Cayman Islands: Banana Market 2020

Banana Market Size in Cayman Islands

The revenue of the banana market in Cayman Islands amounted to $X in 2018, going down by -X% against the previous year. In general, the total market indicated a noticeable increase from 2007 to 2018: its value decreased at an average annual rate of -X% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2018 figures, banana consumption increased by +X% against 2014 indices. The most prominent rate of growth was recorded in 2009 with an increase of X% against the previous year. In that year, the banana market attained its peak level of $X. From 2010 to 2018, the growth of the banana market remained at a lower figure.

Banana Production in Cayman Islands

In value terms, banana production amounted to $X in 2018 estimated in export prices. Over the period under review, banana production continues to indicate slight growth. The most prominent rate of growth was recorded in 2017 with an increase of X% against the previous year. Over the period under review, banana production reached its maximum level in 2018 and is expected to retain its growth in the near future.

In 2018, the average yield of bananas in Cayman Islands totaled X kg per ha, falling by -X% against the previous year. In general, the banana yield continues to indicate a drastic downturn. The pace of growth appeared the most rapid in 2010 when yield increased by X% against the previous year. The global banana yield peaked at X ton per ha in 2007; however, from 2008 to 2018, 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 2018, the total area harvested in terms of bananas production in Cayman Islands stood at X ha, picking up by X% against the previous year. Overall, the total harvested area indicated strong growth from 2007 to 2018: its figure increased at an average annual rate of +X% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2018 figures, banana harvested area increased by +X% against 2010 indices. The most prominent rate of growth was recorded in 2011 when harvested area increased by X% year-to-year. The global banana harvested area peaked in 2018 and is expected to retain its growth in the near future.

Banana Exports

Exports by Country

In 2018, Ecuador (X tons), distantly followed by Costa Rica (X tons), Guatemala (X tons), the Philippines (X tons), Colombia (X tons) and Belgium (X tons) were the major exporters of bananas, together comprising X% of total exports. The following exporters - the Netherlands (X tons), Honduras (X tons), the U.S. (X tons), Mexico (X tons), Cote d'Ivoire (X tons) and Cameroon (X tons) - together made up X% of total exports.

Ecuador experienced a relatively flat trend pattern of bananas exports. At the same time, Mexico (+X%), the Netherlands (+X%), Guatemala (+X%), Cote d'Ivoire (+X%), Cameroon (+X%), the U.S. (+X%) and Belgium (+X%) displayed positive paces of growth. Moreover, Mexico emerged as the fastest-growing exporter in the world, with a CAGR of +X% from 2007-2018. Honduras, Colombia, Costa Rica and the Philippines experienced a relatively flat trend pattern. Guatemala (+X p.p.), the Netherlands (+X p.p.), Mexico (+X p.p.) and Ecuador (+X p.p.) significantly strengthened its position in terms of the global exports, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Ecuador ($X) remains the largest banana supplier from Cayman Islands, comprising X% of global exports. The second position in the ranking was occupied by Costa Rica ($X), with a X% share of global exports. It was followed by Guatemala, with a X% share.

In Ecuador, banana exports increased at an average annual rate of +X% over the period from 2007-2018. In the other countries, the average annual rates were as follows: Costa Rica (+X% per year) and Guatemala (+X% per year).

Export Prices by Country

In 2018, the banana export price in Cayman Islands amounted to $X per ton, standing approx. at the previous year. Over the period under review, the banana export price continues to indicate a relatively flat trend pattern.

There were significant differences in the average prices amongst the major exporting countries. In 2018, the country with the highest price was the Netherlands ($X per ton), while Mexico ($X per ton) was amongst the lowest.

From 2007 to 2018, the most notable rate of growth in terms of prices was attained by Cameroon, while the other leaders experienced more modest paces of growth.

Banana Imports

Imports into Cayman Islands

In 2018, approx. X tons of bananas were imported into Cayman Islands; dropping by -X% against the previous year. In general, banana imports continue to indicate a slight deduction. The most prominent rate of growth was recorded in 2012 with an increase of X% against the previous year. Cayman Islands imports peaked at X tons in 2009; however, from 2010 to 2018, imports remained at a lower figure.

In value terms, banana imports stood at $X in 2018. Overall, banana imports continue to indicate a strong expansion. The pace of growth was the most pronounced in 2009 with an increase of X% y-o-y. Cayman Islands imports peaked at $X in 2017, and then declined slightly in the following year.

Imports by Country

In 2018, the U.S. (X tons) was the key importer of bananas, generating X% of total imports. Russia (X tons) took a X% share (based on tons) of total imports, which put it in second place, followed by Germany (X%), Belgium (X%), China (X%) and the UK (X%). Japan (X tons), Italy (X tons), France (X tons), the Netherlands (X tons), Canada (X tons) and Iran (X tons) followed a long way behind the leaders.

Imports into the U.S. increased at an average annual rate of +X% from 2007 to 2018. At the same time, China (+X%), the Netherlands (+X%), Iran (+X%), Russia (+X%), France (+X%), Canada (+X%) and Italy (+X%) displayed positive paces of growth. Moreover, China emerged as the fastest-growing importer in the world, with a CAGR of +X% from 2007-2018. The UK, Belgium, Japan and Germany experienced a relatively flat trend pattern. From 2007 to 2018, the share of the U.S., China, Russia and the Netherlands increased by +X%, +X%, +X% and +X% percentage points, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the U.S. ($X) constitutes the largest market for imported bananas into Cayman Islands, comprising X% of global imports. The second position in the ranking was occupied by Belgium ($X), with a X% share of global imports. It was followed by Russia, with a X% share.

In the U.S., banana imports increased at an average annual rate of +X% over the period from 2007-2018. The remaining importing countries recorded the following average annual rates of imports growth: Belgium (-X% per year) and Russia (+X% per year).

Import Prices by Country

The banana import price in Cayman Islands stood at $X per ton in 2018, waning by -X% against the previous year. In general, the banana import price, however, continues to indicate a prominent increase. The growth pace was the most rapid in 2009 an increase of X% y-o-y. Over the period under review, the import prices for bananas reached their maximum at $X per ton in 2017, and then declined slightly in the following year.

There were significant differences in the average prices amongst the major importing countries. In 2018, the country with the highest price was Belgium ($X per ton), while Iran ($X per ton) was amongst the lowest.

From 2007 to 2018, the most notable rate of growth in terms of prices was attained by China, while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform