCOS report. Thus, a large number of people are opting for imported or processed food in place of conventional food. For instance, consumption of foreign alcoholic beverages is shooting up in the country.
Furthermore, the lifestyle of Filipinos is dramatically changing due to rising incomes. Now, says the RNCOS report, a large number of people from urban as well as rural areas prefer supermarkets for purchasing grocery products in place of other types of retail stores because supermarkets are well-maintained, provides wider range of products, comfortable, spacious and clean in comparison to other retail outlets. Also, the increasing need of mobility is encouraging more and more Filipinos to adopt convenience food.
“Philippines Food, Beverages and Tobacco Market Forecast till 2011” provides comprehensive study on various food and beverage segments, consumption pattern, distribution channels past, current and future market trends, challenges, drivers and opportunities critical for growth of the Philippines food, beverage and tobacco industry. Apart from this, the research also provides forecast on soft drink sales, alcoholic drink sales, household spending, and consumer expenditure.
RNCOS, incorporated in the year 2002, is an industry research firm. It has a team of industry experts who analyze data collected from credible sources. They provide industry insights and analysis that helps corporations to take timely and accurate business decision in today's globally competitive environment.