Philippines: Banana And Plantain Market 2024

Banana And Plantain Market Size in the Philippines

The Philippine banana and plantain market declined modestly to $X in 2022, falling by -2.4% against the previous year. In general, the total consumption indicated a modest increase from 2012 to 2022: its value increased at an average annual rate of +1.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +46.9% against 2017 indices. Over the period under review, the market attained the peak level at $X in 2021, and then declined modestly in the following year.

Banana And Plantain Production in the Philippines

In value terms, banana and plantain production fell to $X in 2022 estimated in export price. Overall, production, however, continues to indicate resilient growth. The growth pace was the most rapid in 2015 when the production volume increased by 156%. Over the period under review, production hit record highs at $X in 2019; however, from 2020 to 2022, production stood at a somewhat lower figure.

The average yield of bananas and plantains in the Philippines reduced to X tons per ha in 2022, almost unchanged from the previous year. The yield figure increased at an average annual rate of +1.5% over the period from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2014 when the yield increased by 20% against the previous year. The banana and plantain yield peaked at X tons per ha in 2018; however, from 2019 to 2022, the yield stood at a somewhat lower figure. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

In 2022, approx. X ha of bananas and plantains were harvested in the Philippines; remaining stable against the previous year's figure. In general, the harvested area, however, showed a noticeable decrease. The growth pace was the most rapid in 2017 when the harvested area increased by 0.9% against the previous year. Over the period under review, the harvested area dedicated to banana and plantain production reached the maximum at X ha in 2012; however, from 2013 to 2022, the harvested area remained at a lower figure.

Banana And Plantain Exports

Exports from the Philippines

In 2022, shipments abroad of bananas and plantains decreased by -0.5% to X tons, falling for the fourth year in a row after three years of growth. Overall, exports showed a deep slump. The pace of growth was the most pronounced in 2017 with an increase of 109% against the previous year. The exports peaked at X tons in 2014; however, from 2015 to 2022, the exports failed to regain momentum.

In value terms, banana and plantain exports dropped slightly to $X in 2022. Over the period under review, exports, however, continue to indicate a buoyant increase. The pace of growth was the most pronounced in 2017 when exports increased by 82%. Over the period under review, the exports attained the peak figure at $X in 2019; however, from 2020 to 2022, the exports failed to regain momentum.

Exports by Country

Japan (X tons), China (X tons) and South Korea (X tons) were the main destinations of banana and plantain exports from the Philippines, together comprising 90% of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by China (with a CAGR of -0.1%), while the other leaders experienced a decline.

In value terms, the largest markets for banana and plantain exported from the Philippines were Japan ($X), China ($X) and South Korea ($X), together accounting for 90% of total exports.

Among the main countries of destination, China, with a CAGR of +14.3%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average banana and plantain export price amounted to $X per ton, shrinking by -2.1% against the previous year. Over the period under review, the export price, however, recorded a buoyant increase. The most prominent rate of growth was recorded in 2021 when the average export price increased by 52%. As a result, the export price reached the peak level of $X per ton, and then reduced modestly in the following year.

Average prices varied noticeably for the major overseas markets. In 2022, amid the top suppliers, the countries with the highest prices were Japan ($X per ton) and Saudi Arabia ($X per ton), while the average price for exports to Kuwait ($X per ton) and China ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Kuwait (+17.7%), while the prices for the other major destinations experienced more modest paces of growth.

Banana And Plantain Imports

Imports into the Philippines

In 2022, supplies from abroad of bananas and plantains decreased by -54.5% to X tons, falling for the third consecutive year after two years of growth. Overall, imports faced a sharp reduction. The pace of growth was the most pronounced in 2018 when imports increased by 3,459% against the previous year. Imports peaked at X tons in 2014; however, from 2015 to 2022, imports remained at a lower figure.

In value terms, banana and plantain imports dropped remarkably to $X in 2022. In general, imports showed a precipitous decrease. The most prominent rate of growth was recorded in 2014 when imports increased by 1,684%. Imports peaked at $X in 2019; however, from 2020 to 2022, imports remained at a lower figure.

Imports by Country

Sri Lanka (X kg) and the United States (X kg) were the main suppliers of banana and plantain imports to the Philippines.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Sri Lanka (with a CAGR of +803.7%).

In value terms, the largest banana and plantain suppliers to the Philippines were Sri Lanka ($X) and the United States ($X).

In terms of the main suppliers, Sri Lanka, with a CAGR of +133.6%, recorded the highest growth rate of the value of imports, over the period under review.

Import Prices by Country

In 2022, the average banana and plantain import price amounted to $X per ton, picking up by 2.4% against the previous year. Over the period under review, the import price showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2017 an increase of 1,444% against the previous year. As a result, import price attained the peak level of $X per ton. From 2018 to 2022, the average import prices remained at a somewhat lower figure.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Sri Lanka ($X per ton), while the price for the United States totaled $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (+18.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :