Banana Market Overview in Australia
In value terms, banana production amounted to $ in 2019 estimated in export prices. Over the period under review, production posted a moderate expansion. The most prominent rate of growth was recorded in 2016 with an increase of % against the previous year. Banana production peaked at $ in 2017; however, from 2018 to 2019, production failed to regain the momentum.
The average yield of bananas in Australia expanded to tonnes per ha in 2019, increasing by % compared with 2018. Overall, the yield indicated noticeable growth from 2007 to 2019: its figure increased at an average annual rate of +% over the last twelve years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2019 figures, banana yield increased by +% against 2014 indices. The pace of growth was the most pronounced in 2017 with an increase of % against the previous year. Over the period under review, the average banana yield attained the maximum level in 2019 and is likely to see gradual growth in the near future. 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 Australia totaled ha, remaining stable against the year before. Overall, the harvested area showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 when the harvested area increased by % against the previous year. As a result, the harvested area reached the peak level of ha. From 2017 to 2019, the growth of the banana harvested area failed to regain the momentum.
The revenue of the banana market in Australia was estimated at $ in 2019, picking up 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). Overall, consumption showed measured growth. The growth pace was the most rapid in 2016 with an increase of % year-to-year. Over the period under review, the market hit record highs at $ in 2017; however, from 2018 to 2019, consumption failed to regain the momentum.