Colombia: Banana Market 2024

Banana Market Size in Colombia

In 2022, after two years of decline, there was growth in the Colombian banana market, when its value increased by 3.6% to $X. Over the period under review, consumption, however, showed a abrupt decline. Banana consumption peaked at $X in 2013; however, from 2014 to 2022, consumption failed to regain momentum.

Banana Production in Colombia

In value terms, banana production fell to $X in 2022 estimated in export price. Over the period under review, production saw a perceptible downturn. The pace of growth was the most pronounced in 2018 with an increase of 29%. Over the period under review, production hit record highs at $X in 2015; however, from 2016 to 2022, production failed to regain momentum.

In 2022, the average banana yield in Colombia reached X tons per ha, almost unchanged from the previous year's figure. Over the period under review, the yield, however, continues to indicate a mild reduction. The pace of growth appeared the most rapid in 2015 with an increase of 11% against the previous year. Over the period under review, the average banana yield reached the maximum level at X tons per ha in 2013; however, from 2014 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.

The banana harvested area in Colombia declined slightly to X ha in 2022, almost unchanged from 2021 figures. Overall, the harvested area saw a perceptible setback. The growth pace was the most rapid in 2018 with an increase of 23%. Over the period under review, the harvested area dedicated to banana production attained the peak figure at X ha in 2012; however, from 2013 to 2022, the harvested area stood at a somewhat lower figure.

Banana Exports

Exports from Colombia

After three years of growth, overseas shipments of bananas decreased by -1.6% to X tons in 2022. The total export volume increased at an average annual rate of +1.8% from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations throughout the analyzed period. The most prominent rate of growth was recorded in 2016 with an increase of 16% against the previous year. The exports peaked at X tons in 2021, and then fell in the following year.

In value terms, banana exports fell to $X in 2022. The total export value increased at an average annual rate of +1.8% from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being observed in certain years. The most prominent rate of growth was recorded in 2016 when exports increased by 13% against the previous year. Over the period under review, the exports attained the maximum at $X in 2021, and then dropped slightly in the following year.

Exports by Country

Belgium (X tons), the United States (X tons) and the UK (X tons) were the main destinations of banana exports from Colombia, together accounting for 48% of total exports. Italy, Germany, the Netherlands and Poland lagged somewhat behind, together comprising a further 32%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Poland (with a CAGR of +66.2%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for banana exported from Colombia were Belgium ($X), the United States ($X) and the UK ($X), with a combined 49% share of total exports. Italy, Germany, the Netherlands and Poland lagged somewhat behind, together comprising a further 32%.

Poland, with a CAGR of +67.9%, saw the highest rates of growth with regard to the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average banana export price stood at $X per ton in 2022, approximately equating the previous year. Over the period under review, the export price recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 when the average export price increased by 3.6% against the previous year. Over the period under review, the average export prices reached the peak figure at $X per ton in 2015; however, from 2016 to 2022, the export prices remained at a lower figure.

Average prices varied noticeably for the major external markets. In 2022, amid the top suppliers, the highest price was recorded for prices to the Netherlands ($X per ton) and the UK ($X per ton), while the average price for exports to Poland ($X per ton) and Italy ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to the Netherlands (+1.1%), while the prices for the other major destinations experienced more modest paces of growth.

Banana Imports

Imports into Colombia

In 2022, banana imports into Colombia surged to X tons, with an increase of 41% on the previous year. Overall, imports posted a perceptible expansion. The most prominent rate of growth was recorded in 2014 when imports increased by 72% against the previous year. Over the period under review, imports hit record highs at X tons in 2016; however, from 2017 to 2022, imports remained at a lower figure.

In value terms, banana imports shrank remarkably to $X in 2022. In general, imports saw a notable expansion. The pace of growth appeared the most rapid in 2014 when imports increased by 72% against the previous year. Over the period under review, imports reached the maximum at $X in 2017; however, from 2018 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, Ecuador (X tons) was the main supplier of banana to Colombia, accounting for a approx. 100% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of volume from Ecuador totaled +2.1%.

In value terms, Ecuador ($X) constituted the largest supplier of bananas to Colombia.

From 2012 to 2022, the average annual growth rate of value from Ecuador amounted to +2.7%.

Import Prices by Country

The average banana import price stood at $X per ton in 2022, declining by -39.7% against the previous year. Overall, the import price, however, showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 an increase of 66% against the previous year. As a result, import price reached the peak level of $X per ton, and then fell dramatically in the following year.

As there is only one major supplying country, the average price level is determined by prices for Ecuador.

From 2012 to 2022, the rate of growth in terms of prices for Ecuador amounted to +0.6% per year.

Source: IndexBox Platform

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