Estonia: Banana Market 2025

Banana Market Size in Estonia

In 2022, the Estonian banana market increased by 2.6% to $X, rising for the second year in a row after two years of decline. The market value increased at an average annual rate of +4.3% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the market attained the maximum level in 2022 and is expected to retain growth in the immediate term.

Banana Exports

Exports from Estonia

Banana exports from Estonia contracted dramatically to X tons in 2022, with a decrease of -91.8% compared with the year before. Overall, exports showed a abrupt setback. The pace of growth was the most pronounced in 2020 with an increase of 2,549%. As a result, the exports attained the peak of X tons. From 2021 to 2022, the growth of the exports failed to regain momentum.

In value terms, banana exports declined markedly to $X in 2022. In general, exports showed a abrupt slump. The most prominent rate of growth was recorded in 2016 when exports increased by 1,661% against the previous year. The exports peaked at $X in 2020; however, from 2021 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Finland (X tons) was the main destination for banana exports from Estonia, accounting for a 66% share of total exports. Moreover, banana exports to Finland exceeded the volume sent to the second major destination, Norway (X tons), twofold.

From 2012 to 2022, the average annual growth rate of volume to Finland amounted to -17.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Norway (+8.9% per year) and Latvia (-58.9% per year).

In value terms, Finland ($X), Norway ($X) and Latvia ($X) constituted the largest markets for banana exported from Estonia worldwide, with a combined 96% share of total exports.

Norway, with a CAGR of +8.6%, saw the highest growth rate of the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced a decline.

Export Prices by Country

In 2022, the average banana export price amounted to $X per ton, growing by 50% against the previous year. In general, the export price enjoyed moderate growth. The most prominent rate of growth was recorded in 2019 an increase of 151%. As a result, the export price attained the peak level of $X per ton. From 2020 to 2022, the average export prices remained at a lower figure.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was Norway ($X per ton), while the average price for exports to Latvia ($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 Lithuania (+41.3%), while the prices for the other major destinations experienced more modest paces of growth.

Banana Imports

Imports into Estonia

In 2022, overseas purchases of bananas decreased by -4.2% to X tons for the first time since 2019, thus ending a two-year rising trend. In general, total imports indicated a tangible expansion from 2012 to 2022: its volume increased at an average annual rate of +4.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2015 when imports increased by 24% against the previous year. Over the period under review, imports attained the peak figure at X tons in 2018; however, from 2019 to 2022, imports stood at a somewhat lower figure.

In value terms, banana imports expanded modestly to $X in 2022. The total import value increased at an average annual rate of +4.1% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2014 when imports increased by 17% against the previous year. Over the period under review, imports hit record highs in 2022 and are expected to retain growth in the near future.

Imports by Country

In 2022, Ecuador (X tons) constituted the largest supplier of banana to Estonia, accounting for a 51% share of total imports. Moreover, banana imports from Ecuador exceeded the figures recorded by the second-largest supplier, Panama (X tons), threefold. Costa Rica (X tons) ranked third in terms of total imports with a 17% share.

From 2012 to 2022, the average annual growth rate of volume from Ecuador totaled +28.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Panama (+3.8% per year) and Costa Rica (+1.1% per year).

In value terms, Ecuador ($X) constituted the largest supplier of bananas to Estonia, comprising 54% of total imports. The second position in the ranking was held by Costa Rica ($X), with a 17% share of total imports. It was followed by Panama, with a 13% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Ecuador stood at +27.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Costa Rica (+0.2% per year) and Panama (+1.3% per year).

Import Prices by Country

The average banana import price stood at $X per ton in 2022, with an increase of 8.1% against the previous year. Over the period under review, the import price, however, continues to indicate a relatively flat trend pattern. The import price peaked at $X per ton in 2013; however, from 2014 to 2022, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Latvia ($X per ton), while the price for Panama ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Finland (+5.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform