Report Update: Apr 1, 2024

Philippines - Bananas and Plantains - Market Analysis, Forecast, Size, Trends And Insights

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Banana and Plantain Price in the Philippines - 2023

Banana and Plantain Price in the Philippines (FOB) - 2022

In 2022, the average banana and plantain export price amounted to $791 per ton, dropping by -2.1% against the previous year. Overall, the export price, however, saw strong growth. The pace of growth was the most pronounced in 2015 when the average export price increased by 151% against the previous year. The export price peaked at $808 per ton in 2021, and then dropped in the following year.

Average prices varied noticeably for the major foreign markets. In 2022, amid the top suppliers, the highest price was recorded for prices to Japan ($791 per ton) and Saudi Arabia ($791 per ton), while the average price for exports to Kuwait ($791 per ton) and China ($791 per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Kuwait (+17.7%), while the prices for the other major destinations experienced more modest paces of growth.

Banana and Plantain Price in the Philippines (CIF) - 2022

The average banana and plantain import price stood at $801 per ton in 2022, increasing by 3.5% against the previous year. Over the period under review, the import price saw a relatively flat trend pattern. The growth pace was the most rapid in 2018 when the average import price increased by 23%. Over the period under review, average import prices reached the maximum at $974 per ton in 2015; however, from 2016 to 2022, import prices failed to regain momentum.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Sri Lanka ($810 per ton), while the price for the United States amounted to $774 per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (+18.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Banana and Plantain Exports in the Philippines

For the third consecutive year, the Philippines recorded decline in overseas shipments of bananas and plantains, which decreased by -0.6% to 1.4M tons in 2022. Overall, exports recorded a precipitous setback.

In value terms, banana and plantain exports fell modestly to $1.1B in 2022. Over the period under review, exports faced a abrupt decline.

Export of Banana and Plantain in the Philippines (Million USD)
COUNTRY	2019	2020	2021	2022	CAGR, 2019-2022
Japan	724	712	486	487	-12.4%
China	673	493	385	360	-18.8%
South Korea	262	198	138	144	-18.1%
Saudi Arabia	68.1	55.7	26.3	22.9	-30.5%
Iran	59.1	48.3	11.8	16.9	-34.1%
United Arab Emirates	42.3	30.5	21.4	8.4	-41.7%
Others	125	107	58.9	59.5	-21.9%
Total	1,954	1,644	1,128	1,098	-17.5%

Top Export Markets for Banana and Plantain from the Philippines in 2022:

Japan (615.5K tons)
China (454.9K tons)
South Korea (181.9K tons)
Saudi Arabia (28.9K tons)
Iran (21.4K tons)
United Arab Emirates (10.4K tons)

Banana and Plantain Imports in the Philippines

For the third consecutive year, the Philippines recorded decline in supplies from abroad of bananas and plantains, which decreased by -15.9% to 2.6 tons in 2022. Over the period under review, imports faced a precipitous decrease.

In value terms, banana and plantain imports reduced to $2.1K in 2022. In general, imports faced a dramatic setback.

Import of Banana and Plantain in the Philippines (Thousand USD)
COUNTRY	2019	2020	2021	2022	CAGR, 2019-2022
Sri Lanka	N/A	0.1	N/A	0.6	144.9%
United States	N/A	N/A	N/A	0.5	0%
South Korea	6.8	5.8	2.3	N/A	-41.8%
Costa Rica	N/A	72.4	N/A	N/A	0%
United Arab Emirates	539	28.9	N/A	N/A	-94.6%
Others	19.7	2.8	0.1	1.0	-63.0%
Total	565	110	2.4	2.1	-84.5%

Top Suppliers of Banana and Plantain to the Philippines in 2022:

Sri Lanka (735.0 kg)
United States (669.0 kg)

Source: IndexBox Market Intelligence Platform

This report provides an in-depth analysis of the banana and plantain market in the Philippines. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.

Product coverage:

FCL 486 - Bananas
FCL 489 - Plantains

Country coverage:

Philippines

Data coverage:

Market volume and value
Per Capita consumption
Forecast of the market dynamics in the medium term
Trade (exports and imports) in the Philippines
Export and import prices
Market trends, drivers and restraints
Key market players and their profiles

Reasons to buy this report:

Take advantage of the latest data
Find deeper insights into current market developments
Discover vital success factors affecting the market

This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.

In this report, you can find information that helps you to make informed decisions on the following issues:

How to diversify your business and benefit from new market opportunities
How to load your idle production capacity
How to boost your sales on overseas markets
How to increase your profit margins
How to make your supply chain more sustainable
How to reduce your production and supply chain costs
How to outsource production to other countries
How to prepare your business for global expansion

While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.

