ASEAN: Banana Market 2025

Banana Market Size in ASEAN

After three years of growth, the ASEAN banana market decreased by -1.6% to $X in 2022. Over the period under review, consumption showed a slight reduction. The level of consumption peaked at $X in 2013; however, from 2014 to 2022, consumption failed to regain momentum.

Banana Production in ASEAN

In value terms, banana production totaled $X in 2022 estimated in export price. Over the period under review, production continues to indicate a perceptible setback. The growth pace was the most rapid in 2019 with an increase of 8.2% against the previous year. The level of production peaked at $X in 2013; however, from 2014 to 2022, production stood at a somewhat lower figure.

The countries with the highest volumes of production in 2022 were Indonesia (X tons), the Philippines (X tons) and Vietnam (X tons), together accounting for 83% of total production. Thailand, Lao People's Democratic Republic, Cambodia and Myanmar lagged somewhat behind, together accounting for a further 16%.

From 2012 to 2022, the biggest increases were recorded for Cambodia (with a CAGR of +13.5%), while production for the other leaders experienced more modest paces of growth.

The average banana yield dropped modestly to X tons per ha in 2022, waning by -4.4% against 2021 figures. The yield figure increased at an average annual rate of +2.6% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2014 when the yield increased by 33% against the previous year. The level of yield peaked at X tons per ha in 2015; however, from 2016 to 2022, the yield remained at a lower figure. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

In 2022, the total area harvested in terms of bananas production in ASEAN expanded modestly to X ha, picking up by 1.7% on 2021. Overall, the harvested area, however, continues to indicate a perceptible reduction. The most prominent rate of growth was recorded in 2020 with an increase of 11% against the previous year. Over the period under review, the harvested area dedicated to banana production reached the peak figure at X ha in 2012; however, from 2013 to 2022, the harvested area failed to regain momentum.

Banana Exports

Exports in ASEAN

In 2022, approx. X tons of bananas were exported in ASEAN; waning by -3.5% on 2021 figures. Overall, exports, however, saw a significant increase. The pace of growth appeared the most rapid in 2017 with an increase of 901%. The volume of export peaked at X tons in 2020; however, from 2021 to 2022, the exports remained at a lower figure.

In value terms, banana exports dropped modestly to $X in 2022. In general, exports, however, posted significant growth. The pace of growth was the most pronounced in 2017 with an increase of 748% against the previous year. Over the period under review, the exports hit record highs at $X in 2019; however, from 2020 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

In 2022, the Philippines (X tons) was the main exporter of bananas, achieving 60% of total exports. Vietnam (X tons) held a 15% share (based on physical terms) of total exports, which put it in second place, followed by Cambodia (13%) and Lao People's Democratic Republic (6%). Myanmar (X tons) followed a long way behind the leaders.

Exports from the Philippines decreased at an average annual rate of -12.3% from 2012 to 2022. At the same time, Myanmar (+47.8%), Vietnam (+42.5%), Cambodia (+37.9%) and Lao People's Democratic Republic (+34.6%) displayed positive paces of growth. Moreover, Myanmar emerged as the fastest-growing exporter exported in ASEAN, with a CAGR of +47.8% from 2012-2022. The Philippines (+60 p.p.) and Myanmar (+3.6 p.p.) significantly strengthened its position in terms of the total exports, while Lao People's Democratic Republic and Cambodia saw its share reduced by -4% and -4.2% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the Philippines ($X) remains the largest banana supplier in ASEAN, comprising 69% of total exports. The second position in the ranking was taken by Cambodia ($X), with an 11% share of total exports. It was followed by Vietnam, with a 10% share.

In the Philippines, banana exports remained relatively stable over the period from 2012-2022. The remaining exporting countries recorded the following average annual rates of exports growth: Cambodia (+49.5% per year) and Vietnam (+46.6% per year).

Export Prices by Country

In 2022, the export price in ASEAN amounted to $X per ton, almost unchanged from the previous year. Export price indicated a remarkable increase from 2012 to 2022: its price increased at an average annual rate of +5.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, banana export price increased by +41.9% against 2016 indices. The most prominent rate of growth was recorded in 2021 when the export price increased by 32% against the previous year. As a result, the export price reached the peak level of $X per ton, leveling off in the following year.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Myanmar ($X per ton), while Lao People's Democratic Republic ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Philippines (+15.0%), while the other leaders experienced more modest paces of growth.

Banana Imports

Imports in ASEAN

In 2022, overseas purchases of bananas decreased by -10.4% to X tons, falling for the second consecutive year after three years of growth. Overall, imports, however, enjoyed prominent growth. The most prominent rate of growth was recorded in 2020 with an increase of 32% against the previous year. As a result, imports reached the peak of X tons. From 2021 to 2022, the growth of imports remained at a lower figure.

In value terms, banana imports dropped slightly to $X in 2022. Over the period under review, imports, however, recorded a prominent increase. The pace of growth was the most pronounced in 2018 with an increase of 28% against the previous year. Over the period under review, imports reached the peak figure at $X in 2020; however, from 2021 to 2022, imports remained at a lower figure.

Imports by Country

Singapore was the major importer of bananas in ASEAN, with the volume of imports accounting for X tons, which was approx. 39% of total imports in 2022. Malaysia (X tons) took the second position in the ranking, followed by Thailand (X tons), Brunei Darussalam (X tons) and Vietnam (X tons). All these countries together held approx. 60% share of total imports.

From 2012 to 2022, the biggest increases were recorded for Vietnam (with a CAGR of +33.4%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest banana importing markets in ASEAN were Singapore ($X), Vietnam ($X) and Malaysia ($X), with a combined 83% share of total imports.

Among the main importing countries, Vietnam, with a CAGR of +62.3%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The import price in ASEAN stood at $X per ton in 2022, surging by 12% against the previous year. Over the last decade, it increased at an average annual rate of +2.1%. The most prominent rate of growth was recorded in 2017 an increase of 13% against the previous year. Over the period under review, import prices hit record highs at $X per ton in 2018; however, from 2019 to 2022, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Vietnam ($X per ton), while Thailand ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Vietnam (+21.7%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform