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World - Bananas - Market Analysis, Forecast, Size, Trends and Insights

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Article Publishing Date: Aug 29, 2019

Global Banana Market 2019 - Key Insights

IndexBox has just published a new report: 'World - Bananas - Market Analysis, Forecast, Size, Trends and Insights'. Here is a summary of the report's key findings.

The global banana market revenue amounted to $58.5B in 2017, therefore, remained relatively stable 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). Overall, the total market indicated a remarkable increase from 2007 to 2017: its value increased at an average annual rate of +1.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2017 figures, banana consumption increased by +18.1% against 2015 indices. The most prominent rate of growth was recorded in 2013 with an increase of 21% against the previous year. Global banana consumption peaked in 2017 and is likely to see steady growth in the immediate term.

Consumption By Country


India (30M tonnes) remains the largest banana consuming country worldwide, accounting for 27% of total consumption. Moreover, banana consumption in India exceeded the figures recorded by the world's second-largest consumer, China (12M tonnes), twofold. Indonesia (7.1M tonnes) ranked third in terms of total consumption with a 6.3% share.

In India, banana consumption expanded at an average annual rate of +2.5% over the period from 2007-2017. The remaining consuming countries recorded the following average annual rates of consumption growth: China (+4.2% per year) and Indonesia (+2.7% per year).

In value terms, India ($15.5B) led the market, alone. The second position in the ranking was occupied by China ($4.8B). It was followed by Brazil.

The countries with the highest levels of banana per capita consumption in 2017 were Rwanda (252 kg per person), Angola (144 kg per person) and Guatemala (109 kg per person).

From 2007 to 2017, the most notable rate of growth in terms of banana per capita consumption, amongst the main consuming countries, was attained by Angola, while the other global leaders experienced more modest paces of growth.

Market Forecast 2019-2025


Driven by increasing demand for banana worldwide, the market is expected to continue an upward consumption trend over the next seven years. Market performance is forecast to retain its current trend pattern, expanding with an anticipated CAGR of +1.7% for the seven-year period from 2018 to 2025, which is projected to bring the market volume to 128M tonnes by the end of 2025.

Production 2007-2018


In 2017, the global production of bananas stood at 116M tonnes, jumping by 3% against the previous year. The total output volume increased at an average annual rate of +1.9% over the period from 2007 to 2017; the trend pattern remained consistent, with somewhat noticeable fluctuations throughout the analyzed period. The pace of growth appeared the most rapid in 2009 with an increase of 5.1% y-o-y. Global banana production peaked in 2017 and is expected to retain its growth in the near future. The general positive trend in terms of banana output was largely conditioned by modest growth of the harvested area and a slight increase in yield figures.

In value terms, banana production totaled $76.2B in 2017 estimated in export prices. Over the period under review, the total output indicated buoyant growth from 2007 to 2017: its value increased at an average annual rate of +1.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2013 when production volume increased by 24% y-o-y. Over the period under review, global banana production attained its peak figure level in 2017 and is expected to retain its growth in the immediate term.

Production By Country


India (30M tonnes) constituted the country with the largest volume of banana production, comprising approx. 26% of total production. Moreover, banana production in India exceeded the figures recorded by the world's second-largest producer, China (11M tonnes), threefold. The third position in this ranking was occupied by Indonesia (7.2M tonnes), with a 6.1% share.

From 2007 to 2017, the average annual growth rate of volume in India amounted to +2.5%. In the other countries, the average annual rates were as follows: China (+3.7% per year) and Indonesia (+2.8% per year).

Harvested Area 2007-2018


In 2017, approx. 5.5M ha of bananas were harvested worldwide; leveling off at the previous year. In general, the banana harvested area continues to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2009 when harvested area increased by 2.8% year-to-year. Over the period under review, the harvested area dedicated to banana production reached its peak figure in 2017 and is expected to retain its growth in the immediate term.

Yield 2007-2018


In 2017, the global average yield of bananas totaled 21 tonne per ha, rising by 2.6% against the previous year. The yield figure increased at an average annual rate of +1.1% from 2007 to 2017; the trend pattern remained relatively stable, with only minor fluctuations over the period under review. The pace of growth was the most pronounced in 2010 with an increase of 2.9% y-o-y. Over the period under review, the average banana yield attained its maximum level in 2017 and is expected to retain its growth in the near future.

