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The global banana market revenue amounted to $58.5B in 2017, therefore, remained relatively stable against the previous year.
The global banana market revenue amounted to $58.5B in 2017, therefore, remained relatively stable against the previous year.

Key insights into the global banana market

INTERNATIONAL NEWS

IndexBox - Sep 16th, 14:45

The global banana market revenue amounted to $58.5B in 2017, therefore, remained relatively stable against 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).  

Overall, the total market indicated a remarkable increase from 2007 to 2017: its value increased at an average annual rate of +1.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2017 figures, banana consumption increased by +18.1% against 2015 indices.

The most prominent rate of growth was recorded in 2013 with an increase of 21% against the previous year. Global banana consumption peaked in 2017 and is likely to see steady growth in the immediate term.

Consumption By Country

India (30M tonnes) remains the largest banana consuming country worldwide, accounting for 27% of total consumption. Moreover, banana consumption in India exceeded the figures recorded by the world's second-largest consumer, China (12M tonnes), twofold. Indonesia (7.1M tonnes) ranked third in terms of total consumption with a 6.3% share.

In India, banana consumption expanded at an average annual rate of +2.5% over the period from 2007-2017. The remaining consuming countries recorded the following average annual rates of consumption growth: China (+4.2% per year) and Indonesia (+2.7% per year).

In value terms, India ($15.5B) led the market, alone. The second position in the ranking was occupied by China ($4.8B). It was followed by Brazil.

The countries with the highest levels of banana per capita consumption in 2017 were Rwanda (252 kg per person), Angola (144 kg per person) and Guatemala (109 kg per person).

From 2007 to 2017, the most notable rate of growth in terms of banana per capita consumption, amongst the main consuming countries, was attained by Angola, while the other global leaders experienced more modest paces of growth.

Market Forecast 2019-2025

Driven by increasing demand for banana worldwide, the market is expected to continue an upward consumption trend over the next seven years. Market performance is forecast to retain its current trend pattern, expanding with an anticipated CAGR of +1.7% for the seven-year period from 2018 to 2025, which is projected to bring the market volume to 128M tonnes by the end of 2025.

Production 2007-2018

In 2017, the global production of bananas stood at 116M tonnes, jumping by 3% against the previous year. The total output volume increased at an average annual rate of +1.9% over the period from 2007 to 2017; the trend pattern remained consistent, with somewhat noticeable fluctuations throughout the analyzed period. The pace of growth appeared the most rapid in 2009 with an increase of 5.1% y-o-y. Global banana production peaked in 2017 and is expected to retain its growth in the near future. The general positive trend in terms of banana output was largely conditioned by modest growth of the harvested area and a slight increase in yield figures.

In value terms, banana production totaled $76.2B in 2017 estimated in export prices. Over the period under review, the total output indicated buoyant growth from 2007 to 2017: its value increased at an average annual rate of +1.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2013 when production volume increased by 24% y-o-y. Over the period under review, global banana production attained its peak figure level in 2017 and is expected to retain its growth in the immediate term.

Production By Country

India (30M tonnes) constituted the country with the largest volume of banana production, comprising approx. 26% of total production. Moreover, banana production in India exceeded the figures recorded by the world's second-largest producer, China (11M tonnes), threefold. The third position in this ranking was occupied by Indonesia (7.2M tonnes), with a 6.1% share.

From 2007 to 2017, the average annual growth rate of volume in India amounted to +2.5%. In other countries, the average annual rates were as follows: China (+3.7% per year) and Indonesia (+2.8% per year).

Harvested Area 2007-2018

In 2017, approx. 5.5M ha of bananas were harvested worldwide; leveling off at the previous year. In general, the banana harvested area continues to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2009 when the harvested area increased by 2.8% year-to-year. Over the period under review, the harvested area dedicated to banana production reached its peak figure in 2017 and is expected to retain its growth in the immediate term.

Yield 2007-2018

In 2017, the global average yield of bananas totaled 21 tonnes per ha, rising by 2.6% against the previous year. The yield figure increased at an average annual rate of +1.1% from 2007 to 2017; the trend pattern remained relatively stable, with only minor fluctuations over the period under review. The pace of growth was the most pronounced in 2010 with an increase of 2.9% y-o-y. Over the period under review, the average banana yield attained its maximum level in 2017 and is expected to retain its growth in the near future.

Exports 2007-2018

In 2017, approx. 24M tonnes of bananas were exported worldwide; going up by 10% against the previous year. The total export volume increased at an average annual rate of +3.2% over the period from 2007 to 2017; however, the trend pattern indicated some noticeable fluctuations being recorded over the period under review. The pace of growth was the most pronounced in 2017 with an increase of 10% year-to-year. In that year, global banana exports reached their peak and are likely to continue its growth in the immediate term.

In value terms, banana exports totaled $13.7B in 2017. In general, the total exports indicated a strong increase from 2007 to 2017: its value increased at an average annual rate of +3.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2017 figures, banana exports increased by +35.3% against 2015 indices. The pace of growth was the most pronounced in 2017 with an increase of 26% against the previous year. In that year, global banana exports attained their peak and are likely to continue its growth in the immediate term.

