Latin America and the Caribbean: Banana And Plantain Market 2024

Banana And Plantain Market Size in Latin America and the Caribbean

The Latin American banana and plantain market expanded sharply to $X in 2022, rising by 6.3% against the previous year. Over the period under review, consumption saw a relatively flat trend pattern. Over the period under review, the market reached the peak level at $X in 2015; however, from 2016 to 2022, consumption remained at a lower figure.

Banana And Plantain Production in Latin America and the Caribbean

In value terms, banana and plantain production reached $X in 2022 estimated in export price. Overall, production, however, showed a relatively flat trend pattern. The growth pace was the most rapid in 2018 with an increase of 5.3%. The level of production peaked at $X in 2013; however, from 2014 to 2022, production stood at a somewhat lower figure.

The countries with the highest volumes of production in 2022 were Ecuador (X tons), Brazil (X tons) and Colombia (X tons), with a combined 49% share of total production. Guatemala, Costa Rica, Mexico, the Dominican Republic and Peru lagged somewhat behind, together accounting for a further 37%.

From 2012 to 2022, the biggest increases were recorded for Costa Rica (with a CAGR of +3.5%), while production for the other leaders experienced more modest paces of growth.

The average banana and plantain yield declined to X tons per ha in 2022, with a decrease of -5% against the previous year. The yield figure increased at an average annual rate of +1.1% from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations throughout the analyzed period. The growth pace was the most rapid in 2017 with an increase of 8.6% against the previous year. Over the period under review, the banana and plantain yield hit record highs at X tons per ha in 2021, and then contracted 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 banana and plantain harvested area in Latin America and the Caribbean dropped to X ha, remaining relatively unchanged against 2021 figures. Overall, the harvested area saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2019 when the harvested area increased by 5.9%. Over the period under review, the harvested area dedicated to banana and plantain production attained the peak figure at X ha in 2015; however, from 2016 to 2022, the harvested area failed to regain momentum.

Banana And Plantain Exports

Exports in Latin America and the Caribbean

In 2022, shipments abroad of bananas and plantains decreased by -15% to X tons, falling for the second consecutive year after two years of growth. The total export volume increased at an average annual rate of +2.6% 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 with an increase of 23% against the previous year. Over the period under review, the exports hit record highs at X tons in 2020; however, from 2021 to 2022, the exports failed to regain momentum.

In value terms, banana and plantain exports declined to $X in 2022. The total export value increased at an average annual rate of +2.8% 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 2019 when exports increased by 25%. The level of export peaked at $X in 2020; however, from 2021 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

In 2022, Ecuador (X tons), distantly followed by Costa Rica (X tons), Guatemala (X tons) and Colombia (X tons) represented the major exporters of bananas and plantains, together committing 84% of total exports. The following exporters - the Dominican Republic (X tons), Honduras (X tons) and Mexico (X tons) - each amounted to a 9.8% share of total exports.

From 2012 to 2022, the biggest increases were recorded for Mexico (with a CAGR of +11.1%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Ecuador ($X), Costa Rica ($X) and Guatemala ($X) appeared to be the countries with the highest levels of exports in 2022, together accounting for 73% of total exports. Colombia, the Dominican Republic, Honduras and Mexico lagged somewhat behind, together comprising a further 22%.

The Dominican Republic, with a CAGR of +14.4%, 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 more modest paces of growth.

Export Prices by Country

The export price in Latin America and the Caribbean stood at $X per ton in 2022, with an increase of 2.2% against the previous year. Overall, the export price showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2014 when the export price increased by 12%. The level of export peaked in 2022 and is likely to continue growth in the near future.

There were significant differences in the average prices amongst the major exporting countries. In 2022, 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 (+6.9%), while the other leaders experienced more modest paces of growth.

Banana And Plantain Imports

Imports in Latin America and the Caribbean

In 2022, after two years of growth, there was decline in purchases abroad of bananas and plantains, when their volume decreased by -4.6% to X tons. The total import volume increased at an average annual rate of +2.9% over the period from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2014 when imports increased by 8.6% against the previous year. Over the period under review, imports attained the maximum at X tons in 2021, and then reduced slightly in the following year.

In value terms, banana and plantain imports rose markedly to $X in 2022. Total imports indicated a buoyant increase from 2012 to 2022: its value increased at an average annual rate of +7.4% 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 +44.8% against 2019 indices. The most prominent rate of growth was recorded in 2013 with an increase of 16%. The level of import peaked in 2022 and is likely to see gradual growth in the near future.

Imports by Country

In 2022, Argentina (X tons) represented the main importer of bananas and plantains, generating 46% of total imports. Chile (X tons) took the second position in the ranking, distantly followed by El Salvador (X tons), Uruguay (X tons) and Honduras (X tons). All these countries together held near 47% share of total imports. The following importers - Costa Rica (X tons) and Haiti (X tons) - each reached a 3.6% share of total imports.

From 2012 to 2022, the biggest increases were recorded for Costa Rica (with a CAGR of +24.8%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Argentina ($X) constitutes the largest market for imported bananas and plantains in Latin America and the Caribbean, comprising 59% of total imports. The second position in the ranking was held by Chile ($X), with a 23% share of total imports. It was followed by Uruguay, with a 6% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Argentina stood at +7.6%. The remaining importing countries recorded the following average annual rates of imports growth: Chile (+7.3% per year) and Uruguay (+10.5% per year).

Import Prices by Country

In 2022, the import price in Latin America and the Caribbean amounted to $X per ton, picking up by 20% against the previous year. Over the last decade, it increased at an average annual rate of +4.4%. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

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 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 Uruguay (+6.4%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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