Retail Industry in the Philippines Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

The Retail Industry Report in the Philippines is Segmented by Products (Food and Beverage, Personal and Household Care, Apparel, Footwear and Accessories, Furniture, Toys and Hobbies, Electronic and Household Appliances, and Other Products) and Distribution Channels (Supermarkets/Hypermarkets, Convenience Stores, Department Stores, Specialty Stores, Online, and Other Distribution Channels). The Report Offers the Market Size and Forecasts for the Philippine Retail Sector in Value Terms (USD) for all the Above Segments.

Philippines Retail Market Size

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Retail Industry In Philippines Summary
Study Period 2020 - 2029
Base Year For Estimation 2023
Market Size (2024) USD 66.70 Billion
Market Size (2029) USD 96.02 Billion
CAGR (2024 - 2029) 7.56 %
Market Concentration Low

Major Players

Retail Industry In Philippines Major Players

*Disclaimer: Major Players sorted in no particular order

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Philippines Retail Market Analysis

The Philippines Retail Market size is estimated at USD 66.70 billion in 2024, and is expected to reach USD 96.02 billion by 2029, growing at a CAGR of 7.56% during the forecast period (2024-2029).

The demand for convenience food products is a key driver behind the robust growth of the retail market in the Philippines. These products, requiring minimal preparation, have become popular choices, especially among busy individuals and the rising working female population, who are opting for convenience foods like processed meats and poultry over home-cooked meals.

The retail landscape in the Philippines is witnessing a notable upswing, with industry players capitalizing on the buoyant growth rates across diverse retail segments. Luxury goods, in particular, are poised to be the frontrunners in Southeast Asia, with an estimated growth rate of 30%. Additionally, the retail e-commerce sector in the Philippines is set to outpace its counterparts in Southeast Asia. This retail surge is largely attributed to the expanding supply and distribution networks, facilitating enhanced accessibility to various goods and services for consumers.

Philippines Retail Market Trends

The Philippines' Food and Beverage Sector: A Key Pillar of the Nation's Economy

The food and beverage sector in the Philippines is a vital driver of the nation's economy, accounting for nearly half of its GDP. Within the country's manufacturing landscape, this sector alone contributes to about 25% of the GDP. The Philippines stands out as one of Asia's major food producers. This growth is propelled by the rising disposable incomes of the middle and upper classes. Notably, the 25-34 age group remains a dominant force in discretionary spending, a trend expected to persist for the coming decade. The US Department of Agriculture projects a 6% rise in the industry's revenue, reaching USD 35 billion this year, primarily attributed to an improved labor scenario.

With the proliferation of restaurants, fast food chains, and food delivery apps like Grubhub and Caviar, the demand for food and beverages in the Philippines is poised for significant growth. Moreover, consumers are increasingly recognizing the health benefits of organic, natural, and fresh foods, further fueling this demand.

Retail Industry in the Philippines : Food and Beverage Retail Sales Value, Philippines, USD Billion, 2018-2023

The Online Distribution Channel is Emerging in the Market

Benefiting from robust internet and smartphone penetration rates, the Philippines stands out as one of Southeast Asia's most rapidly expanding e-commerce markets. The COVID-19 pandemic further catalyzed a pronounced shift in consumer behavior, with a notable preference for online platforms over brick-and-mortar stores. In the Philippines, key players in the online marketplace landscape include Lazada, Shopee, Zalora, Ebay, and Kimstore. Notably, Lazada, backed by Chinese e-commerce titan Alibaba, has been extending its footprint to ASEAN markets via its China-based platform, Taobao. Concurrently, the nation has been witnessing a surge in online grocery shopping, with notable collaborations like Foodpanda's partnership with 7-Eleven stores. As the e-commerce landscape expands, so does the adoption of digital payment services. While a significant portion of shoppers have reverted to in-store purchases, the e-commerce segment for food and beverages, albeit small, showcases a promising potential for product imports.

Retail Industry in the Philippines : Mobile E-Commerce Retail Sales Value, Philippines, USD Million, 2017-2022 and Forecasted 2026

Philippines Retail Industry Overview

The retail industry in the Philippines is fragmented. There are only a few big players in the retail market. However, the sector itself is experiencing rapid growth, driven by the expansion of existing players and the emergence of new business opportunities. Notably, the retail landscape is shifting, with smaller, unstructured stores making way for larger formats like supermarkets, hypermarkets, and retail chains. This transformation is projected to continue gaining momentum in the coming years. Leading the pack are prominent players such as SM Investments Corp., SSI Group, Puregold Price Club Inc., Metro Retail Stores Group Inc., and Robinsons Retail Holdings Inc.