Exports 2007-2018


In 2017, approx. 24M tonnes of bananas were exported worldwide; going up by 10% against the previous year. The total export volume increased at an average annual rate of +3.2% over the period from 2007 to 2017; however, the trend pattern indicated some noticeable fluctuations being recorded over the period under review. The pace of growth was the most pronounced in 2017 with an increase of 10% year-to-year. In that year, global banana exports reached their peak and are likely to continue its growth in the immediate term.

In value terms, banana exports totaled $13.7B in 2017. In general, the total exports indicated a strong increase from 2007 to 2017: its value increased at an average annual rate of +3.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2017 figures, banana exports increased by +35.3% against 2015 indices. The pace of growth was the most pronounced in 2017 with an increase of 26% against the previous year. In that year, global banana exports attained their peak and are likely to continue its growth in the immediate term.

Exports by Country


Ecuador was the key exporter of bananas in the world, with the volume of exports resulting at 6.6M tonnes, which was near 27% of total exports in 2017. It was distantly followed by the Philippines (2.9M tonnes), Costa Rica (2.5M tonnes), Guatemala (2.1M tonnes), Colombia (2M tonnes) and Belgium (1.3M tonnes), together constituting a 45% share of total exports. The U.S. (614K tonnes), Honduras (606K tonnes), the Netherlands (585K tonnes), Mexico (577K tonnes) and Cote d'Ivoire (490K tonnes) took a relatively small share of total exports.

From 2007 to 2017, average annual rates of growth with regard to banana exports from Ecuador stood at +2.2%. At the same time, Mexico (+30.1%), the Netherlands (+16.4%), Guatemala (+7.8%), Cote d'Ivoire (+5.4%), the Philippines (+5.3%), the U.S. (+2.9%), Colombia (+1.4%), Belgium (+1.1%) and Costa Rica (+1.0%) displayed positive paces of growth. Moreover, Mexico emerged as the fastest growing exporter in the world, with a CAGR of +30.1% from 2007-2017. Honduras experienced a relatively flat trend pattern. From 2007 to 2017, the share of Ecuador, the Philippines, Guatemala, Mexico and the Netherlands increased by +5.4%, +4.9%, +4.5%, +2.2% and +1.9% percentage points, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest banana markets worldwide were Ecuador ($3B), Costa Rica ($1.9B) and Guatemala ($1.4B), with a combined 46% share of global exports. The Philippines, Belgium, Colombia, the Netherlands, the U.S., Cote d'Ivoire, Honduras and Mexico lagged somewhat behind, together accounting for a further 36%.

In terms of the main exporting countries, Mexico recorded the highest growth rate of exports, over the last decade, while the other global leaders experienced more modest paces of growth.

Export Prices by Country


In 2017, the average banana export price amounted to $568 per tonne, picking up by 14% against the previous year. Over the period from 2007 to 2017, it increased at an average annual rate of +3.8%. The growth pace was the most rapid in 2017 an increase of 14% y-o-y. In that year, the average export prices for bananas reached their peak level and is likely to continue its growth in the immediate term.

There were significant differences in the average prices amongst the major exporting countries. In 2017, the country with the highest price was the Netherlands ($834 per tonne), while the Philippines ($386 per tonne) was amongst the lowest.

From 2007 to 2017, the most notable rate of growth in terms of prices was attained by Costa Rica, while the other global leaders experienced more modest paces of growth.

Imports 2007-2018


Global imports stood at 21M tonnes in 2017, approximately mirroring the previous year. The total import volume increased at an average annual rate of +1.6% from 2007 to 2017; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being recorded over the period under review. The most prominent rate of growth was recorded in 2010 with an increase of 5.1% against the previous year. Over the period under review, global banana imports attained their maximum in 2017 and are likely to continue its growth in the immediate term.

In value terms, banana imports stood at $15.2B in 2017. The total import value increased at an average annual rate of +3.8% from 2007 to 2017; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2008 when Imports increased by 17% y-o-y. Global imports peaked in 2017 and are likely to see steady growth in the near future.

Imports by Country


In 2017, the U.S. (3.6M tonnes), distantly followed by Russia (1.5M tonnes), Belgium (1.4M tonnes), Germany (1.4M tonnes), the UK (1.2M tonnes), China (1M tonnes) and Japan (986K tonnes) represented the major importers of bananas, together committing 54% of total imports. Italy (775K tonnes), the Netherlands (733K tonnes), France (687K tonnes), Canada (598K tonnes) and Argentina (489K tonnes) followed a long way behind the leaders.

