The global production of bananas in 2019 was 116.0 million metric ton and is projected to register a CAGR of 4.1% during forecast period of 2021-2026.

The global pandemic (COVID-19) has hit this agrosystem hardest. Due to lockdown restrictions, across the world, there have been shortages of labor and planting materials affecting production. The closed markets have resulted in a price crash in few markets, while in others there is an increase in prices. Due to Covid-19, future objectives are focused on developing sustainable marketing and processing lines for bananas across the world.

In 2018, Asia-Pacific leads the market with 61.0% of global consumption. India is the world's leading producer of bananas, accounting for nearly 25.7% of the total output in 2019. Bananas are one of the major globally exported fruits and also an important source of livelihood and food.

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. According to ITC Trademap, the global banana exports were estimated at 24.9 million metric ton in 2019. Ecuador was the largest exporter of banana, accounting for 24.8% of the global exports. Phillipines, Costa Rica, and Colombia are the other top banana exporters in the world. The United States was the leading importer of banana with 16.8% share in the world imports in 2019.

Key Market Trends

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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 considered a rich source of vitamin B6, vitamin C, manganese, potassium, dietary fibers, and protein. Bananas contribute to the proper functioning of metabolism, nervous system and aids in the digestion process.

Bananas are also used in a wide variety of food products, such as breakfast cereals, ice cream, and other desserts apart from raw consumption. For decades, bananas are considered a staple, inexpensive, and easily available food. This has led to the constant development in production, to satisfy the economic, environmental, and social well-being consciousness of the consumers. The demand for bananas will grow further during the forecast period, owing to the increasing health consciousness.

Asia-Pacific Dominates the Banana Market

Asia-Pacific leads the banana market with a 61.0% share of global consumption. Within Asia-Pacific, India is the largest producer of bananas in the world, with a production of 30.4 million metric tons from an area of 0.84 million hectares in 2019, followed by China and Indonesia. India's export of banana was valued at USD 75,095.0was in 2019 which represent only 0.6% of the world exports since most of the bananas grown in India are for the domestic market.

However,the per capita consumption is increasing in the Asia-Pacific region is owing to the increase in population. The growing consumption is leading the producers across the globe to increase production levels. Due to the structure of landholdings in India, there are certain limits on land usage. Thus, the contract-farming model is used, which allows agribusiness producers to produce bananas in larger areas by overcoming legal constraints within the country. In India, production and productivity have increased significantly with the expansion of area under cultivation.

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