What Is The Definition Of The Global Bananas Market?
A banana is a curved, yellow fruit with thick skin and soft, sweet flesh, belonging to the Musaceae family of flowering tropical plants. Bananas are rich in nutrients, providing a significant amount of carbohydrates, dietary fiber, potassium, manganese, and vitamins B6 and C.
Bananas Global Market Report 2024 provides data on the global bananas market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The Bananas market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
How Is The Global Bananas Market Size Expected To Change, And What Are The Growth Rate Projections?
The bananas market size has shown steady growth recently, expanding from $135.31 billion in 2023 to $138.34 billion in 2024 at a compound annual growth rate (CAGR) of 2.2%. This growth in the historic period can be attributed to a significant increase in import demand, abundant supply growth, rising consumer preference for bananas due to their nutritional value, export earnings, and ongoing development of new banana varieties. Looking forward, the market is poised for continued steady growth, projecting to reach $153.47 billion by 2028 with a CAGR of 2.6%. Anticipated growth in the forecast period will be driven by the integration of bananas into diverse culinary traditions and innovative food products, adoption of water-efficient irrigation techniques and sustainable water management practices, increased investments in research and development (R&D) to combat disease resistance and post-harvest losses, government-led food security initiatives and agricultural development investments, expansion of e-commerce platforms and direct-to-consumer sales channels. Major trends expected include the adoption of precision agriculture techniques, implementation of blockchain technology to enhance traceability and transparency in the banana supply chain, exploration of vertical farming methods like hydroponics and aeroponics for controlled indoor banana cultivation, advancements in biotechnology such as gene editing and genetic engineering to develop disease-resistant banana varieties.
Which Drivers Are Accelerating Growth In The Bananas Market?
The bananas market is set to expand with growing health consciousness among consumers. Increasing access to health information and a focus on longevity and well-being drive consumer preferences toward nutritious options like bananas. According to the International Food Information Council, 52% of Americans reported following a diet or eating pattern in 2022, reflecting a trend towards healthier eating habits. This growing health consciousness is expected to drive the bananas market forward in 2023, 2024, and 2028.
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What Are The Core Segments Of The Global Bananas Market?
The bananas market covered in this report is segmented –
1) By Type: Bananas, Plantains
2) By Product Characteristics: Premium Segment, Standard Segment
3) By Industry Practices: Wholesale Market, Retail Market, Export Market
4) By Application: Edible, Medical, Ornamental
Which Emerging Trends Are Reshaping The Bananas Market Size?
Major companies in the bananas market are focusing on developing new varieties, such as frozen banana bites, to offer better options to their customers. These frozen and coated banana bites are a tasty and healthy snack, made by dipping banana slices in various coatings and then freezing them. For instance, in November 2023, Pukpip, a UK-based food and beverage company, launched its frozen treat, Real Banana Bites. This innovative product provides a delicious and indulgent treat for consumers seeking a unique frozen snack experience. Pukpip's Real Banana Bites combine the natural sweetness of bananas with the rich flavor of milk chocolate, creating a delightful and convenient snacking option.
What Is The Largest Region In The Bananas Market?
Asia-Pacific was the largest region in the bananas market in 2023. Middle East is expected to be the fastest-growing region in the forecast period. The regions covered in the bananas market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
