Overview of the Global Market for Banana

In 2017, the amount of bananas imported in Southern Europe totaled 1.8M tonnes, rising by 6.9% against the previous year. The total import volume increased at an average annual rate of +2.4% from 2007 to 2017; the trend pattern remained consistent, with only minor fluctuations in certain years. The growth pace was the most rapid in 2016, when it surged by 9% y-o-y. Over the period under review, banana imports attained their peak figure in 2017, and are expected to retain its growth in the near future.

In value terms, banana imports amounted to $1.2B in 2017. The total import value increased at an average annual rate of +1.8% from 2007 to 2017; the trend pattern remained consistent, with only minor fluctuations being recorded in certain years. Over the period under review, banana imports attained their maximum at $1.2B in 2014; however, from 2015 to 2017, imports remained at a lower figure.

Italy represented the largest importer of bananas in Southern Europe, with the volume of imports resulting at 775K tonnes, which was approx. 43% of total imports in 2017. Spain (333K tonnes) occupied the second position in the ranking, distantly followed by Greece (184K tonnes) and Portugal (181K tonnes). All these countries together took near 39% share of total imports. The following importers - Slovenia (76K tonnes), Croatia (71K tonnes) and Serbia (66K tonnes) each finished at a 12% share of total imports.

Imports into Italy increased at an average annual rate of +1.2% from 2007 to 2017. At the same time, Slovenia (+5.9%), Greece (+5.6%), Spain (+5.1%), Croatia (+2.6%) and Portugal (+1.3%) displayed positive paces of growth. Moreover, Slovenia emerged as the fastest growing importer in Southern Europe, with a CAGR of +5.9% from 2007-2017. Serbia experienced a relatively flat trend pattern. While the share of Slovenia (-1.8%), Greece (-4.3%), Italy (-4.9%) and Spain (-7.3%) decreased significantly, the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Italy ($524M) constitutes the largest market for imported bananas in Southern Europe, comprising 44% of global imports. The second position in the ranking was occupied by Spain ($201M), with a 17% share of global imports. It was followed by Greece, with a 11% share.

From 2007 to 2017, the average annual rate of growth in terms of value in Italy was relatively modest. The remaining importing countries recorded the following average annual rates of imports growth: Spain (+4.5% per year) and Greece (+2.8% per year).

In 2017, the banana import price in Southern Europe amounted to $663 per tonne, remaining constant against the previous year. The the banana import price continues to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2008, when it surged by 13% year-to-year. In that year, the import prices for bananas reached their peak level of $803 per tonne. From 2009 to 2017, the growth in terms of the import prices for bananas failed to regain its momentum.

Average import prices varied noticeably amongst the major importing countries. In 2017, major importing countries recorded the following import prices: in Greece ($719 per tonne) and Croatia ($714 per tonne), while Slovenia ($586 per tonne) and Spain ($603 per tonne) were amongst the lowest.

From 2007 to 2017, the most notable rate of growth in terms of import prices was attained by Croatia (+0.3% per year), while the other leaders experienced a decline in the import price figures.

In 2017, the amount of bananas exported in Southern Europe amounted to 303K tonnes, growing by 14% against the previous year. The total export volume increased at an average annual rate of +3.2% over the period from 2007 to 2017; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2017, when it surged by 14% year-to-year. In that year, banana exports reached their peak , and are likely to continue its growth in the immediate term.

In value terms, banana exports stood at $244M in 2017. The total export value increased at an average annual rate of +2.0% from 2007 to 2017; however, the trend pattern remained consistent, with somewhat noticeable fluctuations over the period under review. Over the period under review, banana exports attained their maximum at $266M in 2014; however, from 2015 to 2017, exports stood at a somewhat lower figure.

Spain represented the main exporter of bananas in Southern Europe, with the volume of exports finishing at 137K tonnes, which was near 45% of total exports in 2017. Italy (72K tonnes) ranks second in terms of the global exports with a 24% share, followed by Slovenia (15%) and Greece (15%).

From 2007 to 2017, the most notable rate of growth in terms of exports, amongst the main exporting countries, was attained by Greece (+13.5% per year), while the other leaders experienced more modest paces of growth.

