Canada: Banana Market 2024

Banana Market Size in Canada

In 2022, the Canadian banana market increased by 3.7% to $X, rising for the sixth year in a row after two years of decline. The market value increased at an average annual rate of +1.8% from 2012 to 2022; however, the trend pattern remained relatively stable, with only minor fluctuations being recorded throughout the analyzed period. Banana consumption peaked in 2022 and is expected to retain growth in the near future.

Banana Exports

Exports from Canada

Banana exports from Canada amounted to X tons in 2022, surging by 6.5% against the previous year's figure. Overall, exports showed a prominent increase. The pace of growth appeared the most rapid in 2021 when exports increased by 106% against the previous year. Over the period under review, the exports hit record highs in 2022 and are expected to retain growth in years to come.

In value terms, banana exports surged to $X in 2022. In general, exports saw strong growth. The most prominent rate of growth was recorded in 2018 with an increase of 162%. The exports peaked in 2022 and are expected to retain growth in the immediate term.

Exports by Country

The United States (X tons) was the main destination for banana exports from Canada, with a 76% share of total exports. Moreover, banana exports to the United States exceeded the volume sent to the second major destination, France (X tons), sevenfold. Saint Pierre and Miquelon (X tons) ranked third in terms of total exports with an 8% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to the United States stood at +4.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: France (+10.0% per year) and Saint Pierre and Miquelon (+23.5% per year).

In value terms, the United States ($X) remains the key foreign market for bananas exports from Canada, comprising 89% of total exports. The second position in the ranking was taken by France ($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 rate of growth in terms of value to the United States amounted to +12.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: France (+9.8% per year) and Saint Pierre and Miquelon (+22.6% per year).

Export Prices by Country

The average banana export price stood at $X per ton in 2022, picking up by 8.7% against the previous year. Overall, the export price continues to indicate a prominent expansion. The pace of growth appeared the most rapid in 2018 when the average export price increased by 66% against the previous year. Over the period under review, the average export prices reached the maximum at $X per ton in 2019; however, from 2020 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices for the major export 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 (+8.1%), while the prices for the other major destinations experienced a decline.

Banana Imports

Imports into Canada

In 2022, overseas purchases of bananas decreased by -2.6% to X tons, falling for the second consecutive year after two years of growth. The total import volume increased at an average annual rate of +1.1% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2017 when imports increased by 42%. Over the period under review, imports attained the peak figure at X tons in 2020; however, from 2021 to 2022, imports stood at a somewhat lower figure.

In value terms, banana imports amounted to $X in 2022. The total import value increased at an average annual rate of +2.0% from 2012 to 2022; however, the trend pattern remained consistent, with somewhat noticeable fluctuations in certain years. 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 banana supplier to Canada, with a 49% share of total imports. Moreover, banana imports from Guatemala exceeded the figures recorded by the second-largest supplier, Costa Rica (X tons), threefold. 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 +5.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Costa Rica (-2.6% per year) and Colombia (-3.7% per year).

In value terms, Guatemala ($X) constituted the largest supplier of bananas to Canada, comprising 49% of total imports. The second position in the ranking was held by Costa Rica ($X), with a 13% share of total imports. It was followed by Colombia, with an 11% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Guatemala amounted to +6.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Costa Rica (-2.3% per year) and Colombia (-1.4% per year).

Import Prices by Country

In 2022, the average banana import price amounted to $X per ton, growing by 8.5% against the previous year. In general, the import price recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2015 an increase of 33%. As a result, import price reached the peak level of $X per ton. From 2016 to 2022, the average import prices remained at a lower figure.

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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