Banana and Plantain Market

The article provides a detailed analysis of the global banana and plantain market, forecasting growth in both consumption and value terms. It highlights key trends in top consuming and producing countries, as well as import and export statistics. The analysis covers the period from 2012 to 2022, showcasing average annual growth rates and trend patterns in various aspects of the market.

Market Forecast

Driven by increasing demand for bananas and plantains worldwide, the market is expected to continue an upward consumption trend over the next eight-year period. Market performance is forecast to retain its current trend pattern, expanding with an anticipated CAGR of +1.8% for the period from 2022 to 2030, which is projected to bring the market volume to 210M tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +3.8% for the period from 2022 to 2030, which is projected to bring the market value to $164.4B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Bananas and Plantains

For the sixth consecutive year, the global market recorded growth in consumption of bananas and plantains, which increased by 0.8% to 182M tons in 2022. The total consumption volume increased at an average annual rate of +2.4% over the period from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being recorded in certain years. Global consumption peaked in 2022 and is likely to see gradual growth in the immediate term.

The global banana and plantain market size reduced to $122B in 2022, approximately mirroring the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). The market value increased at an average annual rate of +2.9% over the period from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations throughout the analyzed period. Over the period under review, the global market reached the maximum level at $122.8B in 2021, and then dropped modestly in the following year.

Consumption By Country

India (34M tons) constituted the country with the largest volume of banana and plantain consumption, comprising approx. 19% of total volume. Moreover, banana and plantain consumption in India exceeded the figures recorded by the second-largest consumer, China (14M tons), threefold. The third position in this ranking was taken by Uganda (10M tons), with a 5.7% share.

From 2012 to 2022, the average annual growth rate of volume in India stood at +2.6%. In the other countries, the average annual rates were as follows: China (+1.1% per year) and Uganda (+8.8% per year).

In value terms, India ($15.4B), China ($10.9B) and Nigeria ($9.5B) were the countries with the highest levels of market value in 2022, together accounting for 29% of the global market.

Nigeria, with a CAGR of +11.9%, saw the highest growth rate of market size among the main consuming countries over the period under review, while market for the other global leaders experienced more modest paces of growth.

The countries with the highest levels of banana and plantain per capita consumption in 2022 were Uganda (215 kg per person), Cameroon (192 kg per person) and Ghana (150 kg per person).

From 2012 to 2022, the biggest increases were recorded for Nigeria (with a CAGR of +7.7%), while consumption for the other global leaders experienced more modest paces of growth.

Production

World Production of Bananas and Plantains

In 2022, global production of bananas and plantains was estimated at 181M tons, approximately reflecting the previous year's figure. The total output volume increased at an average annual rate of +2.3% from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations throughout the analyzed period. The most prominent rate of growth was recorded in 2020 when the production volume increased by 6.5%. Over the period under review, global production hit record highs in 2022 and is expected to retain growth in the near future. The general positive trend in terms output was largely conditioned by a temperate increase of the harvested area and a relatively flat trend pattern in yield figures.

In value terms, banana and plantain production expanded sharply to $126.4B in 2022 estimated in export price. The total output value increased at an average annual rate of +3.7% over the period from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2020 with an increase of 19% against the previous year. As a result, production reached the peak level of $132.9B. From 2021 to 2022, global production growth remained at a lower figure.

Production By Country

India (35M tons) constituted the country with the largest volume of banana and plantain production, accounting for 19% of total volume. Moreover, banana and plantain production in India exceeded the figures recorded by the second-largest producer, China (12M tons), threefold. The third position in this ranking was held by Uganda (10M tons), with a 5.8% share.

In India, banana and plantain production increased at an average annual rate of +2.7% over the period from 2012-2022. In the other countries, the average annual rates were as follows: China (+0.2% per year) and Uganda (+8.8% per year).

Yield

The global average banana and plantain yield expanded slightly to 14 tons per ha in 2022, picking up by 4.6% against the previous year's figure. In general, the yield continues to indicate a relatively flat trend pattern. The global yield peaked at 15 tons per ha in 2018; however, from 2019 to 2022, the yield remained at a lower figure.

Harvested Area

The global banana and plantain harvested area declined modestly to 13M ha in 2022, with a decrease of -4.2% compared with 2021. The harvested area increased at an average annual rate of +1.8% over the period from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations being observed throughout the analyzed period. The growth pace was the most rapid in 2019 when the harvested area increased by 13%. Over the period under review, the harvested area dedicated to banana and plantain production reached the peak figure at 13M ha in 2021, and then contracted in the following year.