In value terms, Spain ($115M) remains the largest banana supplier in Southern Europe, comprising 47% of global exports. The second position in the ranking was occupied by Italy ($54M), with a 22% share of global exports. It was followed by Slovenia, with a 16% share.

In Spain, banana exports expanded at an average annual rate of +12.9% over the period from 2007-2017. The remaining exporting countries recorded the following average annual rates of exports growth: Italy (-6.8% per year) and Slovenia (+10.1% per year).

The banana export price in Southern Europe stood at $805 per tonne in 2017, waning by -2% against the previous year. The the banana export price continues to indicate a mild downturn. The most prominent rate of growth was recorded in 2011, when the export price increased by 13% year-to-year. The level of export price peaked at $1.1 per kg in 2014; however, from 2015 to 2017, export prices stood at a somewhat lower figure.

Average export prices varied noticeably amongst the major exporting countries. In 2017, major exporting countries recorded the following export prices: in Spain ($835 per tonne) and Slovenia ($834 per tonne), while Italy ($755 per tonne) and Greece ($769 per tonne) were amongst the lowest.

From 2007 to 2017, the most notable rate of growth in terms of export prices was attained by Spain (-0.4% per year), while the other leaders experienced a decline in the export price figures.

In 2017, production of bananas in Southern Europe amounted to 454K tonnes, increasing by 3.4% against the previous year. The total output volume increased at an average annual rate of +1.7% from 2007 to 2017; the trend pattern remained relatively stable, with only minor fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2010, with an increase of 12% y-o-y. Over the period under review, banana production attained its peak figure volume in 2017, and is likely to continue its growth in the immediate term. The general positive trend in terms of banana output was largely conditioned by a mild growth of the harvested area and a slight increase in yield figures.

In value terms, banana production amounted to $377M in 2017 estimated in export prices. The total output value increased at an average annual rate of +1.2% from 2007 to 2017; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2011, when the the output figure increased by 26% year-to-year. In that year, banana production reached its peak level of $507M. From 2012 to 2017, banana production growth remained at a somewhat lower figure.

Spain (421K tonnes) remains the largest banana producing country in Southern Europe, comprising approx. 93% of total production. Moreover, banana production in Spain exceeded the figures recorded by the world's second largest producer, Portugal (28K tonnes), more than tenfold.

From 2007 to 2017, the average annual rate of growth in terms of volume in Spain amounted to +1.6%.

The banana harvested area totaled 10K ha in 2017, approximately equating the previous year. The banana harvested area continues to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2016, when the harvested area increased by 0.8% against the previous year. Over the period under review, the harvested area dedicated to banana production reached its peak figure at 10K ha in 2007; however, from 2008 to 2017, harvested area remained at a lower figure.

The country with the largest banana harvested area was Spain (9.1K ha), accounting for 89% of total harvested area. Moreover, banana harvested area in Spain exceeded the figures recorded by the world's second largest producer, Portugal (1K ha), ninefold.

From 2007 to 2017, the average annual growth rate of figure in Spain was relatively modest.

In 2017, average yield of bananas in Southern Europe totaled 44 tonne per ha, growing by 3% against the previous year. The yield figure increased at an average annual rate of +1.9% from 2007 to 2017; the trend pattern remained relatively stable, with only minor fluctuations being recorded over the period under review. The most prominent rate of growth was recorded in 2010, when the yield increased by 12% year-to-year. The level of banana yield peaked in 2017, and is likely to continue its growth in the near future.

In 2017, the banana yield in Southern Europe amounted to 44 tonne per ha, surging by 3% against the previous year. The yield figure increased at an average annual rate of +1.9% over the period from 2007 to 2017; the trend pattern remained relatively stable, with only minor fluctuations being observed over the period under review. The pace of growth was the most pronounced in 2010, when it surged by 12% year-to-year. The level of banana yield peaked in 2017, and is likely to see steady growth in the near future.

Yield varied noticeably by the country of destination; the country with the highest yield was Spain (46 tonne per ha), while Portugal amounted to 27 tonne per ha.

From 2007 to 2017, the most notable rate of growth in terms of banana yield was attained by Portugal (+2.0% per year).

