The Philippines is primarily an agricultural country. Most populace lives in rural areas and support themselves through agriculture. Country’s agriculture sector is sub-divided into 4 key sub-sectors: fisheries, farming, livestock, and forestry that employ approximately 39.8 % of the labor-force and contribute 20 & of GDP. The fisheries sector is categorized into 3 sub-sectors: municipal, commercial, and aquaculture (cultivation of natural produce of bodies of water). Growing crops for the food consumption & fiber have been an enduring activity in the Philippines.
According to study, “Philippines Agriculture Market Trends, Statistics, Growth, and Forecasts” states that the new strategy calls for more struggles to ensure the supply of vital farm products. Country’s key agricultural crops include mangoes, tobacco, bananas, coconut, sugarcane, rice, corn, pineapple, coffee, and abaca (a banana-like plant). Secondary crops include camote (a type of root crop), garlic, onion, peanut, cassava, rubber, cabbage, eggplant, calamansi (a variety of lemon), and cotton. Philippines agricultural exports have been a crucial driver in the agriculture sector and constantly played a major role in the economy by providing the foreign exchange earnings & additional economic activities.
Philippines agricultural exports are categorized into six commodity groups including food & live animals chiefly for food, crude materials, tobacco & tobacco manufactures, animal & vegetable oils, agricultural machinery and manufactured fertilizers. Philippines export its agricultural products around the globe including the Japan, Europe, United States, and ASEAN countries (members of the Association of Southeast-Asian Nations). Key export products include fruits & vegetables, coconut oil & other coconut products, bananas, and prawns (a type of shrimp). Apart from this, some other exports include the Cayenne pineapple, tuna, Cavendish banana, seaweed, and carrageen an. Additionally, imported agricultural products include oilcake & other soybean residues, unmilled wheat & meslin, malt & malt flour, meals & pellets of fish, soybeans, urea, flour, and whey.
The Philippines agriculture market is driven by increase in the agriculture crop production, followed by better government regulations, rise in demand & prices of agriculture produce and doubling of the middle income class population. Moreover, increase in the food demand is a key opportunity for market.
One of the most critical concerns of the Philippines agricultural sector is the extensive conversion of agricultural land into residential subdivisions, golf courses, and industrial parks or resorts. In addition, environmental damage is another major concern as well as coral-reef destruction, mangrove forest destruction, pollution of coastal and marine resources and siltations (clogging of bodies of water with the silt deposits) are significant problem of agriculture market. Furthermore, Philippines have been struggling with the fragmentation and low levels of technology adoption & specialization.
Based on geography, the Philippines country is segmented as Visayas, Luzon, Mindanao and others. Country is an import driven economy. Philippines government is working towards growing the agricultural sector in order to less import less and more export that will in turn reduce the country’s fiscal deficit. This is anticipated to increase the demand for agricultural sector in the country.
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Ankur Gupta, Head Marketing & Communications