By The Manila Times
Revenues the Philippines’ food and beverage industry are expected to grow by six percent this year to $35 billion due to an improved labor situation, the United States Department of Agriculture (USDA) said.
In a report, the USDA-Foreign Agricultural Service in Manila (FAS Manila) forecast that domestic sales of food and beverage industry for 2023 would rise to $35 billion from last year’s $33 billion.
“Strong domestic demand anchored to sustained food and beverage spending should lead to increased food and beverage retail sales. With lower unemployment rates this year, household income growth is set to outpace consumer price inflation,” the USDA-FAS said.
The agency also noted that more hotels and restaurants buy bulk purchases than do households from retail stores, as tourism, events and dining-in thrive.
“While most consumers have returned to buying from brick-and-mortar stores, food and beverage e-commerce sales continue to grow as a niche market, showing potential for imported products,” it said.
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