Market Overview

The global consumption for bananas is estimated to grow at a CAGR of 1.21% for the forecast period of 2019-2024. Asia-Pacific leads the market with a 61% share of global consumption. ndia is the world's leading producer of banana accounting for nearly 25.7% of the total output.

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. The global banana exports were estimated at 23.3 million metric ton in 2018. Ecuador is the largest exporter of banana accounting for 24.7% of the global exports. Belgium, Costa Rica, and Colombia are the other top banana exporters in the world. The United States is the leading importer of banana with 18% share in the world imports.

Scope of the Report

Bananas are a type of tropical fruit with soft pulpy flesh enclosed in a soft usually yellow rind, which has an elongated shape with tapering ends. 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.

All estimations in the report have been made based on the global consumption of banana.

Key Market Trends

Increasing Health Consciousness Driving the Banana Market

The increasing advancements in food and beverages and growing health awareness have led to a shift in the focus of consumers to hygienic and healthy food products. Bananas are a rich source of Vitamin B6, Vitamin C, Manganese, Potassium, dietary fibers, and protein. Bananas are also used in a wide variety of food products such as breakfast cereals, ice cream, and other desserts apart from raw consumption. The demand for bananas owing to its various health benefits is expected to rise during the forecast period.

Asia Pacific Dominates the Global Banana Market

Asia-Pacific leads the banana market with a 61% share of global consumption. Within Asia-Pacific, India is the largest producer of bananas in the world, with a production of 29.7 million metric tons from an area of 0.84 million hectares. Other major banana-producing countries are China and Indonesia. India’s exports of banana represent only 0.3% of the world exports since most of the bananas grown in India are for the domestic market. Due to the structure of landholdings in India, there are certain limits on land usage. Thus, the contract-farming model is used, which allows the agribusiness producers to produce bananas in larger areas than the legal constraints. In India, production and productivity have increased significantly with the expansion of area under cultivation.

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