Banana Market - Growth, Trends, COVID 19 Impact and Forecasts (2023 - 2028)

The Study on Banana Market Includes Production Analysis (Volume), Consumption Analysis (Volume and Value), Trade in Terms of Import Analysis (Volume and Value), Export Analysis (Volume and Value), and Price Trend Analysis. The Market is Segmented by Geography (North America, Europe, Asia-Pacific, South America, and Africa). The report offers market size and forecasts for all the above segments in volume (ton) and value (USD million).

Banana Industry Overview

Banana Market Summary
Study Period: 2017-2027
Fastest Growing Market: Middle East and Africa
Largest Market: Asia-Pacific
CAGR: 4.5 %

Major Players

Banana Market Major Players

*Disclaimer: Major Players sorted in no particular order

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Banana Market Analysis

The global banana market is projected to register a CAGR of 4.5% during the forecast period.

  • Banana is a tropical fruit that is grown in many warmer areas around the world. According to Food and Agriculture Organization Statistics (FAOSTAT), India is the world's leading producer of bananas, accounting for nearly 26.3% of the total production in 2020. In recent years, after the COVID-19 pandemic, most countries and players in the market have been focusing on developing sustainable marketing and processing lines for bananas across the world in order to prevent damage caused by trade disruptions and disasters affecting the growth of the market.
  • Bananas are the fourth most important food crop after wheat, rice, and maize in terms of production and are the world’s favorite fruit in terms of consumption quantity. Bananas are one of the major globally exported fruits and also an important source of livelihood and food. According to ITC Trademap, global banana exports were valued at over USD 13,049 million in 2021. Ecuador is the largest exporter of bananas, accounting for 26% of global exports. The Philippines, Costa Rica, and Colombia are the other leading banana-exporting countries in the world. The United States is the leading importer of bananas, with a 16.7% share in the world’s imports in 2021.

Banana Industry Segments

Bananas are tropical fruits with soft pulpy flesh enclosed in a soft, usually yellow, rind with an elongated shape and tapering end. Bananas are produced by several kinds of large herbaceous flowering plants in the genus Musa, which grow in clusters hanging from the top of the plant.

The global banana market is segmented by geography (North America, Europe, Asia-Pacific, South America, and Africa). The study offers the market sizing in terms of volume in metric tons and value in USD thousand.

Geography (Production Analysis, Consumption Analysis by Value and Volume, Import Analysis by Value and Volume, Export Analysis by Value and Volume, and Price Trend Analysis)
North America
United States
Costa Rica
Mexico
Europe
Germany
Netherlands
Asia-Pacific
India
China
Indonesia
Phillipines
South America
Equador
Columbia
Brazil
Africa
Angola
Egypt

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Banana Market Trends

This section covers the major market trends shaping the Banana Market according to our research experts:

Increasing Health Consciousness is Driving the Banana Market

  • The increasing advancements in food and beverages and growing health awareness have led to a shift in the focus of consumers on hygienic and healthy food products.
  • Bananas are considered a rich source of vitamin B6, vitamin C, manganese, potassium, dietary fibers, and protein. Bananas contribute to the proper functioning of the metabolism and the nervous system and aid in digestion.
  • Bananas are also used in a wide variety of food products, such as breakfast cereals, ice creams, and other desserts, apart from raw consumption. Bananas have been considered a staple, inexpensive, and easily available food for decades. This has led to the constant development in production to satisfy the economic, environmental, and social well-being consciousness of consumers.
  • The use of bananas for replenishing energy and electrolytes replacing sports drinks has increased recently. This demand is even higher in developed countries such as China and European nations as banana imports have increased gradually over the past few years.
  • According to the ITC trade map, banana imports in Germany have increased by over 150,000 metric tons during the period 2018-2021, reaching 1.41 million metric tons in 2021.
  • The demand for bananas is anticipated to grow further during the forecast period due to the increasing health consciousness among consumers.
Banana Market: Banana Imports, In Metric Ton, Germany, 2018-2021.

