Banana and Plantain Market Overview in the Philippines

The Philippine banana and plantain market surged to $ in , jumping 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). In general, consumption, however, saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2008 when the market value increased by % year-to-year. Over the period under review, the market reached the peak level at $ in 2012; however, from 2013 to , consumption remained at a lower figure.

In value terms, banana and plantain production rose markedly to $ in estimated in export prices. The total output value increased at an average annual rate of +% over the period from 2007 to ; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2008 when the production volume increased by % against the previous year. Banana and plantain production peaked at $ in 2013; however, from 2014 to , production stood at a somewhat lower figure.

The average yield of bananas and plantains in the Philippines amounted to tonnes per ha in , remaining relatively unchanged against 2019. The yield figure increased at an average annual rate of +% over the period from 2007 to ; the trend pattern remained consistent, with only minor fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2014 when the yield increased by % y-o-y. Over the period under review, the average banana and plantain yield hit record highs at tonnes per ha in 2018; however, from 2019 to , the yield failed to regain the momentum. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

In , approx. ha of bananas and plantains were harvested in the Philippines; which is down by -% on the year before. In general, the harvested area saw a perceptible slump. The pace of growth was the most pronounced in 2009 with an increase of % year-to-year. Over the period under review, the harvested area dedicated to banana and plantain production attained the peak figure at ha in 2012; however, from 2013 to , the harvested area stood at a somewhat lower figure.

In , banana and plantain consumption in the Philippines rose markedly to tonnes, increasing by % compared with the previous year. Overall, consumption, however, saw a mild decrease. Over the period under review, consumption hit record highs at tonnes in 2012; however, from 2013 to , consumption failed to regain the momentum.

The size of the banana and plantain market in the Philippines soared to $ in , surging 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). In general, consumption, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2008 when the market value increased by % y-o-y. Over the period under review, the market attained the maximum level at $ in 2012; however, from 2013 to , consumption remained at a 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 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.