Banana and Plantain Market Overview in the Philippines

In 2019, the Philippine banana and plantain market decreased by -% to $, falling for the third year in a row after two years of growth. Overall, consumption saw a relatively flat trend pattern. The growth pace was the most rapid in 2008 with an increase of % year-to-year. Over the period under review, the market hit record highs at $ in 2012; however, from 2013 to 2019, consumption failed to regain the momentum.

In value terms, banana and plantain production contracted to $ in 2019 estimated in export prices. Overall, production saw mild growth. The pace of growth was the most pronounced in 2008 with an increase of % year-to-year. Over the period under review, production hit record highs at $ in 2013; however, from 2014 to 2019, production stood at a somewhat lower figure.

In 2019, the average yield of bananas and plantains in the Philippines dropped slightly to tonnes per ha, with a decrease of -% against 2018. Overall, the yield showed a slight decrease. The pace of growth was the most pronounced in 2008 when the yield increased by % y-o-y. The banana and plantain yield peaked at tonnes per ha in 2012; however, from 2013 to 2019, 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.

The banana and plantain harvested area in the Philippines amounted to ha in 2019, almost unchanged from the previous year's figure. Over the period under review, the harvested area showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2018 when the harvested area increased by % against the previous year. Over the period under review, the harvested area dedicated to banana and plantain production attained the maximum in 2019 and is expected to retain growth in the immediate term.

In 2019, consumption of bananas and plantains decreased by -% to tonnes, falling for the second year in a row after three years of growth. Overall, consumption continues to indicate a noticeable shrinkage. The pace of growth was the most pronounced in 2008 with an increase of % year-to-year. Over the period under review, consumption attained the maximum volume at tonnes in 2012; however, from 2013 to 2019, consumption failed to regain the momentum.

The value of the banana and plantain market in the Philippines fell to $ in 2019, dropping by -% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Over the period under review, consumption recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2008 when the market value increased by % y-o-y. Banana and plantain consumption peaked at $ in 2012; however, from 2013 to 2019, consumption stood at a somewhat lower figure.

Depressed by shrinking demand for banana and plantain in the Philippines, the market is expected to continue its downward consumption trend over the next decade. The performance of the market is forecast to contract with an anticipated CAGR of -% for the period from 2019 to , which is projected to depress the market volume to tonnes by the end of .

Over the period under review, imports of banana and plantain in the Philippines were negligibly small compared to the production volumes. Therefore, the share of imports in the total market was practically nonexistent, both in volume and in value terms. This situation has remained constant over the period under review, which means that domestic producers entirely meet the domestic demand for banana and plantain.

This tangible trade surplus reflects the fact that the market remains buoyed by domestic production, and the industry is highly incorporated into the global market, which is likely to continue in the medium term.