Imports

World Imports of Bananas and Plantains

After six years of growth, overseas purchases of bananas and plantains decreased by -7.3% to 24M tons in 2022. The total import volume increased at an average annual rate of +2.2% from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations throughout the analyzed period. The pace of growth was the most pronounced in 2017 with an increase of 12%. Global imports peaked at 25M tons in 2021, and then shrank in the following year.

In value terms, banana and plantain imports fell to $15.3B in 2022. The total import value increased at an average annual rate of +2.0% over the period from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations being observed throughout the analyzed period. The growth pace was the most rapid in 2017 with an increase of 8%. Over the period under review, global imports reached the peak figure at $16.1B in 2021, and then reduced in the following year.

Imports By Country

In 2022, the United States (5M tons), distantly followed by China (1.8M tons), Russia (1.6M tons), the Netherlands (1.5M tons) and Germany (1.3M tons) represented the major importers of bananas and plantains, together generating 48% of total imports. Japan (1,055K tons), Belgium (1,046K tons), the UK (886K tons), France (812K tons), Italy (783K tons), Canada (598K tons), Argentina (472K tons) and Poland (469K 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 (+16.2%), China (+11.2%), Poland (+8.0%), France (+3.3%), Russia (+2.5%), Argentina (+2.4%), Italy (+2.1%) 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 +16.2% from 2012-2022. Germany and Japan experienced a relatively flat trend pattern. By contrast, the UK (-1.8%) and Belgium (-2.4%) illustrated a downward trend over the same period. The Netherlands (+4.5 p.p.) and China (+4.4 p.p.) significantly strengthened its position in terms of the global imports, while the UK, Belgium and the United States saw its share reduced by -1.8%, -2.5% and -3.2% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United States ($2.5B) constitutes the largest market for imported bananas and plantains worldwide, comprising 16% of global imports. The second position in the ranking was held by China ($1.2B), with a 7.6% share of global imports. It was followed by the Netherlands, with a 7.3% share.

In the United States, banana and plantain imports remained relatively stable over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: China (+12.3% per year) and the Netherlands (+16.4% per year).

Import Prices By Country

The average banana and plantain import price stood at $649 per ton in 2022, with an increase of 2.1% against the previous year. In general, the import price, however, showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2018 an increase of 2.9%. Over the period under review, average import prices hit record highs at $662 per ton in 2012; however, from 2013 to 2022, import prices stood at a somewhat lower figure.

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 France ($902 per ton), while Russia ($488 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.

Exports

World Exports of Bananas and Plantains

In 2022, shipments abroad of bananas and plantains decreased by -11.3% to 22M 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 +1.1% over the period from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2014 with an increase of 19%. As a result, the exports attained the peak of 27M tons. From 2015 to 2022, the growth of the global exports remained at a lower figure.

In value terms, banana and plantain exports contracted to $14B in 2022. The total export value increased at an average annual rate of +1.8% over the period from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations being observed in certain years. The growth pace was the most rapid in 2014 when exports increased by 8.4%. Over the period under review, the global exports reached the maximum at $15.7B in 2020; however, from 2021 to 2022, the exports failed to regain momentum.

Exports By Country

In 2022, Ecuador (4.4M tons), distantly followed by Guatemala (2.8M tons), Colombia (2.4M tons), Costa Rica (2.3M tons), the Philippines (1.5M tons) and the Netherlands (1M tons) represented the major exporters of bananas and plantains, together committing 65% of total exports. The following exporters - Belgium (840K tons), the United States (608K tons), Honduras (557K tons), Vietnam (516K tons), Mexico (496K tons), Cote d'Ivoire (438K tons) and India (364K tons) - together made up 17% of total exports.

From 2012 to 2022, the biggest increases were recorded for Vietnam (with a CAGR of +47.8%), while shipments for the other global leaders experienced more modest paces of growth.

In value terms, Ecuador ($3.1B), Costa Rica ($1.6B) and the Philippines ($1.1B) constituted the countries with the highest levels of exports in 2022, with a combined 41% share of global exports. Colombia, Guatemala, the Netherlands, Belgium, the United States, Cote d'Ivoire, Honduras, Vietnam, Mexico and India lagged somewhat behind, together comprising a further 41%.

Vietnam, with a CAGR of +50.1%, 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 global leaders experienced more modest paces of growth.

Export Prices By Country

The average banana and plantain export price stood at $634 per ton in 2022, surging by 3.6% against the previous year. Over the period under review, the export price recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2015 an increase of 20%. The global export price peaked in 2022 and is likely to see gradual growth in the near future.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was the Netherlands ($930 per ton), while Guatemala ($387 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 (+11.3%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform