Report Latin America and the Caribbean - Bananas - Market Analysis, Forecast, Size, Trends and Insights for 499$
Report Update Mar 1, 2025

Latin America and the Caribbean - Bananas - Market Analysis, Forecast, Size, Trends and Insights

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Latin America and the Caribbean: Banana Market 2025

Banana Market Size in Latin America and the Caribbean

In 2022, the Latin American banana market increased by 1.1% to $X, rising for the second year in a row after two years of decline. Overall, consumption, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 with an increase of 8.3%. Over the period under review, the market attained the maximum level at $X in 2015; however, from 2016 to 2022, consumption failed to regain momentum.

Banana Production in Latin America and the Caribbean

In value terms, banana production fell to $X in 2022 estimated in export price. In general, production, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 when the production volume increased by 6.4% against the previous year. The level of production peaked at $X in 2016; however, from 2017 to 2022, production failed to regain momentum.

The countries with the highest volumes of production in 2022 were Ecuador (X tons), Brazil (X tons) and Guatemala (X tons), together accounting for 57% of total production.

From 2012 to 2022, the most notable rate of growth in terms of production, amongst the main producing countries, was attained by Ecuador (with a CAGR of +5.1%), while production for the other leaders experienced more modest paces of growth.

In 2022, the average yield of bananas in Latin America and the Caribbean reduced modestly to X tons per ha, leveling off at 2021. The yield figure increased at an average annual rate of +1.9% over the period from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2020 with an increase of 4%. Over the period under review, the banana yield reached the peak level at X tons per ha in 2021, and then dropped slightly 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, the total area harvested in terms of bananas production in Latin America and the Caribbean shrank to X ha, remaining stable against the previous year. Overall, the harvested area continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2019 with an increase of 4.7%. The level of harvested area peaked at X ha in 2015; however, from 2016 to 2022, the harvested area stood at a somewhat lower figure.

Banana Exports

Exports in Latin America and the Caribbean

In 2022, shipments abroad of bananas decreased by -0.6% to X tons, falling for the second consecutive year after five years of growth. The total export volume increased at an average annual rate of +4.2% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2019 when exports increased by 16%. Over the period under review, the exports attained the peak figure at X tons in 2020; however, from 2021 to 2022, the exports stood at a somewhat lower figure.

In value terms, banana exports stood at $X in 2022. Total exports indicated a strong increase from 2012 to 2022: its value increased at an average annual rate of +5.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +62.8% against 2012 indices. The most prominent rate of growth was recorded in 2019 with an increase of 19% against the previous year. The level of export peaked in 2022 and is expected to retain growth in years to come.

Exports by Country

Ecuador represented the largest exporting country with an export of around X tons, which accounted for 45% of total exports. Costa Rica (X tons) ranks second in terms of the total exports with a 14% share, followed by Guatemala (14%) and Colombia (12%). The following exporters - the Dominican Republic (X tons), Honduras (X tons) and Mexico (X tons) - each resulted at a 9.5% share of total exports.

From 2012 to 2022, average annual rates of growth with regard to banana exports from Ecuador stood at +5.1%. At the same time, the Dominican Republic (+15.8%), Mexico (+11.3%), Costa Rica (+2.7%), Guatemala (+2.5%) and Colombia (+1.8%) displayed positive paces of growth. Moreover, the Dominican Republic emerged as the fastest-growing exporter exported in Latin America and the Caribbean, with a CAGR of +15.8% from 2012-2022. Honduras experienced a relatively flat trend pattern. While the share of Ecuador (+3.8 p.p.) and the Dominican Republic (+2.2 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Honduras (-1.8 p.p.), Costa Rica (-2.2 p.p.), Guatemala (-2.5 p.p.) and Colombia (-3.1 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Ecuador ($X) remains the largest banana supplier in Latin America and the Caribbean, comprising 54% of total exports. The second position in the ranking was taken by Costa Rica ($X), with an 11% share of total exports. It was followed by Guatemala, with a 9.8% share.

In Ecuador, banana exports expanded at an average annual rate of +4.7% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Costa Rica (+4.3% per year) and Guatemala (+4.9% per year).

Export Prices by Country

In 2022, the export price in Latin America and the Caribbean amounted to $X per ton, stabilizing at the previous year. Over the period under review, the export price recorded a relatively flat trend pattern. The growth pace was the most rapid in 2013 when the export price increased by 3%. The level of export peaked in 2022 and is expected to retain growth in years to come.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was the Dominican Republic ($X per ton), while Guatemala ($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 Dominican Republic (+6.6%), while the other leaders experienced more modest paces of growth.

Banana Imports

Imports in Latin America and the Caribbean

After three years of growth, purchases abroad of bananas decreased by -3.2% to X tons in 2022. The total import volume increased at an average annual rate of +4.3% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2013 when imports increased by 23%. Over the period under review, imports attained the maximum at X tons in 2021, and then shrank slightly in the following year.

