Philippines: Banana Market 2024

Banana Market Size in the Philippines

The Philippine banana market reduced slightly to $X in 2022, falling by -3% against the previous year. Over the period under review, consumption, however, recorded a deep downturn. Over the period under review, the market attained the peak level at $X in 2012; however, from 2013 to 2022, consumption failed to regain momentum.

Banana Production in the Philippines

In value terms, banana production declined slightly to $X in 2022 estimated in export price. Over the period under review, production, however, recorded a abrupt setback. The pace of growth was the most pronounced in 2019 with an increase of 38%. Over the period under review, production attained the peak level at $X in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

In 2022, the average yield of bananas in the Philippines dropped slightly to X tons per ha, approximately equating the previous year's figure. In general, the yield indicated tangible growth from 2012 to 2022: its figure increased at an average annual rate of +4.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, banana yield decreased by +0.2% against 2020 indices. The growth pace was the most rapid in 2014 with an increase of 62%. The banana 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 were harvested in the Philippines; approximately mirroring the previous year. Over the period under review, the harvested area, however, recorded a abrupt decline. The pace of growth was the most pronounced 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 production attained the maximum at X ha in 2012; however, from 2013 to 2022, the harvested area stood at a somewhat lower figure.

Banana Exports

Exports from the Philippines

In 2022, shipments abroad of bananas decreased by -0.6% to X tons, falling for the fourth year in a row after two years of growth. Overall, exports recorded a abrupt shrinkage. The growth pace was the most rapid in 2018 with an increase of 24% against the previous year. As a result, the exports attained the peak of X tons. From 2019 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, banana exports declined modestly to $X in 2022. Over the period under review, exports, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 when exports increased by 43% against the previous year. Over the period under review, the exports reached the maximum 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 exports from the Philippines, together comprising 90% of total exports.

From 2017 to 2022, the biggest increases were recorded for Japan (with a CAGR of -5.4%), while shipments for the other leaders experienced a decline.

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

Among the main countries of destination, China, with a CAGR of +5.9%, 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 export price amounted to $X per ton, declining by -2.2% against the previous year. Overall, the export price, however, posted buoyant growth. The pace of growth was the most pronounced in 2021 an increase of 52% against the previous year. As a result, the export price attained the peak level of $X per ton, and then shrank 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 China ($X per ton) and South Korea ($X per ton) were amongst the lowest.

From 2017 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Iran (+27.6%), while the prices for the other major destinations experienced more modest paces of growth.

Banana Imports

Imports into the Philippines

In 2022, purchases abroad of bananas decreased by -75.3% to X kg, falling for the third consecutive year after two years of growth. In general, imports faced a sharp slump. The most prominent rate of growth was recorded in 2014 with an increase of 3,429% against the previous year. As a result, imports attained the peak of X tons. From 2015 to 2022, the growth of imports failed to regain momentum.

In value terms, banana imports reduced sharply to $X in 2022. Overall, imports continue to indicate a dramatic decline. The pace of growth was the most pronounced in 2014 when imports increased by 2,252% against the previous year. Imports peaked at $X in 2019; however, from 2020 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, the United States (X kg) was the main supplier of banana to the Philippines, with a approx. 100% share of total imports.

From 2012 to 2022, the average annual growth rate of volume from the United States stood at -40.8%.

In value terms, the United States ($X) constituted the largest supplier of bananas to the Philippines.

From 2012 to 2022, the average annual growth rate of value from the United States totaled -46.2%.

Import Prices by Country

The average banana import price stood at $X per ton in 2022, picking up by 3.1% against the previous year. Overall, the import price recorded a relatively flat trend pattern. The growth pace was the most rapid in 2017 when the average import price increased by 1,985% 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 failed to regain momentum.

As there is only one major supplying country, the average price level is determined by prices for the United States.

From 2012 to 2022, the rate of growth in terms of prices for the United Arab Emirates amounted to +23.9% per year.

Source: IndexBox Platform

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