Global Banana Market Overview

The global banana market revenue amounted to $62.5B in 2010, growing by 1.7% 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 +6.9% over the period from 2007 to 2010; the trend pattern remained consistent, with somewhat noticeable fluctuations being recorded over the period under review. The most prominent rate of growth was recorded in 2009 with an increase of 10% year-to-year. Over the period under review, the global banana market attained its peak figure level in 2010 and is likely to see steady growth in the immediate term.

In value terms, banana production stood at $62.2B in 2010 estimated in export prices. The total output value increased at an average annual rate of +8.5% over the period from 2007 to 2010; the trend pattern remained consistent, with somewhat noticeable fluctuations throughout the analyzed period. The pace of growth was the most pronounced in 2009 with an increase of 13% year-to-year. Over the period under review, global banana production reached its peak figure level in 2010 and is likely to see steady growth in the immediate term.

India (30M tonnes) remains the largest banana producing country worldwide, accounting for 27% of total volume. Moreover, banana production in India exceeded the figures recorded by the 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.

From 2007 to 2010, the average annual rate of growth in terms of volume in India stood at +7.7%. 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).

Global average banana yield stood at 21 tonne per ha in 2010, jumping by 3.5% against the previous year. The yield figure increased at an average annual rate of +2.4% from 2007 to 2010; the trend pattern remained consistent, with somewhat noticeable fluctuations throughout the analyzed period. The growth pace was the most rapid in 2010 with an increase of 3.5% against the previous year. 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.

Global banana harvested area stood at 5.4M ha in 2010, rising by 1.6% against the previous year. The harvested area increased at an average annual rate of +2.2% over the period 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 2009 with an increase of 2.8% against the previous year. Over the period under review, the harvested area dedicated to banana production attained its peak figure in 2010 and is expected to retain its growth in the near future.

In 2010, the global consumption of bananas totaled 109M tonnes, rising by 4% against the previous year. The total consumption volume increased at an average annual rate of +4.6% from 2007 to 2010; the trend pattern remained consistent, with somewhat noticeable fluctuations in certain years. The most prominent rate of growth was recorded in 2008 when consumption volume increased by 5% year-to-year. Over the period under review, the global banana consumption attained its maximum volume in 2010 and is likely to continue its growth in the immediate term.

The global banana market revenue amounted to $62.5B in 2010, going up by 1.7% 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 +6.9% over the period from 2007 to 2010; the trend pattern remained relatively stable, with somewhat noticeable fluctuations throughout the analyzed period. The pace of growth appeared the most rapid in 2009 when the market value increased by 10% year-to-year. The global banana consumption peaked in 2010 and is expected to retain its growth in the immediate term.

India (30M 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 (10M tonnes), threefold. Brazil (6.8M tonnes) ranked third in terms of total consumption with a 6.2% share.

In India, banana consumption expanded 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, the largest banana markets worldwide were India ($13.4B), China ($7.7B) and the Philippines ($4.2B), with a combined 40% share of the global market. These countries were followed by Brazil, Indonesia, Tanzania, Ecuador, Burundi, the U.S., Rwanda, Angola and Mexico, which together accounted for a further 27%.

Among the main consuming countries, Ecuador (+54.5% per year) experienced the highest growth rate of market size, over the period under review, while banana market for 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 banana per capita consumption for 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 twenty-year period. Market performance is forecast to decelerate, expanding with an anticipated CAGR of +% for the period from 2010 to , which is projected to bring the market volume to tonnes by the end of .