Global Banana And Plantain Market 2024

Banana And Plantain Market Size

In 2022, after three years of growth, there was decline in the global banana and plantain market, when its value decreased by -1.8% to $X. The market value increased at an average annual rate of +2.0% from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations being recorded in certain years. Global consumption peaked at $X in 2021, and then reduced in the following year.

Banana And Plantain Production

In value terms, banana and plantain production shrank slightly to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +2.2% from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations in certain years. The most prominent rate of growth was recorded in 2013 when the production volume increased by 10% against the previous year. Over the period under review, global production attained the peak level at $X in 2020; however, from 2021 to 2022, production remained at a lower figure.

The country with the largest volume of banana and plantain production was India (X tons), comprising approx. 19% of total volume. Moreover, banana and plantain production in India exceeded the figures recorded by the second-largest producer, China (X tons), threefold. The third position in this ranking was taken by Uganda (X tons), with a 5.5% share.

From 2012 to 2022, the average annual growth rate of volume in India amounted to +2.2%. In the other countries, the average annual rates were as follows: China (+0.1% per year) and Uganda (+7.7% per year).

The global average banana and plantain yield contracted modestly to X tons per ha in 2022, waning by -2.7% on the year before. In general, the yield, however, continues to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2018 with an increase of 4.8%. As a result, the yield reached the peak level of X tons per ha. From 2019 to 2022, the growth of the average banana and plantain yield remained 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, the global harvested area of bananas and plantains fell modestly to X ha, remaining relatively unchanged against 2021. The harvested area increased at an average annual rate of +1.3% from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations being observed throughout the analyzed period. The pace of growth was the most pronounced in 2019 when the harvested area increased by 14% against the previous year. Over the period under review, the harvested area dedicated to banana and plantain production attained the peak figure at X ha in 2020; afterwards, it flattened through to 2022.

Banana And Plantain Exports

Exports

In 2022, shipments abroad of bananas and plantains decreased by -14.9% to X tons, falling for the second year in a row after five years of growth. The total export volume increased at an average annual rate of +1.7% 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 18% against the previous year. Over the period under review, the global exports attained the peak figure at X tons in 2020; however, from 2021 to 2022, the exports remained at a lower figure.

In value terms, banana and plantain exports declined to $X in 2022. Overall, total exports indicated a notable increase from 2012 to 2022: its value increased at an average annual rate of +2.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports decreased by -15.5% against 2020 indices. The most prominent rate of growth was recorded in 2019 when exports increased by 25% against the previous year. Over the period under review, the global exports hit record highs at $X in 2020; however, from 2021 to 2022, the exports failed to regain momentum.

Exports by Country

In 2022, Ecuador (X tons), distantly followed by Costa Rica (X tons), Guatemala (X tons), Colombia (X tons) and the Philippines (X tons) were the key exporters of bananas and plantains, together generating 64% of total exports. The Netherlands (X tons), Cote d'Ivoire (X tons), the United States (X tons), the Dominican Republic (X tons), Honduras (X tons), Vietnam (X tons), Mexico (X tons) and India (X tons) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for Vietnam (with a CAGR of +47.0%), while shipments for the other global leaders experienced more modest paces of growth.

In value terms, Ecuador ($X), Costa Rica ($X) and the Philippines ($X) appeared to be the countries with the highest levels of exports in 2022, with a combined 47% share of global exports. Guatemala, Colombia, the Netherlands, Cote d'Ivoire, the Dominican Republic, the United States, Honduras, Vietnam, Mexico and India lagged somewhat behind, together accounting for a further 36%.

Vietnam, with a CAGR of +49.7%, saw the highest growth rate of the value of exports, among the main exporting countries over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average banana and plantain export price amounted to $X per ton, growing by 1.6% against the previous year. Over the period under review, the export price continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 an increase of 7.2%. Over the period under review, the average export prices hit record highs in 2022 and is likely to see steady 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 Philippines (+12.4%), while the other global leaders experienced more modest paces of growth.

Banana And Plantain Imports

Imports

After six years of growth, purchases abroad of bananas and plantains decreased by -12% to X tons in 2022. Over the period under review, imports, however, saw mild growth. The growth pace was the most rapid in 2017 when imports increased by 11% against the previous year. Global imports peaked at X tons in 2021, and then fell in the following year.

In value terms, banana and plantain imports declined to $X in 2022. In general, imports, however, continue to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2017 with an increase of 7.3% against the previous year. Global imports peaked at $X in 2021, and then reduced in the following year.

Imports by Country

In 2022, the United States (X tons), distantly followed by China (X tons), Russia (X tons), Germany (X tons) and Japan (X tons) represented the main importers of bananas and plantains, together achieving 49% of total imports. The Netherlands (X tons), the UK (X tons), France (X tons), Italy (X tons), Canada (X tons), Argentina (X tons), Poland (X tons) and Spain (X tons) held a little share of total imports.

The United States experienced a relatively flat trend pattern with regard to volume of imports of bananas and plantains. At the same time, the Netherlands (+11.4%), China (+11.2%), Poland (+8.0%), Spain (+6.5%), France (+3.2%), Argentina (+2.4%), Italy (+2.3%) and Canada (+1.3%) displayed positive paces of growth. Moreover, the Netherlands emerged as the fastest-growing importer imported in the world, with a CAGR of +11.4% from 2012-2022. Germany and Japan experienced a relatively flat trend pattern. By contrast, the UK (-1.8%) and Russia (-4.4%) illustrated a downward trend over the same period. While the share of China (+5.1 p.p.) and the Netherlands (+2.8 p.p.) increased significantly in terms of the global imports from 2012-2022, the share of Russia (-5.1 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United States ($X) constitutes the largest market for imported bananas and plantains worldwide, comprising 18% of global imports. The second position in the ranking was held by China ($X), with an 8.1% share of global imports. It was followed by Germany, with a 6.7% share.

From 2012 to 2022, the average annual rate of growth in terms of value in the United States was relatively modest. The remaining importing countries recorded the following average annual rates of imports growth: China (+12.3% per year) and Germany (+0.1% per year).

Import Prices by Country

The average banana and plantain import price stood at $X per ton in 2022, surging by 2.3% against the previous year. Over the period under review, the import price, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 an increase of 2.5% against the previous year. Global import price peaked at $X per ton in 2014; however, from 2015 to 2022, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was France ($X per ton), while Russia ($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 global leaders experienced more modest paces of growth.

Source: IndexBox Platform

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