Banana Market Size (2024 - 2029)

The banana market is projected to experience modest growth over the forecast period, with its market size expanding gradually. This tropical fruit, predominantly produced in warmer regions, holds significant importance globally, being a major export and a crucial food source. The market's expansion is influenced by efforts to establish sustainable marketing and processing practices, particularly in the aftermath of trade disruptions caused by the COVID-19 pandemic. As the world's favorite fruit in terms of consumption, bananas continue to play a vital role in international trade, with key exporting countries contributing significantly to the global supply.

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Market Size of Banana Industry

Banana Market Summary
Study Period 2019 - 2029
Market Size (2024) USD 140.84 Billion
Market Size (2029) USD 146.56 Billion
CAGR (2024 - 2029) 0.80 %
Fastest Growing Market Middle East and Africa
Largest Market Asia-Pacific

Major Players

Banana Market Major Players

*Disclaimer: Major Players sorted in no particular order

Banana Market Analysis

The Banana Market size is estimated at USD 140.84 billion in 2024, and is expected to reach USD 146.56 billion by 2029, growing at a CAGR of 0.8% during the forecast period (2024-2029).

  • Banana is a tropical fruit that is grown in many warmer areas around the world. According to Food and Agriculture Organization Statistics (FAOSTAT), India is the world's leading producer of bananas, accounting for nearly 26.3% of the total production in 2020. In recent years, after the COVID-19 pandemic, most countries and players in the market have been focusing on developing sustainable marketing and processing lines for bananas across the world in order to prevent damage caused by trade disruptions and disasters affecting the growth of the market.
  • Bananas are the fourth most important food crop after wheat, rice, and maize in terms of production and are the world's favorite fruit in terms of consumption quantity. Bananas are one of the major globally exported fruits and also an important source of livelihood and food. According to ITC Trademap, global banana exports were valued at over USD 13,049 million in 2021. Ecuador is the largest exporter of bananas, accounting for 26% of global exports. The Philippines, Costa Rica, and Colombia are the other leading banana-exporting countries in the world. The United States is the leading importer of bananas, with a 16.7% share in the world's imports in 2021.

Banana Industry Segmentation

Bananas are tropical fruits with soft pulpy flesh enclosed in a soft, usually yellow, rind with an elongated shape and tapering end. Bananas are produced by several kinds of large herbaceous flowering plants in the genus Musa, which grow in clusters hanging from the top of the plant.

The global banana market is segmented by geography (North America, Europe, Asia-Pacific, South America, and Africa). The study offers the market sizing in terms of volume in metric tons and value in USD thousand.

Geography (Production Analysis, Consumption Analysis by Value and Volume, Import Analysis by Value and Volume, Export Analysis by Value and Volume, and Price Trend Analysis)
North America
United States
Costa Rica
Mexico
Europe
Germany
Netherlands
Asia-Pacific
India
China
Indonesia
Phillipines
South America
Equador
Columbia
Brazil
Africa
Angola
Egypt
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Banana Market Size Summary

The banana market is a significant segment of the global agricultural industry, characterized by its extensive production and consumption worldwide. Bananas are a staple tropical fruit, highly valued for their nutritional benefits and versatility in various food products. The market is predominantly led by Asia-Pacific, with India being the largest producer, followed by China and Indonesia. The region's production is bolstered by increasing domestic consumption and export potential, supported by government initiatives and strategic farming models like contract farming. The banana industry is also witnessing a shift towards sustainable practices and innovations in supply chain management, particularly in response to challenges posed by global trade disruptions.

The market is consolidated, with major players such as Fresh Del Monte, Chiquita Brands International, Fyffes, Dole Food Company, and Reybanpac dominating the landscape. These companies are focusing on partnerships and production expansions to enhance their market share. The demand for bananas is expected to grow, driven by rising health consciousness and the fruit's role as a natural energy source, particularly in developed regions. Investments in production and infrastructure, such as those seen in India and the Philippines, are further propelling market growth. The banana market's resilience and adaptability to consumer trends and global challenges underscore its importance in the agricultural sector.

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Banana Market Size - Table of Contents

  1. 1. MARKET DYNAMICS

    1. 1.1 Market Overview

    2. 1.2 Market Drivers

    3. 1.3 Market Restraints

    4. 1.4 Value Chain Analysis

  2. 2. MARKET SEGMENTATION

    1. 2.1 Geography (Production Analysis, Consumption Analysis by Value and Volume, Import Analysis by Value and Volume, Export Analysis by Value and Volume, and Price Trend Analysis)

      1. 2.1.1 North America

        1. 2.1.1.1 United States

        2. 2.1.1.2 Costa Rica

        3. 2.1.1.3 Mexico

      2. 2.1.2 Europe

        1. 2.1.2.1 Germany

        2. 2.1.2.2 Netherlands

      3. 2.1.3 Asia-Pacific

        1. 2.1.3.1 India

        2. 2.1.3.2 China

        3. 2.1.3.3 Indonesia

        4. 2.1.3.4 Phillipines

      4. 2.1.4 South America

        1. 2.1.4.1 Equador

        2. 2.1.4.2 Columbia

        3. 2.1.4.3 Brazil

      5. 2.1.5 Africa

        1. 2.1.5.1 Angola

        2. 2.1.5.2 Egypt

Banana Market Size FAQs

The Banana Market size is expected to reach USD 140.84 billion in 2024 and grow at a CAGR of 0.8% to reach USD 146.56 billion by 2029.

In 2024, the Banana Market size is expected to reach USD 140.84 billion.

Banana Market Report Snapshots

Banana Market Size - Industry Report on Share, Growth Trends & Forecasts Analysis (2024 - 2029)