From 2007 to 2017, average annual rates of growth with regard to banana imports into the U.S. stood at -1.6%. At the same time, the Netherlands (+13.4%), China (+12.1%), Russia (+4.7%), Argentina (+3.9%), France (+3.1%), Canada (+2.4%), the UK (+1.6%) and Italy (+1.2%) displayed positive paces of growth. Moreover, the Netherlands emerged as the fastest growing importer in the world, with a CAGR of +13.4% from 2007-2017. Japan, Germany and Belgium experienced a relatively flat trend pattern. From 2007 to 2017, the share of China, Russia and the Netherlands increased by +3.4%, +2.7% and +2.5% percentage points, while the U.S. (-3 p.p.) saw their share reduced. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the U.S. ($2.8B), Belgium ($1.4B) and Russia ($1.1B) were the countries with the highest levels of imports in 2017, with a combined 35% share of global imports. These countries were followed by Germany, Japan, the UK, the Netherlands, China, France, Italy, Canada and Argentina, which together accounted for a further 37%.

China recorded the highest growth rate of imports, among the main importing countries over the last decade, while the other global leaders experienced more modest paces of growth.

Import Prices by Country


The average banana import price stood at $724 per tonne in 2017, going up by 5.9% against the previous year. Over the last decade, it increased at an average annual rate of +2.1%. The growth pace was the most rapid in 2008 when the average import price increased by 27% against the previous year. In that year, the average import prices for bananas attained their peak level of $743 per tonne. From 2009 to 2017, the growth in terms of the average import prices for bananas remained at a somewhat lower figure.

Prices varied noticeably by the country of destination; the country with the highest price was Belgium ($967 per tonne), while Argentina ($490 per tonne) was amongst the lowest.

From 2007 to 2017, the most notable rate of growth in terms of prices was attained by Argentina, while the other global leaders experienced more modest paces of growth.

Source: IndexBox AI Platform

Product coverage:
• FCL 486 - Bananas

This report provides an in-depth analysis of the global banana market. 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 2025.



Data coverage:
• Market volume and value
• Per Capita consumption
• Forecast of the market dynamics in the medium term
• Production in World, split by region and country
• Trade (exports and imports) in World
• 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:
1. How to diversify your business and benefit from new market opportunities
2. How to load your idle production capacity
3. How to boost your sales on overseas markets
4. How to increase your profit margins
5. How to make your supply chain more sustainable
6. How to reduce your production and supply chain costs
7. How to outsource production to other countries
8. 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

1.1
REPORT DESCRIPTION
1.2
RESEARCH METHODOLOGY AND AI PLATFORM
1.3
DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
1.4
GLOSSARY AND SPECIFIC TERMS
2. EXECUTIVE SUMMARY

A Quick Overview of Market Performance

2.1
KEY FINDINGS
2.2
MARKET TRENDS
3. MARKET OVERVIEW

Understanding the Current State of The Market and Its Prospects

3.1
MARKET SIZE
3.2
CONSUMPTION BY COUNTRY
3.3
MARKET FORECAST TO 2025
4. MOST PROMISING PRODUCTS

Finding New Products to Diversify Your Business

4.1
TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
4.2
BEST-SELLING PRODUCTS
4.3
MOST CONSUMED PRODUCT
4.4
MOST TRADED PRODUCT
4.5
MOST PROFITABLE PRODUCT FOR EXPORT
5. MOST PROMISING SUPPLYING COUNTRIES

Choosing the Best Countries to Establish Your Sustainable Supply Chain

5.1
TOP COUNTRIES TO SOURCE YOUR PRODUCT
5.2
TOP PRODUCING COUNTRIES
5.3
COUNTRIES WITH TOP YIELDS
5.4
TOP EXPORTING COUNTRIES
5.5
LOW-COST EXPORTING COUNTRIES
6. MOST PROMISING OVERSEAS MARKETS

Choosing the Best Countries to Boost Your Exports

6.1
TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
6.2
TOP CONSUMING MARKETS
6.3
UNSATURATED MARKETS
6.4
TOP IMPORTING MARKETS
6.5
MOST PROFITABLE MARKETS
7. GLOBAL PRODUCTION