In value terms, banana imports soared to $X in 2022. Total imports indicated a remarkable increase from 2012 to 2022: its value increased at an average annual rate of +8.2% 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 +49.4% against 2019 indices. The pace of growth appeared the most rapid in 2013 when imports increased by 27%. The level of import peaked in 2022 and is likely to see steady growth in the immediate term.

Imports by Country

Argentina was the largest importing country with an import of about X tons, which reached 54% of total imports. Chile (X tons) took the second position in the ranking, distantly followed by El Salvador (X tons) and Uruguay (X tons). All these countries together took near 40% share of total imports.

From 2012 to 2022, the biggest increases were recorded for Chile (with a CAGR of +5.7%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Argentina ($X) constitutes the largest market for imported bananas in Latin America and the Caribbean, comprising 63% of total imports. The second position in the ranking was held by Chile ($X), with a 24% share of total imports. It was followed by Uruguay, with a 6.5% share.

In Argentina, banana imports increased at an average annual rate of +7.6% over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: Chile (+9.8% per year) and Uruguay (+6.2% per year).

Import Prices by Country

The import price in Latin America and the Caribbean stood at $X per ton in 2022, growing by 22% against the previous year. Over the last decade, it increased at an average annual rate of +3.7%. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Argentina ($X per ton), while El Salvador ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Argentina (+5.0%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :

Brazil remains the largest banana consuming country in Latin America and the Caribbean, accounting for 32% of total volume. Moreover, banana consumption in Brazil exceeded the figures recorded by the second-largest consumer, Ecuador, twofold. Peru ranked third in terms of total consumption with a 10% share.
The countries with the highest volumes of banana production in 2021 were Brazil, Ecuador and Guatemala, together accounting for 55% of total production.
In value terms, the largest banana supplying countries in Latin America and the Caribbean were Ecuador, Guatemala and Costa Rica, together accounting for 66% of total exports. Colombia, Panama, Mexico and Honduras lagged somewhat behind, together comprising a further 26%.
In value terms, the largest banana importing markets in Latin America and the Caribbean were Argentina, Chile and Panama, with a combined 88% share of total imports.
The banana export price in Latin America and the Caribbean stood at $556 per ton in 2021, surging by 3.1% against the previous year.
In 2021, the banana import price in Latin America and the Caribbean amounted to $392 per ton, declining by -31.9% against the previous year.

This report provides an in-depth analysis of the banana market in Latin America and the Caribbean. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.

Product coverage:

  • FCL 486 - Bananas

Country coverage:

Data coverage:

  • Market volume and value
  • Per Capita consumption
  • Forecast of the market dynamics in the medium term
  • Production in Latin America and the Caribbean, split by region and country
  • Trade (exports and imports) in Latin America and the Caribbean
  • Export and import prices
  • Market trends, drivers and restraints
  • Key market players and their profiles

Reasons to buy this report:

  • Take advantage of the latest data
  • Find deeper insights into current market developments
  • Discover vital success factors affecting the market

This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.

In this report, you can find information that helps you to make informed decisions on the following issues:

  1. How to diversify your business and benefit from new market opportunities
  2. How to load your idle production capacity
  3. How to boost your sales on overseas markets
  4. How to increase your profit margins
  5. How to make your supply chain more sustainable
  6. How to reduce your production and supply chain costs
  7. How to outsource production to other countries
  8. How to prepare your business for global expansion

While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.

  1. 1. INTRODUCTION

    Making Data-Driven Decisions to Grow Your Business

    1. REPORT DESCRIPTION
    2. RESEARCH METHODOLOGY AND AI PLATFORM
    3. DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
    4. GLOSSARY AND SPECIFIC TERMS
  2. 2. EXECUTIVE SUMMARY

    A Quick Overview of Market Performance

    1. KEY FINDINGS
    2. MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO
  3. 3. MARKET OVERVIEW

    Understanding the Current State of The Market and Its Prospects

    1. MARKET SIZE
    2. CONSUMPTION BY COUNTRY
    3. MARKET FORECAST TO 2030
  4. 4. MOST PROMISING PRODUCT

    Finding New Products to Diversify Your Business

    This Chapter is Available Only for the Professional Edition PRO
    1. TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
    2. BEST-SELLING PRODUCTS
    3. MOST CONSUMED PRODUCT
    4. MOST TRADED PRODUCT
    5. MOST PROFITABLE PRODUCT FOR EXPORT
  5. 5. MOST PROMISING SUPPLYING COUNTRIES

    Choosing the Best Countries to Establish Your Sustainable Supply Chain

    This Chapter is Available Only for the Professional Edition PRO
    1. TOP COUNTRIES TO SOURCE YOUR PRODUCT
    2. TOP PRODUCING COUNTRIES
    3. COUNTRIES WITH TOP YIELDS
    4. TOP EXPORTING COUNTRIES
    5. LOW-COST EXPORTING COUNTRIES
  6. 6. MOST PROMISING OVERSEAS MARKETS

