Mexico: Banana Market 2025

Banana Market Size in Mexico

The Mexican banana market reduced slightly to $X in 2022, remaining relatively unchanged against the previous year. In general, the total consumption indicated a temperate expansion from 2012 to 2022: its value increased at an average annual rate of +2.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +2.2% against 2020 indices. Over the period under review, the market reached the maximum level at $X in 2018; however, from 2019 to 2022, consumption failed to regain momentum.

Banana Production in Mexico

In value terms, banana production contracted modestly to $X in 2022 estimated in export price. Over the period under review, the total production indicated a measured expansion from 2012 to 2022: its value increased at an average annual rate of +4.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production increased by +3.6% against 2020 indices. The most prominent rate of growth was recorded in 2017 when the production volume increased by 36%. Over the period under review, production reached the maximum level at $X in 2018; however, from 2019 to 2022, production failed to regain momentum.

In 2022, the average yield of bananas in Mexico totaled X tons per ha, remaining constant against the previous year. Over the period under review, the yield showed a relatively flat trend pattern. The growth pace was the most rapid in 2016 when the yield increased by 4.4%. The banana yield peaked at X tons per ha in 2020; however, from 2021 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.

The banana harvested area in Mexico amounted to X ha in 2022, therefore, remained relatively stable against the previous year. In general, the harvested area recorded a relatively flat trend pattern. The growth pace was the most rapid in 2015 when the harvested area increased by 4%. The banana harvested area peaked at X ha in 2020; afterwards, it flattened through to 2022.

Banana Exports

Exports from Mexico

In 2022, after four years of growth, there was decline in overseas shipments of bananas, when their volume decreased by -2% to X tons. Overall, total exports indicated a strong expansion from 2012 to 2022: its volume increased at an average annual rate of +11.3% 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 2013 when exports increased by 109% against the previous year. The exports peaked at X tons in 2021, and then fell slightly in the following year.

In value terms, banana exports reached $X in 2022. Over the period under review, exports, however, enjoyed a strong increase. The growth pace was the most rapid in 2013 when exports increased by 137%. The exports peaked at $X in 2020; however, from 2021 to 2022, the exports remained at a lower figure.

Exports by Country

The United States (X tons) was the main destination for banana exports from Mexico, accounting for a 85% share of total exports. Moreover, banana exports to the United States exceeded the volume sent to the second major destination, Japan (X tons), sixfold.

From 2012 to 2022, the average annual growth rate of volume to the United States totaled +11.7%.

In value terms, the United States ($X) remains the key foreign market for bananas exports from Mexico, comprising 85% of total exports. The second position in the ranking was held by Japan ($X), with a 15% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value to the United States amounted to +14.9%.

Export Prices by Country

The average banana export price stood at $X per ton in 2022, surging by 4.8% against the previous year. In general, export price indicated notable growth from 2012 to 2022: its price increased at an average annual rate of +2.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, banana export price decreased by -36.2% against 2018 indices. The growth pace was the most rapid in 2017 an increase of 46%. The export price peaked at $X per ton in 2018; however, from 2019 to 2022, the export prices failed to regain momentum.

Average prices varied noticeably for the major external markets. In 2022, amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to Japan totaled $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to the United States (+2.8%), while the prices for the other major destinations experienced more modest paces of growth.

Banana Imports

Imports into Mexico

In 2019, approx. X tons of bananas were imported into Mexico; standing approx. at 2018. Overall, imports showed a buoyant expansion. The most prominent rate of growth was recorded in 2013 when imports increased by 21%. Over the period under review, imports hit record highs in 2019 and are expected to retain growth in the near future.

In value terms, banana imports totaled $X in 2019. In general, imports recorded a significant increase. The growth pace was the most rapid in 2013 when imports increased by 135% against the previous year. Over the period under review, imports reached the peak figure in 2019 and are expected to retain growth in the near future.

Imports by Country

Peru (X tons), the United States (X tons) and Ecuador (X tons) were the main suppliers of banana imports to Mexico, with a combined 98% share of total imports.

From 2012 to 2019, the biggest increases were recorded for Ecuador (with a CAGR of 0.0%), while purchases for the other leaders experienced mixed trend patterns.

In value terms, Peru ($X) constituted the largest supplier of bananas to Mexico, comprising 80% of total imports. The second position in the ranking was held by the United States ($X), with a 12% share of total imports.

From 2012 to 2019, the average annual growth rate of value from Peru was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (-3.5% per year) and Ecuador (0.0% per year).

Import Prices by Country

The average banana import price stood at $X per ton in 2019, stabilizing at the previous year. Overall, the import price continues to indicate a resilient increase. The most prominent rate of growth was recorded in 2013 when the average import price increased by 95% against the previous year. Over the period under review, average import prices attained the peak figure at $X per ton in 2014; however, from 2015 to 2019, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2019, amid the top importers, the country with the highest price was Ecuador ($X per ton), while the price for the United States ($X per ton) was amongst the lowest.

From 2012 to 2019, the most notable rate of growth in terms of prices was attained by the United States (+0.9%).

Source: IndexBox Platform

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