Bananas Global Market Report 2024

The bananas market size has grown steadily in recent years. It will grow from $135.31 billion in 2023 to $138.34 billion in 2024 at a compound annual growth rate (CAGR) of 2.2%. The growth observed in the historical period can be attributed to several factors, including a significant increase in import demand, abundant supply growth, rising demand for bananas due to their nutritional value, increased export earnings, and the development of new banana varieties.

The bananas market size is expected to see steady growth in the next few years. It will grow to $153.47 billion in 2028 at a compound annual growth rate (CAGR) of 2.6%. The projected growth in the forecast period can be attributed to several factors, including the integration of bananas into diverse culinary traditions and innovative food products, adoption of water-efficient irrigation techniques and sustainable water management practices, increased investment in research and development (R&D) to address disease resistance and post-harvest losses, government-led food security initiatives and investments in agricultural development, and the expansion of e-commerce platforms and direct-to-consumer sales channels. Major trends anticipated in this period include the adoption of precision agriculture techniques, implementation of blockchain technology to enhance traceability, transparency, and trustworthiness in the banana supply chain, exploration of vertical farming methods such as hydroponics and aeroponics to grow bananas in controlled indoor environments, and advancements in biotechnology including gene editing and genetic engineering to develop disease-resistant banana varieties.

The rising trend of health consciousness is expected to drive the growth of the bananas market in the future. Health consciousness refers to an increased awareness and concern for physical and mental well-being among consumers. This trend is fueled by greater access to health information and a growing desire for longevity and improved quality of life. Bananas, known for their versatility and numerous health benefits, are becoming a favored choice among health-conscious individuals seeking to enhance their overall health and well-being. For example, data from May 2023, provided by the International Food Information Council, a US-based nonprofit organization, indicated that 52% of Americans reported following a specific diet or eating pattern in 2022, marking a significant increase from previous years' averages of 39% in 2021 and 43% in 2020. This demonstrates how increasing health consciousness is propelling the growth of the bananas market.

Key players in the bananas market are actively developing new varieties, such as frozen banana bites, to offer enhanced options to consumers. Frozen and coated banana bites are a delectable and healthy snack made by dipping banana slices in various coatings and then freezing them until firm. For instance, in November 2023, Pukpip, a UK-based food and beverage company, introduced its frozen treat, Real Banana Bites. This innovative product provides consumers with a delicious and indulgent snack experience while still offering the nutritional benefits of bananas. Pukpip's Real Banana Bites combine the natural sweetness of bananas with the rich flavor of milk chocolate, appealing to consumers seeking a unique frozen snack option.

Major companies in the bananas market are focusing on introducing innovative solutions such as banana-powdered supplements to gain a competitive edge. Banana powder supplements are dietary supplements derived from processed bananas in powdered form. For instance, Banana Feeds Australia, an Australia-based manufacturer of banana-based feed supplements for animals, launched BEE-COMPLETE powder in 2021 for the supplementation of bee colonies and hive health. This natural supplement, made from 100% whole-dried green bananas, is designed to enhance the health and performance of bee colonies involved in honey production and pollination services. By utilizing whole green bananas, including the pulp, peel, stem, and flower ends, BEE-COMPLETE powder maximizes the nutritional benefits of green bananas to support bee colony health and productivity.

Major companies operating in the bananas market are Trader Joe's Company, Dole Food Company Inc., Del Monte Foods Inc., Chiquita Brands LLC, Chestnut Hill Farms, International Fruit Company LLC (IFCO), Sun-Maid Growers of California, Torn & Glasser Inc., Augason Farms Inc., Woodstock Farms Manufacturing, Crispy Green Inc., Terra Ingredients LLC, Turbana Corporation, Pacific Produce LLC, Natierra Inc., Brothers All Natural, Bare Snacks, Mundo Foods LLC, Wel-Bloom Bio-Tech Corporation, Valley Food Storage LLC, Organics Unlimited Inc., Equifruit Inc., Nature's All Foods LLC, Harmony House Foods Inc., Bonita Fruit Inc.

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. The countries covered in the bananas market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

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.

The main types of bananas include dessert bananas and plantains. Dessert bananas are widely consumed globally for their sweet taste, soft texture, and nutritional benefits, making them a staple in many diets. These bananas are categorized into premium and standard segments, commonly traded in wholesale, retail, and export markets. They find diverse applications in various industries, including food, medicine, and ornamental purposes.

The bananas market research report is one of a series of new reports that provides bananas market statistics, including bananas industry global market size, regional shares, competitors with a bananas market share, detailed bananas market segments, market trends and opportunities, and any further data you may need to thrive in the bananas industry. This bananas market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The bananas market consists of sales of banana chips, banana bread, banana smoothies, banana jam, and banana ice cream. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


This product will be delivered within 3-5 business days.