1. INTRODUCTION

Making Data-Driven Decisions to Grow Your Business
1. REPORT DESCRIPTION
2. RESEARCH METHODOLOGY AND AI PLATFORM
3. DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
4. GLOSSARY AND SPECIFIC TERMS
2. EXECUTIVE SUMMARY

A Quick Overview of Market Performance
1. KEY FINDINGS
2. MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO
3. MARKET OVERVIEW

Understanding the Current State of The Market and Its Prospects
1. MARKET SIZE
2. MARKET STRUCTURE
3. TRADE BALANCE
4. PER CAPITA CONSUMPTION
5. MARKET FORECAST TO 2030
4. MOST PROMISING PRODUCT

Finding New Products to Diversify Your Business
This Chapter is Available Only for the Professional Edition PRO
1. TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
2. BEST-SELLING PRODUCTS
3. MOST CONSUMED PRODUCT
4. MOST TRADED PRODUCT
5. MOST PROFITABLE PRODUCT FOR EXPORT
5. MOST PROMISING SUPPLYING COUNTRIES

Choosing the Best Countries to Establish Your Sustainable Supply Chain
This Chapter is Available Only for the Professional Edition PRO
1. TOP COUNTRIES TO SOURCE YOUR PRODUCT
2. TOP PRODUCING COUNTRIES
3. COUNTRIES WITH TOP YIELDS
4. TOP EXPORTING COUNTRIES
5. LOW-COST EXPORTING COUNTRIES
6. MOST PROMISING OVERSEAS MARKETS

Choosing the Best Countries to Boost Your Exports
This Chapter is Available Only for the Professional Edition PRO
1. TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
2. TOP CONSUMING MARKETS
3. UNSATURATED MARKETS
4. TOP IMPORTING MARKETS
5. MOST PROFITABLE MARKETS
7. PRODUCTION

The Latest Trends and Insights into The Industry
1. PRODUCTION, HARVESTED AREA AND YIELD
8. IMPORTS
The Largest Import Supplying Countries
1. IMPORTS FROM 2012–2023
2. IMPORTS BY COUNTRY
3. IMPORT PRICES BY COUNTRY
9. EXPORTS
The Largest Destinations for Exports
1. EXPORTS FROM 2012–2023
2. EXPORTS BY COUNTRY
3. EXPORT PRICES BY COUNTRY
10. PROFILES OF MAJOR PRODUCERS

The Largest Producers on The Market and Their Profiles
This Chapter is Available Only for the Professional Edition PRO
LIST OF TABLES
1. Key Findings In 2023
2. Market Volume, In Physical Terms, 2012–2023
3. Market Value, 2012–2023
4. Per Capita Consumption In 2012-2023
5. Imports, In Physical Terms, By Country, 2012–2023
6. Imports, In Value Terms, By Country, 2012–2023
7. Import Prices, By Country Of Origin, 2012–2023
8. Exports, In Physical Terms, By Country, 2012–2023
9. Exports, In Value Terms, By Country, 2012–2023
10. Export Prices, By Country Of Destination, 2012–2023
LIST OF FIGURES
1. Market Volume, In Physical Terms, 2012–2023
2. Market Value, 2012–2023
3. Market Structure – Domestic Supply vs. Imports, In Physical Terms, 2012-2023
4. Market Structure – Domestic Supply vs. Imports, In Value Terms, 2012-2023
5. Trade Balance, In Physical Terms, 2012-2023
6. Trade Balance, In Value Terms, 2012-2023
7. Per Capita Consumption, 2012-2023
8. Market Volume Forecast to 2030
9. Market Value Forecast to 2030
10. Products: Market Size And Growth, By Type
11. Products: Average Per Capita Consumption, By Type
12. Products: Exports And Growth, By Type
13. Products: Export Prices And Growth, By Type
14. Production Volume And Growth
15. Yield And Growth
16. Exports And Growth
17. Export Prices And Growth
18. Market Size And Growth
19. Per Capita Consumption
20. Imports And Growth
21. Import Prices
22. Production, In Physical Terms, 2012–2023
23. Production, In Value Terms, 2012–2023
24. Area Harvested, 2012–2023
25. Yield, 2012–2023
26. Imports, In Physical Terms, 2012–2023
27. Imports, In Value Terms, 2012–2023
28. Imports, In Physical Terms, By Country, 2023
29. Imports, In Physical Terms, By Country, 2012–2023
30. Imports, In Value Terms, By Country, 2012–2023
31. Import Prices, By Country Of Origin, 2012–2023
32. Exports, In Physical Terms, 2012–2023
33. Exports, In Value Terms, 2012–2023
34. Exports, In Physical Terms, By Country, 2023
35. Exports, In Physical Terms, By Country, 2012–2023
36. Exports, In Value Terms, By Country, 2012–2023
37. Export Prices, By Country Of Destination, 2012–2023