Global Banana Market Overview

The global banana market revenue amounted to $66.8B in 2010, rising by 1.8% 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). The market value increased at an average annual rate of +6.3% from 2007 to 2010; the trend pattern remained relatively stable, with somewhat noticeable fluctuations in certain years. The most prominent rate of growth was recorded in 2008 with an increase of 9.2% y-o-y. Over the period under review, the global banana market reached its peak figure level in 2010 and is expected to retain its growth in the immediate term.

In value terms, banana production amounted to $65.9B in 2010 estimated in export prices. The total output value increased at an average annual rate of +6.8% from 2007 to 2010; the trend pattern remained consistent, with only minor fluctuations being observed over the period under review. The growth pace was the most rapid in 2008 with an increase of 10% year-to-year. The global banana production peaked in 2010 and is expected to retain its growth in the near future.

India (30M tonnes) remains the largest banana producing country worldwide, comprising approx. 27% of total production. Moreover, banana production in India exceeded the figures recorded by the world's second-largest producer, China (9.6M tonnes), threefold. The third position in this ranking was occupied by the Philippines (9.1M tonnes), with a 8.2% share.

In India, banana production expanded at an average annual rate of +7.7% over the period from 2007-2010. The remaining producing countries recorded the following average annual rates of production growth: China (+7.0% per year) and the Philippines (+6.7% per year).

In 2010, the global average yield of bananas totaled 21 tonne per ha, increasing by 3.4% against the previous year. The yield figure increased at an average annual rate of +2.5% over the period from 2007 to 2010; the trend pattern remained consistent, with only minor fluctuations being observed throughout the analyzed period. The growth pace was the most rapid in 2010 when yield increased by 3.4% y-o-y. In that year, the average banana yield attained its peak level and is likely to continue its growth in the immediate term. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

In 2010, the global harvested area of bananas stood at 5.4M ha, growing by 1.6% against the previous year. The harvested area increased at an average annual rate of +2.2% from 2007 to 2010; the trend pattern remained consistent, with somewhat noticeable fluctuations being observed throughout the analyzed period. The pace of growth was the most pronounced in 2009 when harvested area increased by 2.8% y-o-y. The global banana harvested area peaked in 2010 and is likely to continue its growth in the immediate term.

Global banana consumption amounted to 109M tonnes in 2010, growing by 4% against the previous year. The total consumption volume increased at an average annual rate of +4.7% from 2007 to 2010; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2008 when consumption volume increased by 5.5% y-o-y. The global banana consumption peaked in 2010 and is expected to retain its growth in the near future.

The global banana market revenue amounted to $66.8B in 2010, surging by 1.8% 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). The market value increased at an average annual rate of +6.3% over the period from 2007 to 2010; the trend pattern remained consistent, with only minor fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2008 when the market value increased by 9.2% year-to-year. Over the period under review, the global banana market reached its maximum level in 2010 and is expected to retain its growth in the immediate term.

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 (10M tonnes), threefold. The third position in this ranking was occupied by Brazil (6.8M tonnes), with a 6.2% share.

In India, banana consumption increased at an average annual rate of +7.7% over the period from 2007-2010. In the other countries, the average annual rates were as follows: China (+8.0% per year) and Brazil (-0.4% per year).

In value terms, India ($13.6B), China ($7.8B) and the Philippines ($4.2B) were the countries with the highest levels of market value in 2010, together accounting for 38% of the global market. These countries were followed by Brazil, Rwanda, Indonesia, Tanzania, Burundi, Ecuador, the U.S., Angola and Mexico, which together accounted for a further 30%.

Ecuador (+55.5% per year) recorded the highest growth rate of banana market, among the main consuming countries over the last three-year period, while the other global leaders experienced more modest paces of growth.

The countries with the highest levels of banana per capita consumption in 2010 were Rwanda (268 kg per person), Burundi (218 kg per person) and Ecuador (181 kg per person).

From 2007 to 2010, the most notable rate of growth in terms of banana per capita consumption, amongst the main consuming countries, was attained by Ecuador, while the other global leaders experienced more modest paces of growth.

Driven by increasing demand for banana worldwide, the market is expected to continue an upward consumption trend over the next fifteen years. Market performance is forecast to decelerate, expanding with an anticipated CAGR of +1.1% for the fifteen-year period from 2010 to 2025, which is projected to bring the market volume to 128M tonnes by the end of 2025.