MANILA, Philippines - The food and beverage industry is expected to grow between five and 10 percent this year, driven by demand in health foods and beverages, according to a company that organizes trade expositions.
“Right now, there is more focus on health food and health-related products. Now, when people buy food, they look for health benefits. That is the strength of the industy right now,” said Mildred Caballero, president of Tradecon in an interview at the sidelines of the 5th annual Philippine International Food and Beverage Expo.
Some 300 companies engaged in the retail and manufacture of food and beverage participated in the expo which ends today March 4 at the Philippine International Convention Center (PICC). The expo will feature products in the food service, food processing, food packaging, and storage sectors.
There are also exhibitors from Indonesia, Malaysia, Thailand, Vietnam, Korea and the US.
Caballero said the event is meant to serve as a link among businesses to explore new opportunitites in the food industry.
The expo targets to raise P500 million in sales this year from P200 million last year.
Caballero said there continues to be a huge demand for coconut oil overseas. She said that a US manufacturer of popcorn had expressed interest in sourcing its base oil needs in the country.
“They think the Philippines is the cheapest source of coconut oil,” Caballero said.
Among local manufacturers, she said Limketkai Manufacturing Corp. which produces the Marca Leon brand, is the most viable supplier that can be found at the moment.
There are no formal negotiations for a supply contract, so far, between the US popcorn maker and Limketkai Manufacturing.
Caballero urged the government to support the local food and beverage industry because it has the potential to boost local tourism because of the introduction of new food products.
She said that other countries like Indonesia, for instance, subsidize the participation of their local food manufacturers in food expositions.