Asia-Pacific Dominates the Banana Market

  • Asia-Pacific leads the banana market with a 55.4% share of global production in 2020. Within Asia-Pacific, India is the largest producer of bananas in the world, with a production of 31,504,000 metric tons from an area of 878,000 hectares in 2020, followed by China and Indonesia.
  • India's export of bananas was valued at USD 142,899 thousand in 2021, representing only 1% of the world's exports since most of the bananas grown in the country are used for local consumption. However, the per capita consumption is increasing in the Asia-Pacific region owing to the increase in population. The growing consumption is leading producers across the region to increase production levels.
  • Due to the structure of landholdings in India, there are certain limits on land usage. Thus, the contract-farming model is used, which allows agribusiness producers to produce bananas in larger areas by overcoming legal constraints within the country.
  • Banana production and export are supported by governments in the region due to their high export potential in the global market. In April 2022, the National Horticulture Board in India announced the development of the production and export of bananas in three districts, Kurnool, Anantapur, and Kadapa of Andhra Pradesh state as part of its Cluster Development Project (CDP). The project aims to export over 75,000 metric tons of bananas by improving export infrastructure facilities in the cluster.
  • The increasing production of bananas in the region fueled by the increasing domestic consumption and export potential is one of the factors expected to drive the growth of the banana market in the coming years.
Banana Market: Growth Rate By Region (2022-27)

Banana Market Competitor Analysis

The banana market is consolidated, with a few major players dominating the market. The key players in the market are Fresh Del Monte, Chiquita Brands International Sàrl​, Fyffes, Dole Food Company, and Reybanpac. Partnership and production expansion are the prime strategies being followed by these companies to increase their market share and consolidate their position in the banana market.

Banana Market Top Players

  1. Fresh Del Monte

  2. Chiquita Brands International Sàrl

  3. Fyffes

  4. Dole Food Company

  5. Reybanpac

*Disclaimer: Major Players sorted in no particular order

Banana Market Concentration

Banana Market Recent Developments

  • October 2022: Greenikk, a Kerala-based agribusiness startup in India, launched an end-to-end supply chain aimed at connecting banana cultivators, traders, and exporters on a single platform. The startup has built Enablement Centers (EC) in the major banana-producing agriculture belts in the states of Kerala, Tamil Nadu, and Karnataka in India to provide farmers with production and market-related support.
  • August 2022: Three companies operating in the Philippines, Usman Banana Farm, Tayan Banana Farm, and Abai Banana farms, have invested over USD 8.7 million in the town of Matanog in the Maguindanao province. The investments are aimed at increasing banana production in the town in which Cavendish and Cardava varieties are mainly grown.
  • March 2022: Ireland company Fyffes has opened a new distribution and banana ripening center in Balbriggan, North County Dublin. The new center has an operating capacity of over 60,000 tons of bananas per annum and helps the company to distribute its products to Irish retailers, wholesalers, and food providers.

Banana Market Report - Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions and Market Definition

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Market Overview

    2. 4.2 Market Drivers

    3. 4.3 Market Restraints

    4. 4.4 Value Chain Analysis

  5. 5. MARKET SEGMENTATION

    1. 5.1 Geography (Production Analysis, Consumption Analysis by Value and Volume, Import Analysis by Value and Volume, Export Analysis by Value and Volume, and Price Trend Analysis)

      1. 5.1.1 North America

        1. 5.1.1.1 United States

        2. 5.1.1.2 Costa Rica

        3. 5.1.1.3 Mexico

      2. 5.1.2 Europe

        1. 5.1.2.1 Germany

        2. 5.1.2.2 Netherlands

      3. 5.1.3 Asia-Pacific

        1. 5.1.3.1 India

        2. 5.1.3.2 China

        3. 5.1.3.3 Indonesia

        4. 5.1.3.4 Phillipines

      4. 5.1.4 South America

        1. 5.1.4.1 Equador

        2. 5.1.4.2 Columbia

        3. 5.1.4.3 Brazil

      5. 5.1.5 Africa

        1. 5.1.5.1 Angola

        2. 5.1.5.2 Egypt

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Most Adopted Strategies

    2. 6.2 Market Share Analysis

    3. 6.3 Company Profiles

      1. 6.3.1 Fresh Del Monte

      2. 6.3.2 Chiquita Brands International Sarl

      3. 6.3.3 Fyffes

      4. 6.3.4 Dole Food Company

      5. 6.3.5 Reybanpac

      6. 6.3.6 One Banana

      7. 6.3.7 Bonita Banana (Noboa Group)

      8. 6.3.8 Global banana

  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

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Banana Market Research FAQs

The Banana Market market is studied from 2017 - 2027.

The Banana Market is growing at a CAGR of 4.5% over the next 5 years.

Middle East and Africa is growing at the highest CAGR over 2021- 2026.

Asia-Pacific holds highest share in 2021.

Fresh Del Monte, Chiquita Brands International Sàrl, Fyffes, Dole Food Company, Reybanpac are the major companies operating in Banana Market.

Banana Industry Reports

In-depth industry statistics and market share insights of the Banana sector for 2020, 2021, and 2022. The Banana research report provides a comprehensive outlook of the market size and an industry growth forecast for 2023 to 2028. Available to download is a free sample file of the Banana report PDF.

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