Global Banana Market Overview 2020

Banana Market Size

In 2019, the global banana market decreased by -X% to $X, falling for the fifth consecutive year after four years of growth. The market value increased at an average annual rate of +X% over the period from 2007 to 2019; the trend pattern remained relatively stable, with somewhat noticeable fluctuations throughout the analyzed period. The most prominent rate of growth was recorded in 2014 when the market value increased by X% y-o-y. As a result, consumption reached the peak level of $X. From 2015 to 2019, the growth of the global market remained at a somewhat lower figure.

Banana Production

In value terms, banana production shrank slightly to $X in 2019 estimated in export prices. The total output value increased at an average annual rate of +X% over the period from 2007 to 2019; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2014 when the production volume increased by X% year-to-year. As a result, production attained the peak level of $X. From 2015 to 2019, global production growth remained at a lower figure.

The country with the largest volume of banana production was India (X tonnes), accounting for X% of total volume. Moreover, banana production in India exceeded the figures recorded by the second-largest producer, China (X tonnes), threefold. The third position in this ranking was occupied by Indonesia (X tonnes), with a X% share.

In India, banana production expanded at an average annual rate of +X% over the period from 2007-2019. In the other countries, the average annual rates were as follows: China (+X% per year) and Indonesia (+X% per year).

The global average banana yield reached X tonnes per ha in 2019, standing approx. at 2018. Over the period under review, the yield showed a relatively flat trend pattern. The growth pace was the most rapid in 2013 when the yield increased by X% against the previous year. As a result, the yield reached the peak level of X tonnes per ha. From 2014 to 2019, the growth of the average banana yield remained at a lower figure. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

In 2019, approx. X ha of bananas were harvested worldwide; growing by X% compared with the previous year. The harvested area increased at an average annual rate of +X% from 2007 to 2019; the trend pattern remained consistent, with somewhat noticeable fluctuations being observed in certain years. The most prominent rate of growth was recorded in 2017 with an increase of X% year-to-year. The global harvested area peaked in 2019 and is expected to retain growth in years to come.

Production By Country

India (X tonnes) remains the largest banana producing country worldwide, accounting for X% of total volume. Moreover, banana production in India exceeded the figures recorded by the second-largest producer, China (X tonnes), threefold. The third position in this ranking was occupied by Indonesia (X tonnes), with a X% share.

In India, banana production expanded at an average annual rate of +X% over the period from 2007-2019. The remaining producing countries recorded the following average annual rates of production growth: China (+X% per year) and Indonesia (+X% per year).

Banana Exports

Exports

Global banana exports expanded sharply to X tonnes in 2019, picking up by X% compared with 2018 figures. The total export volume increased at an average annual rate of +X% from 2007 to 2019; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2013 when exports increased by X% against the previous year. Global exports peaked in 2019 and are expected to retain growth in years to come.

In value terms, banana exports reduced modestly to $X in 2019. The total export value increased at an average annual rate of +X% from 2007 to 2019; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2008 when exports increased by X% y-o-y. Global exports peaked at $X in 2018, and then contracted slightly in the following year.

Exports by Country

In 2019, Ecuador (X tonnes), distantly followed by Guatemala (X tonnes), Costa Rica (X tonnes), the Philippines (X tonnes) and Colombia (X tonnes) were the major exporters of bananas, together making up X% of total exports. Belgium (X tonnes), the Netherlands (X tonnes), Mexico (X tonnes), Lao People's Democratic Republic (X tonnes), the U.S. (X tonnes), Honduras (X tonnes) and Cote d'Ivoire (X tonnes) followed a long way behind the leaders.

From 2007 to 2019, average annual rates of growth with regard to banana exports from Ecuador stood at +X%. At the same time, Lao People's Democratic Republic (+X%), Mexico (+X%), the Netherlands (+X%), Guatemala (+X%), Cote d'Ivoire (+X%), the U.S. (+X%), the Philippines (+X%) and Costa Rica (+X%) displayed positive paces of growth. Moreover, Lao People's Democratic Republic emerged as the fastest-growing exporter exported in the world, with a CAGR of +X% from 2007-2019. Honduras and Colombia experienced a relatively flat trend pattern. By contrast, Belgium (-X%) illustrated a downward trend over the same period. From 2007 to 2019, the share of Guatemala, Ecuador, Mexico, Lao People's Democratic Republic, the Philippines and the Netherlands increased by +X%, +X%, +X%, +X%, +X% and +X% percentage points, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Ecuador ($X) remains the largest banana supplier worldwide, comprising X% of global exports. The second position in the ranking was occupied by the Philippines ($X), with a X% share of global exports. It was followed by Costa Rica, with a X% share.

In Ecuador, banana exports expanded at an average annual rate of +X% over the period from 2007-2019. The remaining exporting countries recorded the following average annual rates of exports growth: the Philippines (+X% per year) and Costa Rica (+X% per year).

