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Canada - Bananas - Market Analysis, Forecast, Size, Trends And Insights
Report Update: Nov 1, 2024

Canada - Bananas - Market Analysis, Forecast, Size, Trends And Insights

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Mar 20, 2023

Canada's Banana Price Shrinks to $812 per Ton

Canada Banana Import Price in December 2022

In December 2022, the banana price amounted to $812 per ton (CIF, Canada), which is down by -1.5% against the previous month. Over the period under review, the import price, however, recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in July 2022 an increase of 3.1% m-o-m. Over the period under review, average import prices attained the maximum at $829 per ton in August 2022; however, from September 2022 to December 2022, import prices stood at a somewhat lower figure.

Average prices varied somewhat amongst the major supplying countries. In December 2022, the highest price was recorded for prices from Ecuador ($938 per ton) and Colombia ($826 per ton), while the price for Honduras ($699 per ton) and Costa Rica ($748 per ton) were amongst the lowest.

From January 2022 to December 2022, the most notable rate of growth in terms of prices was attained by Ecuador (+0.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Canada Banana Imports

In December 2022, imports of bananas into Canada shrank modestly to 45K tons, with a decrease of -4.1% compared with the month before. Over the period under review, imports, however, showed a relatively flat trend pattern. The pace of growth appeared the most rapid in March 2022 when imports increased by 10% month-to-month. Imports peaked at 51K tons in June 2022; however, from July 2022 to December 2022, imports remained at a lower figure.

In value terms, banana imports contracted to $37M (IndexBox estimates) in December 2022. Overall, imports, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in March 2022 with an increase of 9.7% month-to-month. Imports peaked at 41K tons in June 2022; however, from July 2022 to December 2022, imports remained at a lower figure.

Canada Banana Imports by Country

In December 2022, Guatemala (23K tons) constituted the largest banana supplier to Canada, accounting for a 52% share of total imports. Moreover, banana imports from Guatemala exceeded the figures recorded by the second-largest supplier, Costa Rica (5.8K tons), fourfold. The third position in this ranking was held by Colombia (5K tons), with an 11% share.

From January 2022 to December 2022, the average monthly rate of growth in terms of volume from Guatemala totaled +1.4%. The remaining supplying countries recorded the following average monthly rates of imports growth: Costa Rica (-2.3% per month) and Colombia (+4.8% per month).

In value terms, Guatemala ($19M) constituted the largest supplier of banana to Canada, comprising 52% of total imports. The second position in the ranking was taken by Costa Rica ($4.3M), with a 12% share of total imports. It was followed by Colombia, with an 11% share.

From January 2022 to December 2022, the average monthly growth rate of value from Guatemala totaled +1.8%. The remaining supplying countries recorded the following average monthly rates of imports growth: Costa Rica (-2.1% per month) and Colombia (+4.2% per month).

Factors Affecting Banana Prices

The significant decrease in price can be attributed to a few factors, including oversupply and increased competition in the market.

Firstly, oversupply is one of the primary reasons why banana prices have been steadily dropping. Many producers have expanded their operations in recent years, leading to an excess supply of bananas. With too many bananas being produced and too few customers to buy them, the price has naturally gone down.

Another factor contributing to the decrease in price is increased competition in the market. As more and more players enter the arena, it becomes harder and harder for any one producer to maintain their prices. With so many options for consumers to choose from, producers are forced to lower their prices in order to remain competitive.

Source: IndexBox Market Intelligence Platform

This report provides an in-depth analysis of the banana market in Canada. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.

Product coverage:

  • FCL 486 - Bananas

Country coverage:

  • Canada

Data coverage:

  • Market volume and value
  • Per Capita consumption
  • Forecast of the market dynamics in the medium term
  • Trade (exports and imports) in Canada
  • Export and import prices
  • Market trends, drivers and restraints
  • Key market players and their profiles

Reasons to buy this report:

  • Take advantage of the latest data
  • Find deeper insights into current market developments
  • Discover vital success factors affecting the market

This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.

In this report, you can find information that helps you to make informed decisions on the following issues:

  1. How to diversify your business and benefit from new market opportunities
  2. How to load your idle production capacity
  3. How to boost your sales on overseas markets
  4. How to increase your profit margins
  5. How to make your supply chain more sustainable
  6. How to reduce your production and supply chain costs
  7. How to outsource production to other countries
  8. How to prepare your business for global expansion

While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.

