Canada: Banana And Plantain Market 2024

Banana And Plantain Market Size in Canada

In 2022, the Canadian banana and plantain market increased by 4.7% to $X, rising for the sixth consecutive year after two years of decline. The market value increased at an average annual rate of +2.0% from 2012 to 2022; however, the trend pattern remained consistent, with only minor fluctuations being recorded in certain years. Over the period under review, the market reached the maximum level in 2022 and is likely to see gradual growth in the immediate term.

Banana And Plantain Exports

Exports from Canada

In 2022, overseas shipments of bananas and plantains increased by 4.4% to X tons, rising for the second year in a row after two years of decline. Over the period under review, exports saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 when exports increased by 166% against the previous year. As a result, the exports reached the peak of X tons. From 2019 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, banana and plantain exports skyrocketed to $X in 2022. In general, exports posted resilient growth. The most prominent rate of growth was recorded in 2018 when exports increased by 246%. The exports peaked in 2022 and are likely to continue growth in the immediate term.

Exports by Country

The United States (X tons) was the main destination for banana and plantain exports from Canada, with a 60% share of total exports. Moreover, banana and plantain exports to the United States exceeded the volume sent to the second major destination, France (X tons), threefold. The third position in this ranking was taken by Saint Pierre and Miquelon (X tons), with a 13% share.

From 2012 to 2022, the average annual growth rate of volume to the United States amounted to -3.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: France (+10.1% per year) and Saint Pierre and Miquelon (+23.5% per year).

In value terms, the United States ($X) remains the key foreign market for bananas and plantains exports from Canada, comprising 89% of total exports. The second position in the ranking was held by France ($X), with a 5.6% share of total exports. It was followed by Saint Pierre and Miquelon, with a 3.2% share.

From 2012 to 2022, the average annual growth rate of value to the United States stood at +10.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: France (+9.9% per year) and Saint Pierre and Miquelon (+22.6% per year).

Export Prices by Country

The average banana and plantain export price stood at $X per ton in 2022, rising by 11% against the previous year. Overall, the export price showed a resilient expansion. The most prominent rate of growth was recorded in 2021 an increase of 86% against the previous year. The export price peaked in 2022 and is expected to retain growth in the near future.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to Saint Pierre and Miquelon ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to the United States (+15.1%), while the prices for the other major destinations experienced a decline.

Banana And Plantain Imports

Imports into Canada

In 2022, supplies from abroad of bananas and plantains decreased by -2.4% to X tons, falling for the second year in a row after five years of growth. The total import volume increased at an average annual rate of +1.3% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2017 with an increase of 41% against the previous year. Imports peaked at X tons in 2020; however, from 2021 to 2022, imports remained at a lower figure.

In value terms, banana and plantain imports expanded notably to $X in 2022. The total import value increased at an average annual rate of +2.3% from 2012 to 2022; however, the trend pattern remained consistent, with somewhat noticeable fluctuations throughout the analyzed period. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2022, Guatemala (X tons) constituted the largest supplier of banana and plantain to Canada, with a 50% share of total imports. Moreover, banana and plantain imports from Guatemala exceeded the figures recorded by the second-largest supplier, Costa Rica (X tons), fourfold. Colombia (X tons) ranked third in terms of total imports with an 11% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Guatemala totaled +6.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Costa Rica (-2.6% per year) and Colombia (-3.8% per year).

In value terms, Guatemala ($X) constituted the largest supplier of bananas and plantains to Canada, comprising 50% of total imports. The second position in the ranking was held by Costa Rica ($X), with a 13% share of total imports. It was followed by Colombia, with an 11% share.

From 2012 to 2022, the average annual growth rate of value from Guatemala totaled +7.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Costa Rica (-2.3% per year) and Colombia (-1.6% per year).

Import Prices by Country

The average banana and plantain import price stood at $X per ton in 2022, picking up by 9.3% against the previous year. In general, the import price continues to indicate a modest increase. The most prominent rate of growth was recorded in 2015 when the average import price increased by 31% against the previous year. As a result, import price reached the peak level of $X per ton. From 2016 to 2022, the average import prices failed to regain momentum.

Average prices varied somewhat amongst the major supplying countries. In 2022, amid the top importers, the countries with the highest prices were Ecuador ($X per ton) and Colombia ($X per ton), while the price for Costa Rica ($X per ton) and Honduras ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Colombia (+2.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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