Philippines Retail Market Leaders

  1. SM Investments Corp

  2. SSI Group

  3. Puregold Price Club Inc.

  4. Metro Retail Sores Group, Inc.

  5. Robinsons Retail Holdings, Inc.

*Disclaimer: Major Players sorted in no particular order

Retail Industry In Philippines Concentration
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Philippines Retail Market News

  • February 2024: Rose Pharmacy, a prominent player in the Philippine healthcare retail sector, marked a significant milestone on January 29, 2024, with the inauguration of its 400th store. Strategically located at Nustar Resort and Casino in Cebu City, this new outlet stands as a comprehensive destination for health and wellness needs. Beyond offering a diverse range of medicines, Rose Pharmacy's newest store showcases an array of products from Guardian, a leading Southeast Asian health and wellness brand. Notably, Guardian is under the ownership of DFI Retail and enjoys exclusive distribution through Rose Pharmacy in the Philippines.
  • January 2024: Robinsons Retail, a prominent player in the Philippine retail market, joined hands with DFI Retail to introduce Meadows, an acclaimed brand known for its premium food and beverages, home and kitchen essentials, and global health and beauty products. With a commitment to unbeatable value, Meadows made its debut in the Philippines through a flagship store at Shopwise, Paraguay City.

Philippine Retail Market Report - Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions and Market Definition

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET INSIGHTS AND DYNAMICS

    1. 4.1 Market Overview

    2. 4.2 Market Drivers

      1. 4.2.1 The Rising Demand for Packaged and Ready to Eat Food is Driving the Market

      2. 4.2.2 Increase in the Demand for Branded Goods Categories such as Apparel, Cosmetics, Footwear, Watches, Beverages, and Food

    3. 4.3 Market Restraints/Challenges

      1. 4.3.1 Changing Consumer Buying Behavior and Rising Brand Consciousness

    4. 4.4 Market Opportunities

      1. 4.4.1 Increase in Internet Penetration Leads to Growth in the Market

      2. 4.4.2 Virtual Sales Assistants and Rising Digital Payment Options

    5. 4.5 Value Chain/Supply Chain Analysis

    6. 4.6 Porter's Five Forces Analysis

    7. 4.7 Consumer Behavior Analysis

    8. 4.8 Insights into Technological Innovations in the Retail Industry

    9. 4.9 Impact of COVID-19 on the Market

  5. 5. MARKET SEGMENTATION

    1. 5.1 By Products

      1. 5.1.1 Food and Beverage

      2. 5.1.2 Personal and Household Care

      3. 5.1.3 Apparel

      4. 5.1.4 Footwear and Accessories

      5. 5.1.5 Furniture

      6. 5.1.6 Toys and Hobbies

      7. 5.1.7 Electronic and Household Appliances

      8. 5.1.8 Other Products

    2. 5.2 By Distribution Channel

      1. 5.2.1 Supermarkets/Hypermarkets

      2. 5.2.2 Convenience Stores

      3. 5.2.3 Department Stores

      4. 5.2.4 Specialty Stores

      5. 5.2.5 Online

      6. 5.2.6 Other Distribution Channels

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Market Concentration Overview

    2. 6.2 Company Profiles

      1. 6.2.1 SM Investments Corp. (SM Retail Inc.)

      2. 6.2.2 Puregold Price Club Inc.

      3. 6.2.3 SSI Group Philippines

      4. 6.2.4 Metro Retail Sores Group Inc.

      5. 6.2.5 Robinsons Retail Holdings Inc.

      6. 6.2.6 Rustan Supercenters Inc.

      7. 6.2.7 Alfamart

      8. 6.2.8 7-Eleven

      9. 6.2.9 Golden ABC Inc.

      10. 6.2.10 Mercury Drug Corp.*

    3. *List Not Exhaustive
  7. 7. MARKET FUTURE TRENDS

  8. 8. DISCLAIMER AND ABOUT US

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Philippines Retail Industry Segmentation

Retail involves the direct sale of products and services to individual consumers.

The Philippine retail sector is segmented by products and distribution channels. By product, the market is segmented into food and beverages, personal and household care, apparel, footwear and accessories, furniture, toys and hobbies, electronic and household appliances, and other products, and by distribution channel, the market is segmented into supermarkets/hypermarkets, convenience stores, and department stores, specialty stores, online, and other distribution channels. The report offers the market size and forecasts for the Philippine retail sector in value terms (USD) for all the above segments.

By Products
Food and Beverage
Personal and Household Care
Apparel
Footwear and Accessories
Furniture
Toys and Hobbies
Electronic and Household Appliances
Other Products
By Distribution Channel
Supermarkets/Hypermarkets
Convenience Stores
Department Stores
Specialty Stores
Online
Other Distribution Channels
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Philippine Retail Market Research FAQs

The Philippines Retail Market size is expected to reach USD 66.70 billion in 2024 and grow at a CAGR of 7.56% to reach USD 96.02 billion by 2029.

In 2024, the Philippines Retail Market size is expected to reach USD 66.70 billion.

SM Investments Corp, SSI Group, Puregold Price Club Inc., Metro Retail Sores Group, Inc. and Robinsons Retail Holdings, Inc. are the major companies operating in the Philippines Retail Market.

In 2023, the Philippines Retail Market size was estimated at USD 61.66 billion. The report covers the Philippines Retail Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the Philippines Retail Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.

Retail in the Philippines Industry Report

Statistics for the 2024 Retail in the Philippines market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Retail in the Philippines analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.

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Retail Industry in the Philippines Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)