Spain: Banana Market 2024

Banana Market Size in Spain

The Spanish banana market skyrocketed to $X in 2022, increasing by 17% against the previous year. The market value increased at an average annual rate of +4.2% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, consumption attained the peak level and is likely to continue growth in the immediate term.

Banana Production in Spain

In value terms, banana production amounted to $X in 2022 estimated in export price. In general, production, however, recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2013 when the production volume increased by 11%. Banana production peaked at $X in 2014; however, from 2015 to 2022, production failed to regain momentum.

In 2022, the average banana yield in Spain totaled X tons per ha, remaining relatively unchanged against the year before. The yield figure increased at an average annual rate of +1.2% over the period from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations being observed in certain years. The most prominent rate of growth was recorded in 2015 with an increase of 6.4%. Over the period under review, the average banana yield attained the maximum level at X tons per ha in 2017; however, from 2018 to 2022, the yield stood at a somewhat lower figure. 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 Spain; remaining stable against the year before. Overall, the harvested area continues to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2016 when the harvested area increased by 0.7%. Over the period under review, the harvested area dedicated to banana production reached the peak figure at X ha in 2012; however, from 2013 to 2022, the harvested area remained at a lower figure.

Banana Exports

Exports from Spain

In 2022, approx. X tons of bananas were exported from Spain; which is down by -42.2% compared with the previous year's figure. Over the period under review, exports saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 when exports increased by 29%. Over the period under review, the exports attained the maximum at X tons in 2021, and then contracted sharply in the following year.

In value terms, banana exports fell rapidly to $X in 2022. In general, exports showed a mild downturn. The most prominent rate of growth was recorded in 2014 when exports increased by 28% against the previous year. As a result, the exports attained the peak of $X. From 2015 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Portugal (X tons) was the main destination for banana exports from Spain, accounting for a 92% share of total exports. It was followed by France (X tons), with a 2.8% share of total exports.

From 2012 to 2022, the average annual growth rate of volume to Portugal was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: France (-11.7% per year) and Morocco (+3.4% per year).

In value terms, Portugal ($X) remains the key foreign market for bananas exports from Spain, comprising 90% of total exports. The second position in the ranking was held by France ($X), with a 4% share of total exports.

From 2012 to 2022, the average annual growth rate of value to Portugal was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: France (-9.9% per year) and Morocco (-2.1% per year).

Export Prices by Country

The average banana export price stood at $X per ton in 2022, with an increase of 8.4% against the previous year. Overall, the export price, however, showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2013 when the average export price increased by 14%. As a result, the export price attained the peak level of $X per ton. From 2014 to 2022, the average export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was France ($X per ton), while the average price for exports to Morocco ($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 France (+2.1%), while the prices for the other major destinations experienced a decline.

Banana Imports

Imports into Spain

In 2022, overseas purchases of bananas increased by 4.9% to X tons, rising for the second year in a row after two years of decline. In general, total imports indicated resilient growth from 2012 to 2022: its volume increased at an average annual rate of +7.7% 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 +19.6% against 2020 indices. The most prominent rate of growth was recorded in 2014 with an increase of 29% against the previous year. Imports peaked in 2022 and are expected to retain growth in years to come.

In value terms, banana imports rose notably to $X in 2022. Overall, total imports indicated prominent growth from 2012 to 2022: its value increased at an average annual rate of +7.7% 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 +29.8% against 2020 indices. The most prominent rate of growth was recorded in 2014 with an increase of 35%. Imports peaked in 2022 and are likely to see steady growth in the near future.

Imports by Country

Costa Rica (X tons), Cote d'Ivoire (X tons) and Colombia (X tons) were the main suppliers of banana imports to Spain, with a combined 82% share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Cote d'Ivoire (with a CAGR of +39.1%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Costa Rica ($X), Cote d'Ivoire ($X) and Colombia ($X) constituted the largest banana suppliers to Spain, with a combined 81% share of total imports.

Cote d'Ivoire, with a CAGR of +35.6%, saw the highest growth rate of the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average banana import price stood at $X per ton in 2022, increasing by 6.2% against the previous year. In general, the import price, however, continues to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2013 an increase of 12% against the previous year. The import price peaked at $X per ton in 2014; however, from 2015 to 2022, import prices stood at a somewhat lower figure.

Average prices varied somewhat amongst the major supplying countries. In 2022, amid the top importers, the countries with the highest prices were the Dominican Republic ($X per ton) and Cote d'Ivoire ($X per ton), while the price for Costa Rica ($X per ton) and France ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Dominican Republic (+4.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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