Banana Market Overview in Colombia
In value terms, banana production reached $ in 2019 estimated in export prices. Overall, production showed a strong increase. The growth pace was the most rapid in 2012 with an increase of % y-o-y. Over the period under review, production reached the peak level in 2019 and is expected to retain growth in the near future.
In 2019, the average banana yield in Colombia was estimated at tonnes per ha, approximately reflecting the year before. In general, the yield showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2015 with an increase of % year-to-year. Over the period under review, the average banana yield reached the peak level at tonnes per ha in 2013; however, from 2014 to 2019, the yield stood at a somewhat 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, the banana harvested area in Colombia expanded notably to ha, with an increase of % against the previous year's figure. Over the period under review, the total harvested area indicated a prominent expansion from 2007 to 2019: its figure increased at an average annual rate of +% over the last twelve-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2019 figures, banana harvested area increased by +% against 2014 indices. The growth pace was the most rapid in 2012 when the harvested area increased by % y-o-y. Over the period under review, the harvested area dedicated to banana production reached the peak figure in 2019 and is likely to continue growth in the immediate term.
The size of the banana market in Colombia declined to $ in 2019, with a decrease of -% 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). Overall, consumption saw buoyant growth. The most prominent rate of growth was recorded in 2012 when the market value increased by % year-to-year. Over the period under review, the market reached the peak level at $ in 2013; afterwards, it flattened through to 2019.