Global Banana Market Overview

The global banana market revenue amounted to $65.4B in 2010, picking up by 1.5% 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 +6.6% from 2007 to 2010; the trend pattern remained consistent, with somewhat noticeable fluctuations being observed in certain years. The growth pace was the most rapid in 2009 with an increase of 9.3% y-o-y. Over the period under review, the global banana market attained its peak figure level in 2010 and is expected to retain its growth in the near future.

In value terms, banana production totaled $63.1B in 2010 estimated in export prices. The total output value increased at an average annual rate of +8.1% over the period from 2007 to 2010; the trend pattern remained consistent, with only minor fluctuations being observed over the period under review. The pace of growth appeared the most rapid in 2008 with an increase of 13% year-to-year. The global banana production peaked in 2010 and is likely to continue its 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 Philippines (9.1M tonnes) ranked third in terms of total production with a 8.2% share.

In India, banana production increased 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 banana yield amounted to 20 tonne per ha, growing by 3.5% against the previous year. The yield figure increased at an average annual rate of +2.5% from 2007 to 2010; the trend pattern remained relatively stable, with somewhat noticeable fluctuations over the period under review. The most prominent rate of growth was recorded in 2010 with an increase of 3.5% year-to-year. In that year, the average banana yield reached 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 totaled 5.4M ha in 2010, surging 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 somewhat noticeable fluctuations being recorded throughout the analyzed period. 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 maximum in 2010 and is likely to continue its growth in the near future.

Global banana consumption stood at 109M tonnes in 2010, growing by 4.2% against the previous year. The total consumption volume increased at an average annual rate of +4.7% 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 5% year-to-year. The global banana consumption peaked in 2010 and is likely to see steady growth in the immediate term.

The global banana market revenue amounted to $65.4B in 2010, going up by 1.5% 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 +6.6% from 2007 to 2010; the trend pattern remained relatively stable, with somewhat noticeable fluctuations throughout the analyzed period. The growth pace was the most rapid in 2009 with an increase of 9.3% y-o-y. The global banana consumption peaked in 2010 and is expected to retain its growth in the near future.

The country with the largest volume of banana consumption was India (30M tonnes), 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 6.3% 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), together accounting for 39% of the global market. Brazil, Rwanda, Indonesia, Tanzania, Burundi, Ecuador, the U.S., Angola and Mexico lagged somewhat behind, together accounting for a further 30%.

In terms of the main consuming countries, Ecuador (+54.5% per year) experienced the highest rates of growth with regard to 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 years. 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 .