The revenue of the banana market in Southern Europe amounted to $1.3B in 2017, jumping by 3.7% 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 +1.5% over the period from 2007 to 2017; the trend pattern remained consistent, with somewhat noticeable fluctuations being observed throughout the analyzed period. The most prominent rate of growth was recorded in 2008, when it surged by 21% against the previous year. Over the period under review, the banana market reached its peak figure level at $1.3B in 2014; however, from 2015 to 2017, consumption failed to regain its momentum.

In value terms, banana production stood at $377M in 2017 estimated in export prices. The total output value increased at an average annual rate of +1.2% from 2007 to 2017; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2011, with an increase of 26% against the previous year. In that year, banana production reached its peak level of $507M. From 2012 to 2017, banana production growth remained at a lower figure.

Spain (421K tonnes) constituted the country with the largest volume of banana production, comprising approx. 93% of total production. Moreover, banana production in Spain exceeded the figures recorded by the world's second largest producer, Portugal (28K tonnes), more than tenfold. The third position in this ranking was occupied by Greece (4.4K tonnes), with a 1% share.

From 2007 to 2017, the average annual rate of growth in terms of volume in Spain stood at +1.6%. The remaining producing countries recorded the following average annual rates of production growth: Portugal (+2.2% per year) and Greece (+2.1% per year).

In 2017, average yield of bananas in Southern Europe totaled 44 tonne per ha, rising by 3% against the previous year. The yield figure increased at an average annual rate of +1.9% from 2007 to 2017; the trend pattern remained relatively stable, with only minor fluctuations throughout the analyzed period. The growth pace was the most rapid in 2010, when the yield increased by 12% year-to-year. Over the period under review, the banana yield reached its peak figure level in 2017, and is expected to retain its 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 2017, approx. 10K ha of bananas were harvested in Southern Europe; remaining constant against the previous year. The banana harvested area continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2016, when it surged by 0.8% year-to-year. Over the period under review, the harvested area dedicated to banana production reached its maximum at 10K ha in 2007; however, from 2008 to 2017, harvested area remained at a lower figure.

The banana consumption stood at 1.9M tonnes in 2017, rising by 5% against the previous year. The total consumption volume increased at an average annual rate of +2.1% over the period from 2007 to 2017; the trend pattern remained consistent, with somewhat noticeable fluctuations being observed throughout the analyzed period. The pace of growth was the most pronounced in 2016, when the consumption increased by 8.3% y-o-y. Over the period under review, the banana consumption reached its peak figure volume in 2017, and is expected to retain its growth in the near future.

The countries with the highest volumes of banana consumption in 2017 were Italy (703K tonnes), Spain (618K tonnes) and Portugal (205K tonnes), with a combined 79% share of total consumption. Greece, Croatia, Serbia and Bosnia and Herzegovina lagged somewhat behind, together accounting for a further 17%.

From 2007 to 2017, the most notable rate of growth in terms of banana consumption, amongst the main consuming countries, was attained by Greece (+4.0% per year), while the other leaders experienced more modest paces of growth.

In value terms, Italy ($475M), Spain ($373M) and Portugal ($139M) constituted the countries with the highest levels of market value in 2017, together accounting for 78% of total market. Greece, Croatia, Serbia and Bosnia and Herzegovina lagged somewhat behind, together accounting for a further 18%.

Croatia (+2.9% per year) experienced the highest growth rate of banana consumption, among the main consuming countries over the last decade, while the other leaders experienced more modest paces of growth.

The countries with the highest levels of banana per capita consumption in 2017 were Portugal (20 kg per person), Croatia (17 kg per person) and Bosnia and Herzegovina (14 kg per person).

From 2007 to 2017, the most notable rate of growth in terms of banana per capita consumption, amongst the main consuming countries, was attained by Greece (+4.2% per year), while the other leaders experienced more modest paces of growth.

Driven by increasing demand for banana in Southern Europe, the market is expected to continue an upward consumption trend over the next decade. Market performance is forecast to decelerate, expanding with an anticipated CAGR of +0.7% for the eight-year period from 2017 to 2025, which is projected to bring the market volume to 2M tonnes by the end of 2025.