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World - Bananas - Market Analysis, Forecast, Size, Trends And Insights
Update: COVID-19 Impact

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Article Publishing Date: Jul 6, 2021

Despite Record Exports from Ecuador, Banana Prices Continue to Rise on Robust Demand

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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 demand for bananas remained robust amidst the pandemic. Despite record exports from Ecuador, which remains the world's largest banana supplier, prices in the largest import markets are rising due to strong demand and local COVID-related imbalances in supply chains. Driven by the growing population, the global banana market could reach 143M tonnes by 2030. The increasing epidemic of the TR4 fungus could reduce the growth potential and accelerate the rise in prices.

Key Trends and Insights

Bananas confidently retain their position as the most sought-after fruit in the world. Banana consumption in 2020 reached 124M tonnes, which is 6% more than the previous year. The increase in demand for bananas in the context of a growing world population will stimulate a market expansion of up to 143M tonnes by 2030.

During the pandemic, demand for bananas remained high in most countries. According to Eurostat, banana imports to EU countries rose by 5.6% y-o-y in 2020. Banana imports to the U.S. remained at the same level of the previous year (4.7M tonnes), while imports to China fell by 10% to 1.7M tonnes. Despite this, product consumption in China increased by 2.4% amid an increase in domestic production by 3.4% and a decrease in exports by 38.7%.

Strong demand amid supply chain disruptions during a period of tight constraints led to price increases in 2020 that varied from country to country. Bananas have gone up in price most significantly in Russia. In the first quarter of 2021, prices increased by one and a half times more compared to the previous year due to a combination of factors of stable demand within the country, a weakening of the ruble and a local shortage of supplies from Ecuador. The average annual banana price in the EU rose from $0.88 per kg in 2019 to $0.90 per kg in 2020, and in the U.S. it went from $1.14 per kg in 2019 to $1.22 per kg in 2020.

Ecuador remains the world's largest banana supplier, accounting for 18.4% of the global export market. Despite labor shortages during a period of tight constraints and disruption to supply chains, the country increased banana exports by 7% y-o-y in 2020, driven by increased U.S. shipments and increased production from expanding acreage.

The threat to the global banana market comes not only from the COVID-19 pandemic, but also from the growing epidemic of the TR4 fungus that affects banana plantations. This blight has been known for a long time, but recently, it has been rapidly spreading to new regions. This creates the risk of a banana shortage in the world market and acceleration of rising prices. The market for organic bananas may be particularly affected, as crop protection chemicals are not permitted in their cultivation. In order to solve the problem, new genetically modified banana varieties and new means of their protection are being developed, which will lead to a restructuring of the value chains in the banana industry.

Global Banana Production

For the fourth year in a row, the global market recorded growth in production of bananas, which increased by 2% to 120M tonnes in 2020. The total output volume increased at an average annual rate of +1.2% from 2012 to 2020. In value terms, banana production rose remarkably to $78.3B in 2020 estimated in export prices.

India (31M tonnes) remains the largest banana producing country worldwide, accounting for 26% of total volume. Moreover, banana production in India exceeded the figures recorded by the second-largest producer, China (12M tonnes), threefold. Indonesia (7.5M tonnes) ranked third in terms of total production with a 6.2% share.

From 2012 to 2020, the average annual rate of growth in terms of volume in India totaled +2.0%. The remaining producing countries recorded the following average annual rates of production growth: China (+0.5% per year) and Indonesia (+2.4% per year).

Global Banana Imports 

In 2020, the volume of bananas imported worldwide rose sharply to 23M tonnes, with an increase of 7.1% against 2019. The total import volume increased at an average annual rate of +4.5% over the period from 2012 to 2020. In value terms, banana imports amounted to $15.3B in 2020. 

In 2020, the U.S. (4.7M tonnes), distantly followed by China (1.7M tonnes), Russia (1.6M tonnes), Germany (1.3M tonnes) and Japan (1.1M tonnes) were the key importers of bananas, together committing 45% of total imports. The following importers - the Netherlands (1,008K tonnes), the UK (978K tonnes), Italy (782K tonnes), France (700K tonnes), Belgium (676K tonnes), Canada (591K tonnes), Poland (559K tonnes) and Argentina (439K tonnes) - together made up 25% of total imports.

In value terms, the U.S. ($2.5B) constitutes the largest market for imported bananas worldwide, comprising 17% of global imports. The second position in the ranking was occupied by Russia ($1.2B), with a 7.5% share of global imports. 

Source: IndexBox 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:
• Global market volume and value
• Per Capita consumption
• Forecast of the market dynamics in the medium term
• Global production, split by region and country
• Global trade (exports and imports)
• 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 2030
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 2007–2020
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 2007–2020
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 2020
Table 2:
Market Volume, In Physical Terms, 2007–2020
Table 3:
Market Value, 2007–2020
Table 4:
Per Capita Consumption, By Country, 2018–2020
Table 5:
Production, In Physical Terms, By Country, 2007–2020
Table 6:
Harvested Area, By Country, 2007-2020
Table 7:
Yield, By Country, 2007-2020
Table 8:
Imports, In Physical Terms, By Country, 2007–2020
Table 9:
Imports, In Value Terms, By Country, 2007–2020
Table 10:
Import Prices, By Country Of Destination, 2007–2020
Table 11:
Exports, In Physical Terms, By Country, 2007–2020
Table 12:
Exports, In Value Terms, By Country, 2007–2020
Table 13:
Export Prices, By Country Of Origin, 2007–2020
Table 14:
Producer Prices, By Major Producing Country, 2020
Table 15:
Producer Prices Index - Annual Data (2004-2006=100), By Major Producing Country
LIST OF FIGURES
Figure 1:
Market Volume, In Physical Terms, 2007–2020
Figure 2:
Market Value, 2007–2020
Figure 3:
Consumption, By Country, 2020
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, 2007–2020
Figure 18:
Production, In Value Terms, 2007–2020
Figure 19:
Area Harvested, 2007–2020
Figure 20:
Yield, 2007–2020
Figure 21:
Production, By Country, 2020
Figure 22:
Production, In Physical Terms, By Country, 2007–2020
Figure 23:
Harvested Area, By Country, 2020
Figure 24:
Harvested Area, By Country, 2007-2020
Figure 25:
Yield, By Country, 2007-2020
Figure 26:
Imports, In Physical Terms, 2007–2020
Figure 27:
Imports, In Value Terms, 2007–2020
Figure 28:
Imports, In Physical Terms, By Country, 2020
Figure 29:
Imports, In Physical Terms, By Country, 2007–2020
Figure 30:
Imports, In Value Terms, By Country, 2007–2020
Figure 31:
Import Prices, By Country, 2007–2020
Figure 32:
Exports, In Physical Terms, 2007–2020
Figure 33:
Exports, In Value Terms, 2007–2020
Figure 34:
Exports, In Physical Terms, By Country, 2020
Figure 35:
Exports, In Physical Terms, By Country, 2007–2020
Figure 36:
Exports, In Value Terms, By Country, 2007–2020
Figure 37:
Export Prices, 2007–2020

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