Philippines: Banana And Plantain Market 2022

Banana And Plantain Market Size in the Philippines

The Philippine banana and plantain market rose sharply to $X in 2021, growing by X% against the previous year. Overall, consumption, however, saw a noticeable descent. Banana and plantain consumption peaked at $X in 2012; however, from 2013 to 2021, consumption stood at a somewhat lower figure.

Banana And Plantain Production in the Philippines

In value terms, banana and plantain production contracted modestly to $X in 2021 estimated in export price. In general, production, however, saw a perceptible slump. The pace of growth was the most pronounced in 2020 when the production volume increased by X% against the previous year. Banana and plantain production peaked at $X in 2013; however, from 2014 to 2021, production remained at a lower figure.

The average yield of bananas and plantains in the Philippines expanded slightly to X tons per ha in 2021, with an increase of X% on the previous year. The yield figure increased at an average annual rate of +X% over the period from 2012 to 2021; the trend pattern remained relatively stable, with only minor fluctuations being recorded in certain years. The growth pace was the most rapid in 2014 with an increase of X%. Over the period under review, the average banana and plantain yield attained the peak level at X tons per ha in 2018; afterwards, it flattened through to 2021. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

In 2021, approx. X ha of bananas and plantains were harvested in the Philippines; which is down by -X% on the previous year's figure. Over the period under review, the harvested area recorded a abrupt setback. The pace of growth appeared the most rapid in 2017 when the harvested area increased by X% against the previous year. The banana and plantain harvested area peaked at X ha in 2012; however, from 2013 to 2021, the harvested area remained at a lower figure.

Banana And Plantain Exports

Exports from the Philippines

In 2021, overseas shipments of bananas and plantains decreased by -X% to X tons, falling for the second year in a row after three years of growth. Over the period under review, exports continue to indicate a deep slump. The growth pace was the most rapid in 2014 with an increase of X%. The exports peaked at X tons in 2019; however, from 2020 to 2021, the exports failed to regain momentum.

In value terms, banana and plantain exports reduced rapidly to $X in 2021. In general, exports showed a noticeable slump. The pace of growth appeared the most rapid in 2014 when exports increased by X% against the previous year. The exports peaked at $X in 2015; however, from 2016 to 2021, the exports remained at a lower figure.

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, with a combined X% share of total exports.

From 2012 to 2021, the biggest increases were in China (with a CAGR of -X%), while shipments for 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 X% of total exports.

In terms of the main countries of destination, China, with a CAGR of +X%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced a decline.

Export Prices by Country

The average banana and plantain export price stood at $X per ton in 2021, picking up by X% against the previous year. Over the last nine years, it increased at an average annual rate of +X%. The pace of growth was the most pronounced in 2020 when the average export price increased by X% against the previous year. The export price peaked at $X per ton in 2016; however, from 2017 to 2021, the export prices failed to regain momentum.

Average prices varied noticeably for the major export markets. In 2021, 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 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to China (+X%), while the prices for the other major destinations experienced more modest paces of growth.

Banana And Plantain Imports

Imports into the Philippines

In 2021, the amount of bananas and plantains imported into the Philippines fell rapidly to X tons, dropping by -X% on 2020. Overall, imports recorded a sharp shrinkage. The pace of growth appeared the most rapid in 2018 when imports increased by X% against the previous year. Imports peaked at X tons in 2014; however, from 2015 to 2021, imports remained at a lower figure.

In value terms, banana and plantain imports shrank significantly to $X in 2021. Over the period under review, imports saw a precipitous contraction. The most prominent rate of growth was recorded in 2013 with an increase of X% against the previous year. Over the period under review, imports hit record highs at $X in 2014; however, from 2015 to 2021, imports stood at a somewhat lower figure.

Imports by Country

Sri Lanka (X tons), Japan (X kg) and South Korea (X kg) were the main suppliers of banana and plantain imports to the Philippines.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Sri Lanka (with a CAGR of +X%), while imports for the other leaders experienced a decline.

In value terms, Sri Lanka ($X), Japan ($X) and South Korea ($X) constituted the largest banana and plantain suppliers to the Philippines, with a combined X% share of total imports.

Among the main suppliers, Sri Lanka, with a CAGR of +X%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced a decline.

Import Prices by Country

In 2021, the average banana and plantain import price amounted to $X per ton, waning by -X% against the previous year. Over the period under review, the import price recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2017 when the average import price increased by X%. As a result, import price attained the peak level of $X per ton. From 2018 to 2021, the average import prices remained at a lower figure.

Average prices varied noticeably amongst the major supplying countries. In 2021, the country with the highest price was Sri Lanka ($X per ton), while the price for South Korea ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by South Korea (+X%), while the prices for the other major suppliers experienced mixed trend patterns.

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