Banana Market Overview in the USA
In value terms, banana production stood at $6.4M in 2010. Overall, banana production continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2009 when production volume increased by 13% year-to-year. Banana production peaked in 2010 and is expected to retain its growth in the near future.
In 2010, the average yield of bananas in the U.S. amounted to 18 tonne per ha, dropping by -3.8% against the previous year. Over the period under review, the banana yield continues to indicate a deep slump. The growth pace was the most rapid in 2009 with an increase of 6.3% against the previous year. Banana yield peaked at 22 tonne per ha in 2007; however, from 2008 to 2010, yield failed to regain its momentum. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.
In 2010, the total area harvested in terms of bananas production in the U.S. amounted to 445 ha, approximately equating the previous year. In general, the banana harvested area continues to indicate an abrupt decline. Over the period under review, the harvested area dedicated to banana production attained 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, increasing 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 over the period under review. The most prominent rate of growth was recorded in 2009 when the market value increased by 33% y-o-y. Over the period under review, the banana market reached its peak figure level in 2010 and is likely to see steady growth in the near future.