Growth Trend and Prospects on The Food Sector in Philippines

Food is an important part of our lives, which is why the way it is grown, manufacture and transported is worth understanding and improving. The food industry causes a series of industrial activities directed at the processing, conversion, preparation, preservation and packing of foodstuff. This sector the food industry focuses on the activities that connect supply demand and consumption of foods for the raising population.

Growth trend in food sector plays an important role and can be associated directly to the agricultural sector. Agricultural sector is the essential key component of food sector because this sector provides the raw materials for food processing for the consumers in their day by day basis of food consumption. The government is also the key factor for the development of food sector since government supports the agricultural sector in order for the development and improvement of the needs of people in terms of food consumption. Also we need to take a consideration about the supply and demand on how the supply affects the demand and how the demand affects the supply of the certain product. For an example when the supply for an agricultural product goes up, the price of the product goes down and the demand for the product can rise because its cost lessen.

If we talk about agricultural products, there are four main important produce of agriculture and this are the; crops, livestock, poultry and fishery.

Since Philippines is agricultural base country and these four major produce of the agricultural sector is rich in the country, this main produce are the reason for our satisfaction for food consumption and for our survival, however there are some situations that this products decline its production in some years due to different scenario like in 2009 and 2010 were drought occur during 2009, causing a declining production in 2010 because in the volume of production in 2010 is the aftermath of the drought that occur in 2009. In 2013, Rice crop production devastated by typhoon Haiyan (Yolanda). In 2015 the sector’s performance was negatively affected by the long dry spell and damages caused by Typhoon Lando and due this typhoon in 2016 palay and corn farms which suffered the most damaged, and in 2016, excessively dry conditions due to a strong El Niño as well as excessively wet conditions due to typhoons and because of this events the supply of crops went down which affected the production and the consumers as what I said above discussion about supply and demand.

Prospects of the food sector today are going up and will be continuing to go up for the many years because the growing demand for convenience has led to the expansion of the Philippine food industry in the form of fast-food restaurants and casual dining restaurants. Big companies restaurants are also growing, especially in Metro Manila because of its fast growing population and the higher demand of the products. Competition for fast food restaurants giving different concepts of advertisement convincing costumers to try their products, with the operators in a restaurant always interested having new and thrilling menu concepts to fascinate consumers.