Export Prices by Country

The average banana export price stood at $X per tonne in 2019, waning by -X% against the previous year. Over the period from 2007 to 2019, it increased at an average annual rate of +X%. The pace of growth appeared the most rapid in 2008 when the average export price increased by X% year-to-year. Global export price peaked at $X per tonne in 2017; however, from 2018 to 2019, export prices stood at a somewhat lower figure.

Prices varied noticeably by the country of origin; the country with the highest price was the Netherlands ($X per tonne), while Lao People's Democratic Republic ($X per tonne) was amongst the lowest.

From 2007 to 2019, the most notable rate of growth in terms of prices was attained by Colombia, while the other global leaders experienced more modest paces of growth.

Banana Imports

Imports

In 2019, approx. X tonnes of bananas were imported worldwide; picking up by X% compared with the previous year. The total import volume increased at an average annual rate of +X% from 2007 to 2019; the trend pattern remained consistent, with only minor fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2018 with an increase of X% year-to-year. Over the period under review, global imports hit record highs in 2019 and are expected to retain growth in the immediate term.

In value terms, banana imports expanded modestly to $X in 2019. The total import value increased at an average annual rate of +X% over the period from 2007 to 2019; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2018 when imports increased by X% against the previous year. Over the period under review, global imports hit record highs in 2019 and are expected to retain growth in the near future.

Imports by Country

In 2019, the U.S. (X tonnes), distantly followed by China (X tonnes), Russia (X tonnes), Germany (X tonnes), Belgium (X tonnes), the UK (X tonnes) and Japan (X tonnes) represented the largest importers of bananas, together constituting X% of total imports. The following importers - France (X tonnes), Italy (X tonnes), the Netherlands (X tonnes), Canada (X tonnes) and Poland (X tonnes) - together made up X% of total imports.

From 2007 to 2019, average annual rates of growth with regard to banana imports into the U.S. stood at +X%. At the same time, China (+X%), the Netherlands (+X%), Poland (+X%), Russia (+X%), France (+X%) and Canada (+X%) displayed positive paces of growth. Moreover, China emerged as the fastest-growing importer imported in the world, with a CAGR of +X% from 2007-2019. Italy, Japan, the UK, Belgium and Germany experienced a relatively flat trend pattern. China (+X p.p.), the U.S. (+X p.p.), Russia (+X p.p.) and the Netherlands (+X p.p.) significantly strengthened its position in terms of the global imports, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the U.S. ($X) constitutes the largest market for imported bananas worldwide, comprising X% of global imports. The second position in the ranking was occupied by Russia ($X), with a X% share of global imports. It was followed by Belgium, with a X% share.

In the U.S., banana imports expanded at an average annual rate of +X% over the period from 2007-2019. In the other countries, the average annual rates were as follows: Russia (+X% per year) and Belgium (-X% per year).

Import Prices by Country

In 2019, the average banana import price amounted to $X per tonne, with an increase of X% against the previous year. Overall, the import price recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2011 an increase of X% y-o-y. Global import price peaked in 2019 and is likely to see gradual growth in years to come.

There were significant differences in the average prices amongst the major importing countries. In 2019, the country with the highest price was Belgium ($X per tonne), while China ($X per tonne) was amongst the lowest.

From 2007 to 2019, the most notable rate of growth in terms of prices was attained by Japan, while the other global leaders experienced more modest paces of growth.

Source: IndexBox AI Platform

Frequently Asked Questions (FAQ) :

What are the largest markets for bananas in the world?

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India (31M tonnes) remains the largest banana consuming country worldwide, comprising approx. 27% of total volume. Moreover, banana consumption in India exceeded the figures recorded by the second-largest consumer, China (13M tonnes), twofold. Indonesia (7.4M tonnes) ranked third in terms of total consumption with a 6.3% share.

What are the largest producers of bananas in the world?

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India (32M tonnes) constituted the country with the largest volume of banana production, accounting for 26% of total volume. Moreover, banana production in India exceeded the figures recorded by the second-largest producer, China (12M tonnes), threefold. The third position in this ranking was occupied by Indonesia (7.5M tonnes), with a 6.2% share.

What are the leading exporters of bananas in the world?

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In value terms, Ecuador ($4.3B) remains the largest banana supplier worldwide, comprising 27% of global exports. The second position in the ranking was occupied by the Philippines ($2B), with a 13% share of global exports. It was followed by Costa Rica, with a 12% share.

What are the leading importers of bananas in the world?

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In value terms, the U.S. ($2.8B) constitutes the largest market for imported bananas worldwide, comprising 18% of global imports. The second position in the ranking was occupied by Russia ($1.2B), with a 8.2% share of global imports. It was followed by Belgium, with a 7.2% share.

What is the average export price for bananas in the world?

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In 2019, the average banana export price amounted to $635 per tonne, shrinking by -5.9% against the previous year.

What is the average import price for bananas in the world?

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In 2019, the average banana import price amounted to $649 per tonne, increasing by 1.9% against the previous year.