  1. 1. INTRODUCTION

    Making Data-Driven Decisions to Grow Your Business

    1. REPORT DESCRIPTION
    2. RESEARCH METHODOLOGY AND AI PLATFORM
    3. DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
    4. GLOSSARY AND SPECIFIC TERMS

  2. 2. EXECUTIVE SUMMARY

    A Quick Overview of Market Performance

    1. KEY FINDINGS
    2. MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO

  3. 3. MARKET OVERVIEW

    Understanding the Current State of The Market and Its Prospects

    1. MARKET SIZE
    2. MARKET STRUCTURE
    3. TRADE BALANCE
    4. PER CAPITA CONSUMPTION
    5. MARKET FORECAST TO 2030

  4. 4. MOST PROMISING PRODUCT

    Finding New Products to Diversify Your Business

    This Chapter is Available Only for the Professional Edition PRO
    1. TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
    2. BEST-SELLING PRODUCTS
    3. MOST CONSUMED PRODUCT
    4. MOST TRADED PRODUCT
    5. MOST PROFITABLE PRODUCT FOR EXPORT

  5. 5. MOST PROMISING SUPPLYING COUNTRIES

    Choosing the Best Countries to Establish Your Sustainable Supply Chain

    This Chapter is Available Only for the Professional Edition PRO
    1. TOP COUNTRIES TO SOURCE YOUR PRODUCT
    2. TOP PRODUCING COUNTRIES
    3. COUNTRIES WITH TOP YIELDS
    4. TOP EXPORTING COUNTRIES
    5. LOW-COST EXPORTING COUNTRIES

  6. 6. MOST PROMISING OVERSEAS MARKETS

    Choosing the Best Countries to Boost Your Exports

    This Chapter is Available Only for the Professional Edition PRO
    1. TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
    2. TOP CONSUMING MARKETS
    3. UNSATURATED MARKETS
    4. TOP IMPORTING MARKETS
    5. MOST PROFITABLE MARKETS

  7. 7. PRODUCTION

    The Latest Trends and Insights into The Industry

    1. PRODUCTION, HARVESTED AREA AND YIELD

  8. 8. IMPORTS

    The Largest Import Supplying Countries

    1. IMPORTS FROM 2012–2023
    2. IMPORTS BY COUNTRY
    3. IMPORT PRICES BY COUNTRY

  9. 9. EXPORTS

    The Largest Destinations for Exports

    1. EXPORTS FROM 2012–2023
    2. EXPORTS BY COUNTRY
    3. EXPORT PRICES BY COUNTRY

  10. 10. PROFILES OF MAJOR PRODUCERS

    The Largest Producers on The Market and Their Profiles

    This Chapter is Available Only for the Professional Edition PRO

  11. LIST OF TABLES

    1. Key Findings In 2023
    2. Market Volume, In Physical Terms, 2012–2023
    3. Market Value, 2012–2023
    4. Per Capita Consumption In 2012-2023
    5. Imports, In Physical Terms, By Country, 2012–2023
    6. Imports, In Value Terms, By Country, 2012–2023
    7. Import Prices, By Country Of Origin, 2012–2023
    8. Exports, In Physical Terms, By Country, 2012–2023
    9. Exports, In Value Terms, By Country, 2012–2023
    10. Export Prices, By Country Of Destination, 2012–2023

  12. LIST OF FIGURES

    1. Market Volume, In Physical Terms, 2012–2023
    2. Market Value, 2012–2023
    3. Market Structure – Domestic Supply vs. Imports, In Physical Terms, 2012-2023
    4. Market Structure – Domestic Supply vs. Imports, In Value Terms, 2012-2023
    5. Trade Balance, In Physical Terms, 2012-2023
    6. Trade Balance, In Value Terms, 2012-2023
    7. Per Capita Consumption, 2012-2023
    8. Market Volume Forecast to 2030
    9. Market Value Forecast to 2030
    10. Products: Market Size And Growth, By Type
    11. Products: Average Per Capita Consumption, By Type
    12. Products: Exports And Growth, By Type
    13. Products: Export Prices And Growth, By Type
    14. Production Volume And Growth
    15. Yield And Growth
    16. Exports And Growth
    17. Export Prices And Growth
    18. Market Size And Growth
    19. Per Capita Consumption
    20. Imports And Growth
    21. Import Prices
    22. Production, In Physical Terms, 2012–2023
    23. Production, In Value Terms, 2012–2023
    24. Area Harvested, 2012–2023
    25. Yield, 2012–2023
    26. Imports, In Physical Terms, 2012–2023
    27. Imports, In Value Terms, 2012–2023
    28. Imports, In Physical Terms, By Country, 2023
    29. Imports, In Physical Terms, By Country, 2012–2023
    30. Imports, In Value Terms, By Country, 2012–2023
    31. Import Prices, By Country Of Origin, 2012–2023
    32. Exports, In Physical Terms, 2012–2023
    33. Exports, In Value Terms, 2012–2023
    34. Exports, In Physical Terms, By Country, 2023
    35. Exports, In Physical Terms, By Country, 2012–2023
    36. Exports, In Value Terms, By Country, 2012–2023
    37. Export Prices, By Country Of Destination, 2012–2023

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