Greece: Banana Market 2024

Banana Market Size in Greece

The Greek banana market shrank slightly to $X in 2022, dropping by -1.6% against the previous year. The market value increased at an average annual rate of +3.5% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, consumption attained the peak level of $X. From 2019 to 2022, the growth of the market remained at a lower figure.

Banana Production in Greece

In value terms, banana production contracted modestly to $X in 2022 estimated in export price. In general, production saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 with an increase of 99% against the previous year. Over the period under review, production hit record highs at $X in 2019; however, from 2020 to 2022, production failed to regain momentum.

The average yield of bananas in Greece reduced to X tons per ha in 2022, with a decrease of -3.7% against 2021. Overall, the yield indicated a buoyant increase from 2012 to 2022: its figure increased at an average annual rate of +6.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, banana yield increased by +4.0% against 2020 indices. The pace of growth appeared the most rapid in 2018 with an increase of 48% against the previous year. Over the period under review, the average banana yield attained the peak level at X tons per ha in 2021, and then contracted modestly in the following year. 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 Greece; almost unchanged from the previous year's figure. In general, the harvested area recorded a abrupt curtailment. The most prominent rate of growth was recorded in 2018 when the harvested area increased by 25% against the previous year. Over the period under review, the harvested area dedicated to banana production attained the maximum at X ha in 2012; however, from 2013 to 2022, the harvested area stood at a somewhat lower figure.

Banana Exports

Exports from Greece

In 2022, shipments abroad of bananas was finally on the rise to reach X tons after three years of decline. In general, exports recorded a strong increase. The most prominent rate of growth was recorded in 2017 with an increase of 69% against the previous year. The exports peaked at X tons in 2018; however, from 2019 to 2022, the exports remained at a lower figure.

In value terms, banana exports surged to $X in 2022. Overall, exports enjoyed a remarkable increase. The most prominent rate of growth was recorded in 2018 with an increase of 55%. The exports peaked at $X in 2019; however, from 2020 to 2022, the exports failed to regain momentum.

Exports by Country

Romania (X tons), Bulgaria (X tons) and Cyprus (X tons) were the main destinations of banana exports from Greece, with a combined 98% share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Romania (with a CAGR of +28.6%), while the other leaders experienced mixed trend patterns.

In value terms, the largest markets for banana exported from Greece were Romania ($X), Bulgaria ($X) and Cyprus ($X), with a combined 99% share of total exports.

Romania, with a CAGR of +30.0%, saw the highest growth rate of the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced mixed trend patterns.

Export Prices by Country

The average banana export price stood at $X per ton in 2022, surging by 5.4% against the previous year. Over the period under review, the export price, however, continues to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2019 when the average export price increased by 12%. Over the period under review, the average export prices hit record highs at $X per ton in 2012; however, from 2013 to 2022, the export prices failed to regain momentum.

Average prices varied noticeably for the major export markets. In 2022, amid the top suppliers, the country with the highest price was Romania ($X per ton), while the average price for exports to Bulgaria ($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 Romania (+1.1%), while the prices for the other major destinations experienced a decline.

Banana Imports

Imports into Greece

In 2022, banana imports into Greece dropped to X tons, waning by -2.2% on the year before. In general, total imports indicated a resilient increase from 2012 to 2022: its volume increased at an average annual rate of +5.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports decreased by -2.9% against 2018 indices. The most prominent rate of growth was recorded in 2017 when imports increased by 18%. Over the period under review, imports attained the peak figure at X tons in 2018; however, from 2019 to 2022, imports failed to regain momentum.

In value terms, banana imports rose modestly to $X in 2022. Over the period under review, total imports indicated a measured expansion from 2012 to 2022: its value increased at an average annual rate of +4.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +7.6% against 2020 indices. The growth pace was the most rapid in 2018 with an increase of 19% against the previous year. As a result, imports reached the peak of $X. From 2019 to 2022, the growth of imports remained at a somewhat lower figure.

Imports by Country

In 2022, Ecuador (X tons) constituted the largest supplier of banana to Greece, accounting for a 88% share of total imports. Moreover, banana imports from Ecuador exceeded the figures recorded by the second-largest supplier, Costa Rica (X tons), more than tenfold. The third position in this ranking was taken by Colombia (X tons), with a 3.2% share.

From 2012 to 2022, the average annual growth rate of volume from Ecuador amounted to +6.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Costa Rica (-2.9% per year) and Colombia (+23.9% per year).

In value terms, Ecuador ($X) constituted the largest supplier of bananas to Greece, comprising 89% of total imports. The second position in the ranking was taken by Costa Rica ($X), with a 4.7% share of total imports. It was followed by Colombia, with a 3% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Ecuador amounted to +6.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Costa Rica (-5.5% per year) and Colombia (+19.3% per year).

Import Prices by Country

The average banana import price stood at $X per ton in 2022, picking up by 4.6% against the previous year. Over the period under review, the import price, however, saw a relatively flat trend pattern. Over the period under review, average import prices attained the peak figure at $X per ton in 2014; however, from 2015 to 2022, import prices remained at a lower figure.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the highest price was recorded for prices from Ecuador ($X per ton) and Colombia ($X per ton), while the price for Guatemala ($X per ton) and Costa Rica ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Ecuador (-0.1%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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