GCC: Banana Market 2025

Banana Market Size in GCC

In 2022, the GCC banana market was finally on the rise to reach $X for the first time since 2019, thus ending a two-year declining trend. Overall, consumption, however, continues to indicate buoyant growth. Over the period under review, the market attained the peak level at $X in 2019; however, from 2020 to 2022, consumption stood at a somewhat lower figure.

Banana Production in GCC

In value terms, banana production expanded slightly to $X in 2022 estimated in export price. Over the period under review, production, however, showed a buoyant increase. The growth pace was the most rapid in 2014 with an increase of 58% against the previous year. Over the period under review, production hit record highs at $X in 2020; however, from 2021 to 2022, production failed to regain momentum.

Saudi Arabia (X tons) constituted the country with the largest volume of banana production, accounting for 93% of total volume. It was followed by Bahrain (X tons), with a 2.9% share of total production.

From 2012 to 2022, the average annual rate of growth in terms of volume in Saudi Arabia totaled +21.5%. The remaining producing countries recorded the following average annual rates of production growth: Bahrain (+4.6% per year) and Oman (-10.6% per year).

The average banana yield shrank modestly to X tons per ha in 2022, remaining constant against 2021 figures. Over the period under review, the yield, however, recorded resilient growth. The pace of growth appeared the most rapid in 2014 when the yield increased by 84% against the previous year. Over the period under review, the banana yield hit record highs at X tons per ha in 2019; however, from 2020 to 2022, the yield failed to regain momentum. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

In 2022, approx. X ha of bananas were harvested in GCC; approximately reflecting the year before. In general, the harvested area, however, showed a noticeable descent. The pace of growth was the most pronounced in 2017 with an increase of 9.9% against the previous year. The level of harvested area peaked at X ha in 2012; however, from 2013 to 2022, the harvested area stood at a somewhat lower figure.

Banana Exports

Exports in GCC

After three years of decline, shipments abroad of bananas increased by 3% to X tons in 2022. In general, exports, however, saw a mild setback. The pace of growth was the most pronounced in 2017 when exports increased by 199% against the previous year. Over the period under review, the exports hit record highs at X tons in 2018; however, from 2019 to 2022, the exports remained at a lower figure.

In value terms, banana exports expanded to $X in 2022. Over the period under review, exports, however, showed a perceptible decrease. The pace of growth appeared the most rapid in 2017 when exports increased by 98% against the previous year. Over the period under review, the exports attained the maximum at $X in 2018; however, from 2019 to 2022, the exports failed to regain momentum.

Exports by Country

In 2022, Kuwait (X tons) and Saudi Arabia (X tons) represented the main exporters of bananas in GCC, together committing 85% of total exports. It was distantly followed by the United Arab Emirates (X tons), constituting a 13% share of total exports. Oman (X tons) held a little share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main exporting countries, was attained by Saudi Arabia (with a CAGR of +8.9%), while the other leaders experienced mixed trends in the exports figures.

In value terms, Saudi Arabia ($X), Kuwait ($X) and the United Arab Emirates ($X) were the countries with the highest levels of exports in 2022, with a combined 97% share of total exports.

Saudi Arabia, with a CAGR of +11.2%, recorded the highest rates of growth with regard to the value of exports, among the main exporting countries over the period under review, while shipments for the other leaders experienced mixed trends in the exports figures.

Export Prices by Country

The export price in GCC stood at $X per ton in 2022, remaining stable against the previous year. Over the period under review, the export price recorded a mild shrinkage. The pace of growth appeared the most rapid in 2015 an increase of 46% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2016 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was the United Arab Emirates ($X per ton), while Kuwait ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (+4.0%), while the other leaders experienced mixed trends in the export price figures.

Banana Imports

Imports in GCC

In 2022, banana imports in GCC reduced slightly to X tons, with a decrease of -3% against the previous year's figure. Over the period under review, imports, however, showed a noticeable increase. The most prominent rate of growth was recorded in 2017 when imports increased by 77%. As a result, imports attained the peak of X tons. From 2018 to 2022, the growth of imports failed to regain momentum.

In value terms, banana imports shrank modestly to $X in 2022. Overall, imports, however, saw a modest expansion. The pace of growth was the most pronounced in 2017 when imports increased by 37%. As a result, imports reached the peak of $X. From 2018 to 2022, the growth of imports remained at a somewhat lower figure.

Imports by Country

The United Arab Emirates represented the largest importing country with an import of about X tons, which resulted at 63% of total imports. Kuwait (X tons) took a 20% share (based on physical terms) of total imports, which put it in second place, followed by Oman (15%). Qatar (X tons) followed a long way behind the leaders.

The United Arab Emirates was also the fastest-growing in terms of the bananas imports, with a CAGR of +54.7% from 2012 to 2022. At the same time, Qatar (+38.4%), Oman (+34.6%) and Kuwait (+21.5%) displayed positive paces of growth. While the share of the United Arab Emirates (+62 p.p.), Kuwait (+16 p.p.), Oman (+14 p.p.) and Qatar (+1.9 p.p.) increased significantly, the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United Arab Emirates ($X) constitutes the largest market for imported bananas in GCC, comprising 64% of total imports. The second position in the ranking was held by Kuwait ($X), with a 19% share of total imports. It was followed by Oman, with a 14% share.

In the United Arab Emirates, banana imports increased at an average annual rate of +51.3% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Kuwait (+20.8% per year) and Oman (+35.0% per year).

Import Prices by Country

In 2022, the import price in GCC amounted to $X per ton, approximately reflecting the previous year. Overall, the import price, however, saw a pronounced descent. The pace of growth was the most pronounced in 2019 when the import price increased by 21% against the previous year. Over the period under review, import prices reached the peak figure at $X per ton in 2013; however, from 2014 to 2022, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Qatar ($X per ton), while Oman ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Qatar (+4.3%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform