Banana Market Overview in Ecuador
In value terms, banana production totaled $5.1B in 2010 estimated in export prices. Overall, the total output indicated a resilient expansion from 2007 to 2010: its value increased at an average annual rate of +9.7% over the last three-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2010 figures, banana production increased by +54.2% against 2007 indices. The pace of growth appeared the most rapid in 2008 when production volume increased by 39% year-to-year. Over the period under review, banana production attained its peak figure level in 2010 and is expected to retain its growth in the near future.
Average yield of bananas in Ecuador totaled 37 tonne per ha in 2010, jumping by 4.1% against the previous year. The yield figure increased at an average annual rate of +6.5% over the period 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 2009 when yield increased by 14% y-o-y. Over the period under review, the average banana yield reached its peak figure level in 2010 and is expected to retain 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.
Banana harvested area in Ecuador stood at 216K ha in 2010, standing approx. at the previous year. The harvested area increased at an average annual rate of +3.0% over the period from 2007 to 2010; the trend pattern remained consistent, with only minor fluctuations over the period under review. The growth pace was the most rapid in 2008 with an increase of 9.2% against the previous year. Banana harvested area peaked at 216K ha in 2009, leveling off in the following year.
The revenue of the banana market in Ecuador amounted to $1.7B in 2010, going up by 13% 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, banana consumption continues to indicate outstanding growth. The most prominent rate of growth was recorded in 2008 when the market value increased by 154% year-to-year. Banana consumption peaked in 2010 and is expected to retain its growth in the near future.