Banana and Plantain Market in the Philippines
In value terms, banana and plantain production rose sharply to $ in estimated in export prices. The total output value increased at an average annual rate of +% from 2007 to ; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2008 when the production volume increased by % y-o-y. Banana and plantain production peaked at $ in 2013; however, from 2014 to , production failed to regain the momentum.
In , the average yield of bananas and plantains in the Philippines dropped modestly to tonnes per ha, with a decrease of -% against the previous year. The yield figure increased at an average annual rate of +% from 2007 to ; the trend pattern remained relatively stable, with somewhat noticeable fluctuations in certain years. The pace of growth appeared the most rapid in 2014 when the yield increased by % against the previous year. 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 remained at a lower figure. 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; therefore, remained relatively stable against 2019 figures. Overall, the harvested area, however, showed a noticeable contraction. The pace of growth was the most pronounced in 2009 with an increase of % y-o-y. Over the period under review, the harvested area dedicated to banana and plantain production reached the peak figure at ha in 2012; however, from 2013 to , the harvested area stood at a somewhat lower figure.
The size of the banana and plantain market in the Philippines amounted to $ in , growing 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 saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2008 when the market value increased by % year-to-year. Banana and plantain consumption peaked at $ in 2012; however, from 2013 to , consumption failed to regain the momentum.