Banana Market Overview in the USA
In value terms, banana production amounted to $6.4M in 2010. Over the period under review, banana production continues to indicate a mild decline. The most prominent rate of growth was recorded in 2009 when production volume increased by 12% y-o-y. Banana production peaked at $6.7M in 2007; however, from 2008 to 2010, production remained at a lower figure.
In 2010, the average banana yield in the U.S. stood at 18 tonne per ha, dropping by -3.8% against the previous year. In general, the banana yield continues to indicate a deep decrease. The pace of growth appeared the most rapid in 2009 when yield increased by 6.3% y-o-y. Banana yield peaked at 22 tonne per ha in 2007; however, from 2008 to 2010, 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.
Banana harvested area in the U.S. stood at 445 ha in 2010, remaining stable against the previous year. Overall, the banana harvested area continues to indicate an abrupt downturn. Over the period under review, the harvested area dedicated to banana production reached its peak figure at 526 ha in 2007; however, from 2008 to 2010, harvested area remained at a lower figure.
The revenue of the banana market in the U.S. amounted to $1.5B in 2010, picking up by 5% 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 +2.3% from 2007 to 2010; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2009 with an increase of 33% against the previous year. Over the period under review, the banana market reached its peak figure level in 2010 and is likely to see steady growth in the immediate term.