    Choosing the Best Countries to Boost Your Exports

    This Chapter is Available Only for the Professional Edition PRO
    1. TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
    2. TOP CONSUMING MARKETS
    3. UNSATURATED MARKETS
    4. TOP IMPORTING MARKETS
    5. MOST PROFITABLE MARKETS
  7. 7. PRODUCTION

    The Latest Trends and Insights into The Industry

    1. PRODUCTION VOLUME AND VALUE
    2. PRODUCTION BY COUNTRY
    3. HARVESTED AREA AND YIELD BY COUNTRY
  8. 8. IMPORTS

    The Largest Importers on The Market and How They Succeed

    1. IMPORTS FROM 2012–2024
    2. IMPORTS BY COUNTRY
    3. IMPORT PRICES BY COUNTRY
  9. 9. EXPORTS

    The Largest Exporters on The Market and How They Succeed

    1. EXPORTS FROM 2012–2024
    2. EXPORTS BY COUNTRY
    3. EXPORT PRICES BY COUNTRY
  10. 10. PROFILES OF MAJOR PRODUCERS

    The Largest Producers on The Market and Their Profiles

    This Chapter is Available Only for the Professional Edition PRO
  11. 11. COUNTRY PROFILES

    The Largest Markets And Their Profiles

    This Chapter is Available Only for the Professional Edition PRO
    • Anguilla
    • Antigua and Barbuda
    • Argentina
    • Aruba
    • Bahamas
    • Barbados
    • Belize
    • Bolivia
    • Brazil
    • British Virgin Islands
    • Cayman Islands
    • Chile
    • Colombia
    • Costa Rica
    • Cuba
    • Curacao
    • Dominica
    • Dominican Republic
    • Ecuador
    • El Salvador
    • Falkland Islands (Malvinas)
    • French Guiana
    • Grenada
    • Guadeloupe
    • Guatemala
    • Guyana
    • Haiti
    • Honduras
    • Jamaica
    • Martinique
    • Mexico
    • Montserrat
    • Nicaragua
    • Panama
    • Paraguay
    • Peru
    • Saint Kitts and Nevis
    • Saint Lucia
    • Saint Vincent and the Grenadines
    • Saint Maarten (Dutch part)
    • Suriname
    • Trinidad and Tobago
    • Turks and Caicos Islands
    • United States Virgin Islands
    • Uruguay
    • Venezuela
    • Puerto Rico
  12. LIST OF TABLES

    1. Key Findings In 2024
    2. Market Volume, In Physical Terms, 2012–2024
    3. Market Value, 2012–2024
    4. Per Capita Consumption, By Country, 2018–2024
    5. Production, In Physical Terms, By Country, 2012–2024
    6. Harvested Area, By Country, 2012-2024
    7. Yield, By Country, 2012-2024
    8. Imports, In Physical Terms, By Country, 2012–2024
    9. Imports, In Value Terms, By Country, 2012–2024
    10. Import Prices, By Country Of Destination, 2012–2024
    11. Exports, In Physical Terms, By Country, 2012–2024
    12. Exports, In Value Terms, By Country, 2012–2024
    13. Export Prices, By Country Of Origin, 2012–2024
  13. LIST OF FIGURES

    1. Market Volume, In Physical Terms, 2012–2024
    2. Market Value, 2012–2024
    3. Consumption, By Country, 2024
    4. Market Volume Forecast to 2030
    5. Market Value Forecast to 2030
    6. Products: Market Size And Growth, By Type
    7. Products: Average Per Capita Consumption, By Type
    8. Products: Exports And Growth, By Type
    9. Products: Export Prices And Growth, By Type
    10. Production Volume And Growth
    11. Yield And Growth
    12. Exports And Growth
    13. Export Prices And Growth
    14. Market Size And Growth
    15. Per Capita Consumption
    16. Imports And Growth
    17. Import Prices
    18. Production, In Physical Terms, 2012–2024
    19. Production, In Value Terms, 2012–2024
    20. Area Harvested, 2012–2024
    21. Yield, 2012–2024
    22. Production, By Country, 2024
    23. Production, In Physical Terms, By Country, 2012–2024
    24. Harvested Area, By Country, 2024
    25. Harvested Area, By Country, 2012-2024
    26. Yield, By Country, 2012-2024
    27. Imports, In Physical Terms, 2012–2024
    28. Imports, In Value Terms, 2012–2024
    29. Imports, In Physical Terms, By Country, 2024
    30. Imports, In Physical Terms, By Country, 2012–2024
    31. Imports, In Value Terms, By Country, 2012–2024
    32. Import Prices, By Country, 2012–2024
    33. Exports, In Physical Terms, 2012–2024
    34. Exports, In Value Terms, 2012–2024
    35. Exports, In Physical Terms, By Country, 2024
    36. Exports, In Physical Terms, By Country, 2012–2024
    37. Exports, In Value Terms, By Country, 2012–2024
    38. Export Prices, 2012–2024

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