Exports by Country

Ecuador was the key exporter of bananas in the world, with the volume of exports resulting at 6.6M tonnes, which was near 27% of total exports in 2017. It was distantly followed by the Philippines (2.9M tonnes), Costa Rica (2.5M tonnes), Guatemala (2.1M tonnes), Colombia (2M tonnes) and Belgium (1.3M tonnes), together constituting a 45% share of total exports. The U.S. (614K tonnes), Honduras (606K tonnes), the Netherlands (585K tonnes), Mexico (577K tonnes) and Cote d'Ivoire (490K tonnes) took a relatively small share of total exports.

From 2007 to 2017, average annual rates of growth with regard to banana exports from Ecuador stood at +2.2%. At the same time, Mexico (+30.1%), the Netherlands (+16.4%), Guatemala (+7.8%), Cote d'Ivoire (+5.4%), the Philippines (+5.3%), the U.S. (+2.9%), Colombia (+1.4%), Belgium (+1.1%) and Costa Rica (+1.0%) displayed positive paces of growth. Moreover, Mexico emerged as the fastest growing exporter in the world, with a CAGR of +30.1% from 2007-2017. Honduras experienced a relatively flat trend pattern. From 2007 to 2017, the share of Ecuador, the Philippines, Guatemala, Mexico, and the Netherlands increased by +5.4%, +4.9%, +4.5%, +2.2% and +1.9% percentage points, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest banana markets worldwide were Ecuador ($3B), Costa Rica ($1.9B) and Guatemala ($1.4B), with a combined 46% share of global exports. The Philippines, Belgium, Colombia, the Netherlands, the U.S., Cote d'Ivoire, Honduras, and Mexico lagged somewhat behind, together accounting for a further 36%.

In terms of the main exporting countries, Mexico recorded the highest growth rate of exports, over the last decade, while the other global leaders experienced more modest paces of growth.

Prices by Country

In 2017, the average banana export price amounted to $568 per tonne, picking up by 14% against the previous year. Over the period from 2007 to 2017, it increased at an average annual rate of +3.8%. The growth pace was the most rapid in 2017 an increase of 14% y-o-y. In that year, the average export prices for bananas reached their peak level and is likely to continue its growth in the immediate term.

There were significant differences in the average prices amongst the major exporting countries. In 2017, the country with the highest price was the Netherlands ($834 per tonne), while the Philippines ($386 per tonne) was amongst the lowest.

From 2007 to 2017, the most notable rate of growth in terms of prices was attained by Costa Rica, while the other global leaders experienced more modest paces of growth.

Imports 2007-2018

Global imports stood at 21M tonnes in 2017, approximately mirroring the previous year. The total import volume increased at an average annual rate of +1.6% from 2007 to 2017; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being recorded over the period under review. The most prominent rate of growth was recorded in 2010 with an increase of 5.1% against the previous year. Over the period under review, global banana imports attained their maximum in 2017 and are likely to continue its growth in the immediate term.

In value terms, banana imports stood at $15.2B in 2017. The total import value increased at an average annual rate of +3.8% from 2007 to 2017; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2008 when Imports increased by 17% y-o-y. Global imports peaked in 2017 and are likely to see steady growth in the near future.

Imports by Country

In 2017, the U.S. (3.6M tonnes), distantly followed by Russia (1.5M tonnes), Belgium (1.4M tonnes), Germany (1.4M tonnes), the UK (1.2M tonnes), China (1M tonnes) and Japan (986K tonnes) represented the major importers of bananas, together committing 54% of total imports. Italy (775K tonnes), the Netherlands (733K tonnes), France (687K tonnes), Canada (598K tonnes) and Argentina (489K tonnes) followed a long way behind the leaders.

From 2007 to 2017, average annual rates of growth with regard to banana imports into the U.S. stood at -1.6%. At the same time, the Netherlands (+13.4%), China (+12.1%), Russia (+4.7%), Argentina (+3.9%), France (+3.1%), Canada (+2.4%), the UK (+1.6%) and Italy (+1.2%) displayed positive paces of growth. Moreover, the Netherlands emerged as the fastest-growing importer in the world, with a CAGR of +13.4% from 2007-2017. Japan, Germany, and Belgium experienced a relatively flat trend pattern. From 2007 to 2017, the share of China, Russia, and the Netherlands increased by +3.4%, +2.7% and +2.5% percentage points, while the U.S. (-3 p.p.) saw their share reduced. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the U.S. ($2.8B), Belgium ($1.4B) and Russia ($1.1B) were the countries with the highest levels of imports in 2017, with a combined 35% share of global imports. These countries were followed by Germany, Japan, the UK, the Netherlands, China, France, Italy, Canada, and Argentina, which together accounted for a further 37%.

China recorded the highest growth rate of imports, among the main importing countries over the last decade, while the other global leaders experienced more modest paces of growth.

Import Prices by Country

The average banana import price stood at $724 per tonne in 2017, going up by 5.9% against the previous year. Over the last decade, it increased at an average annual rate of +2.1%. The growth pace was the most rapid in 2008 when the average import price increased by 27% against the previous year. In that year, the average import prices for bananas attained their peak level of $743 per tonne. From 2009 to 2017, the growth in terms of the average import prices for bananas remained at a somewhat lower figure.

Prices varied noticeably by the country of destination; the country with the highest price was Belgium ($967 per tonne), while Argentina ($490 per tonne) was amongst the lowest.

From 2007 to 2017, the most notable rate of growth in terms of prices was attained by Argentina, while the other global leaders experienced more modest paces of growth.

Full report: https://www.indexbox.io/store/world-bananas-market-report-analysis-and-forecast-to-2020
Indexbox 

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