Asia: Banana Market 2024

Banana Market Size in Asia

In 2022, the Asian banana market decreased by -0.5% to $X for the first time since 2019, thus ending a two-year rising trend. In general, consumption, however, continues to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2017 with an increase of 10% against the previous year. The level of consumption peaked at $X in 2013; however, from 2014 to 2022, consumption remained at a lower figure.

Banana Production in Asia

In value terms, banana production totaled $X in 2022 estimated in export price. Over the period under review, production showed a relatively flat trend pattern. The growth pace was the most rapid in 2017 when the production volume increased by 23% against the previous year. Over the period under review, production hit record highs at $X in 2013; however, from 2014 to 2022, production failed to regain momentum.

The country with the largest volume of banana production was India (X tons), accounting for 48% of total volume. Moreover, banana production in India exceeded the figures recorded by the second-largest producer, China (X tons), threefold. The third position in this ranking was held by Indonesia (X tons), with a 12% share.

In India, banana production increased at an average annual rate of +2.2% over the period from 2012-2022. The remaining producing countries recorded the following average annual rates of production growth: China (+0.1% per year) and Indonesia (+3.2% per year).

The average banana yield dropped to X tons per ha in 2022, remaining relatively unchanged against the year before. The yield figure increased at an average annual rate of +1.6% from 2012 to 2022; 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 2014 with an increase of 14%. The level of yield peaked at X tons per ha in 2021, and then fell in the following year. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

The banana harvested area shrank to X ha in 2022, approximately equating the previous year. In general, the harvested area showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2020 when the harvested area increased by 5.2% against the previous year. Over the period under review, the harvested area dedicated to banana production reached the maximum at X ha in 2012; afterwards, it flattened through to 2022.

Banana Exports

Exports in Asia

In 2022, approx. X tons of bananas were exported in Asia; falling by -5.1% on the year before. In general, exports, however, continue to indicate a significant expansion. The pace of growth was the most pronounced in 2017 when exports increased by 296%. 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 to $X in 2022. Overall, exports, however, posted a significant expansion. The most prominent rate of growth was recorded in 2017 with an increase of 230%. The level of export peaked at $X in 2019; however, from 2020 to 2022, the exports failed to regain momentum.

Exports by Country

The Philippines was the main exporting country with an export of about X tons, which finished at 48% of total exports. It was distantly followed by India (X tons), Vietnam (X tons), Cambodia (X tons) and Lao People's Democratic Republic (X tons), together comprising a 40% share of total exports. The following exporters - Pakistan (X tons) and Myanmar (X tons) - together made up 7.4% of total exports.

From 2012 to 2022, average annual rates of growth with regard to banana exports from the Philippines stood at -12.3%. At the same time, Myanmar (+47.8%), Vietnam (+42.5%), Cambodia (+37.9%), Lao People's Democratic Republic (+34.6%), India (+33.1%) and Pakistan (+15.9%) displayed positive paces of growth. Moreover, Myanmar emerged as the fastest-growing exporter exported in Asia, with a CAGR of +47.8% from 2012-2022. The Philippines (+48 p.p.), India (+13 p.p.), Vietnam (+6.5 p.p.), Cambodia (+3.9 p.p.) and Myanmar (+2.9 p.p.) significantly strengthened its position in terms of the total exports, while Pakistan saw its share reduced by -11.7% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the Philippines ($X) remains the largest banana supplier in Asia, comprising 60% of total exports. The second position in the ranking was held by Cambodia ($X), with a 9.2% share of total exports. It was followed by Vietnam, with an 8.9% 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 Asia amounted to $X per ton, standing approx. at the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +2.4%. The most prominent rate of growth was recorded in 2019 when the export price increased by 25% against the previous year. The level of export peaked at $X per ton in 2021, and then dropped modestly 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 ($X per ton), while Pakistan ($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 Asia

In 2022, purchases abroad of bananas decreased by -5.2% to X tons, falling for the fourth consecutive year after two years of growth. Total imports indicated a noticeable expansion from 2012 to 2022: its volume increased at an average annual rate of +3.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports decreased by -11.0% against 2018 indices. The most prominent rate of growth was recorded in 2014 with an increase of 23%. The volume of import peaked at X tons in 2018; however, from 2019 to 2022, imports remained at a lower figure.

In value terms, banana imports declined slightly to $X in 2022. The total import value increased at an average annual rate of +3.6% 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 imports increased by 25% against the previous year. The level of import peaked at $X in 2019; however, from 2020 to 2022, imports stood at a somewhat lower figure.

Imports by Country

China was the major importing country with an import of about X tons, which recorded 37% of total imports. Japan (X tons) ranks second in terms of the total imports with a 22% share, followed by South Korea (6.6%), Iraq (5.8%) and Iran (5.3%). The United Arab Emirates (X tons), Uzbekistan (X tons), Kazakhstan (X tons) and Afghanistan (X tons) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by the United Arab Emirates (with a CAGR of +54.7%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest banana importing markets in Asia were China ($X), Japan ($X) and South Korea ($X), with a combined 72% share of total imports. Iran, Iraq, the United Arab Emirates, Uzbekistan, Kazakhstan and Afghanistan lagged somewhat behind, together accounting for a further 16%.

Among the main importing countries, the United Arab Emirates, with a CAGR of +51.3%, recorded the highest growth rate of 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

In 2022, the import price in Asia amounted to $X per ton, surging by 5.2% against the previous year. In general, the import price, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2019 when the import price increased by 5.5%. The level of import peaked at $X per ton in 2014; however, from 2015 to 2022, import prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was South Korea ($X per ton), while Afghanistan ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by South Korea (+2.7%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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