Global Banana Market Overview

In 2019, the global banana market decreased by -% to $ for the first time since 2015, thus ending a three-year rising trend. The market value increased at an average annual rate of +% over the period from 2007 to 2019; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2008 when the market value increased by % year-to-year. Over the period under review, the global market hit record highs at $ in 2018, and then reduced in the following year.

In value terms, banana production shrank to $ in 2019 estimated in export prices. The total output value increased at an average annual rate of +% from 2007 to 2019; the trend pattern remained relatively stable, with only minor fluctuations in certain years. The pace of growth appeared the most rapid in 2008 with an increase of % y-o-y. Over the period under review, global production reached the maximum level at $ in 2018, and then dropped in the following year.

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

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

The global average banana yield reached tonnes per ha in 2019, remaining relatively unchanged against the previous year. Over the period under review, the yield saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 when the yield increased by % against the previous year. As a result, the yield reached the peak level of tonnes per ha. From 2014 to 2019, the growth of the average banana yield failed to regain the momentum. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

In 2019, approx. ha of bananas were harvested worldwide; approximately equating the previous year. The harvested area increased at an average annual rate of +% over the period from 2007 to 2019; the trend pattern remained consistent, with somewhat noticeable fluctuations in certain years. The most prominent rate of growth was recorded in 2017 when the harvested area increased by % y-o-y. The global harvested area peaked in 2019 and is expected to retain growth in the near future.

For the third consecutive year, the global market recorded growth in consumption of bananas, which increased by % to tonnes in 2019. The total consumption volume increased at an average annual rate of +% over the period from 2007 to 2019; the trend pattern remained consistent, with only minor fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2009 with an increase of % y-o-y. Over the period under review, global consumption reached the peak volume in 2019 and is likely to continue growth in the near future.

The global banana market size reduced to $ in 2019, which is down by -% 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 +% from 2007 to 2019; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being observed throughout the analyzed period. The most prominent rate of growth was recorded in 2008 with an increase of % y-o-y. Global consumption peaked at $ in 2018, and then dropped modestly in the following year.

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

From 2007 to 2019, the average annual rate of growth in terms of volume in India stood at +%. The remaining consuming countries recorded the following average annual rates of consumption growth: China (+% per year) and Indonesia (+% per year).

In value terms, the largest banana markets worldwide were China ($), India ($) and Indonesia ($), together comprising % of the global market. These countries were followed by Brazil, Tanzania, the U.S., the Philippines, Angola, Guatemala, Colombia, Mexico and Viet Nam, which together accounted for a further %.

In terms of the main consuming countries, Colombia saw 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 2019 were Guatemala ( kg per person), Angola ( kg per person) and Tanzania ( kg per person).

From 2007 to 2019, the biggest increases were in Colombia, 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 decade. Market performance is forecast to retain its current trend pattern, expanding with an anticipated CAGR of +% for the period from 2019 to , which is projected to bring the market volume to tonnes by the end of .