The Latest Trends and Insights into The Industry

7.1
PRODUCTION VOLUME AND VALUE
7.2
PRODUCTION BY COUNTRY
7.3
HARVESTED AREA AND YIELD BY COUNTRY
8. GLOBAL IMPORTS

The Largest Importers on The Market and How They Succeed

8.1
IMPORTS FROM 2007–2018
8.2
IMPORTS BY COUNTRY
8.3
IMPORT PRICES BY COUNTRY
9. GLOBAL EXPORTS

The Largest Exporters on The Market and How They Succeed

9.1
EXPORTS FROM 2007–2018
9.2
EXPORTS BY COUNTRY
9.3
EXPORT PRICES BY COUNTRY
10. PROFILES OF MAJOR PRODUCERS

The Largest Producers on The Market and Their Profiles

11. COUNTRY PROFILES

The Largest Markets And Their Profiles

United States
China
Japan
Germany
United Kingdom
France
Brazil
Italy
Russian Federation
India
Canada
Australia
Republic of Korea
Spain
Mexico
Indonesia
Netherlands
Turkey
Saudi Arabia
Switzerland
Sweden
Nigeria
Poland
Belgium
Argentina
Norway
Austria
Thailand
United Arab Emirates
Colombia
Denmark
South Africa
Malaysia
Israel
Singapore
Egypt
Philippines
Finland
Chile
Ireland
Pakistan
Greece
Portugal
Kazakhstan
Algeria
Czech Republic
Qatar
Peru
Romania
Vietnam
LIST OF TABLES
Table 1:
Key Findings In 2018
Table 2:
Market Volume, In Physical Terms, 2007–2018
Table 3:
Market Value, 2007–2018
Table 4:
Per Capita Consumption, By Country, 2015–2018
Table 5:
Production, In Physical Terms, By Country, 2007–2018
Table 6:
Harvested Area, By Country, 2007-2018
Table 7:
Yield, By Country, 2007-2018
Table 8:
Imports, In Physical Terms, By Country, 2007–2018
Table 9:
Imports, In Value Terms, By Country, 2007–2018
Table 10:
Import Prices, By Country Of Destination, 2007–2018
Table 11:
Exports, In Physical Terms, By Country, 2007–2018
Table 12:
Exports, In Value Terms, By Country, 2007–2018
Table 13:
Export Prices, By Country Of Origin, 2007–2018
Table 14:
Producer Prices, By Major Producing Country, 2018
Table 15:
Producer Prices Index - Annual Data (2004-2006=100), By Major Producing Country
LIST OF FIGURES
Figure 1:
Market Volume, In Physical Terms, 2007–2018
Figure 2:
Market Value, 2007–2018
Figure 3:
Consumption, By Country, 2018
Figure 4:
Market Forecast To 2025
Figure 5:
Products: Market Size And Growth, By Type
Figure 6:
Products: Average Per Capita Consumption, By Type
Figure 7:
Products: Exports And Growth, By Type
Figure 8:
Products: Export Prices And Growth, By Type
Figure 9:
Production Volume And Growth
Figure 10:
Yield And Growth
Figure 11:
Exports And Growth
Figure 12:
Export Prices And Growth
Figure 13:
Market Size And Growth
Figure 14:
Per Capita Consumption
Figure 15:
Imports And Growth
Figure 16:
Import Prices
Figure 17:
Production, In Physical Terms, 2007–2018
Figure 18:
Production, In Value Terms, 2007–2018
Figure 19:
Area Harvested, 2007–2018
Figure 20:
Yield, 2007–2018
Figure 21:
Production, By Country, 2018
Figure 22:
Production, In Physical Terms, By Country, 2007–2018
Figure 23:
Harvested Area, By Country, 2018
Figure 24:
Harvested Area, By Country, 2007-2018
Figure 25:
Yield, By Country, 2007-2018
Figure 26:
Imports, In Physical Terms, 2007–2018
Figure 27:
Imports, In Value Terms, 2007–2018
Figure 28:
Imports, In Physical Terms, By Country, 2018
Figure 29:
Imports, In Physical Terms, By Country, 2007–2018
Figure 30:
Imports, In Value Terms, By Country, 2007–2018
Figure 31:
Import Prices, By Country, 2007–2018
Figure 32:
Exports, In Physical Terms, 2007–2018
Figure 33:
Exports, In Value Terms, 2007–2018
Figure 34:
Exports, In Physical Terms, By Country, 2018
Figure 35:
Exports, In Physical Terms, By Country, 2007–2018
Figure 36:
Exports, In Value Terms, By Country, 2007–2018
Figure 37:
Export Prices, 2007–2018
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