Global Banana Market: Consumption Trend Expected to Continue Upward with Market Volume Reaching 158M Tons and Market Value at $156.9B by 2035 – News and Statistics

Mar 1, 2025

IndexBox has just published a new report: World – Bananas – Market Analysis, Forecast, Size, Trends And Insights.

The global banana market is set to experience a steady increase in consumption, with a predicted CAGR of +1.3% in volume and +2.1% in value from 2024 to 2035. This growth is fueled by the rising demand for bananas on a global scale, leading to a promising outlook for the industry in the coming years.

Market Forecast

Driven by increasing demand for bananas worldwide, the market is expected to continue an upward consumption trend over the next decade. Market performance is forecast to retain its current trend pattern, expanding with an anticipated CAGR of +1.3% for the period from 2024 to 2035, which is projected to bring the market volume to 158M tons by the end of 2035.

In value terms, the market is forecast to increase with an anticipated CAGR of +2.1% for the period from 2024 to 2035, which is projected to bring the market value to $156.9B (in nominal wholesale prices) by the end of 2035.

Consumption

World’s Consumption of Bananas

After seven years of growth, consumption of bananas decreased by -2.7% to 137M tons in 2024. The total consumption volume increased at an average annual rate of +1.6% from 2013 to 2024; the trend pattern remained relatively stable, with only minor fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2021 when the consumption volume increased by 5%. Global consumption peaked at 141M tons in 2023, and then contracted slightly in the following year.

The global banana market size fell modestly to $125.2B in 2024, remaining relatively unchanged against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers’ margins, which will be included in the final consumer price). The market value increased at an average annual rate of +1.4% from 2013 to 2024; the trend pattern remained relatively stable, with only minor fluctuations being observed in certain years. The most prominent rate of growth was recorded in 2021 with an increase of 7.3% against the previous year. Global consumption peaked at $126.9B in 2023, and then declined in the following year.

Consumption By Country

India (35M tons) constituted the country with the largest volume of banana consumption, accounting for 25% of total volume. Moreover, banana consumption in India exceeded the figures recorded by the second-largest consumer, China (13M tons), threefold. Indonesia (9.3M tons) ranked third in terms of total consumption with a 6.8% share.

In India, banana consumption expanded at an average annual rate of +2.2% over the period from 2013-2024. The remaining consuming countries recorded the following average annual rates of consumption growth: China (+0.6% per year) and Indonesia (+3.6% per year).

In value terms, India ($18.9B), China ($13B) and Nigeria ($8.8B) were the countries with the highest levels of market value in 2024, with a combined 33% share of the global market.

In terms of the main consuming countries, Nigeria, with a CAGR of +9.5%, saw the highest rates of growth with regard to market size over the period under review, while market for the other global leaders experienced more modest paces of growth.

In 2024, the highest levels of banana per capita consumption was registered in Angola (127 kg per person), followed by Tanzania (54 kg per person), Kenya (42 kg per person) and Nigeria (34 kg per person), while the world average per capita consumption of banana was estimated at 17 kg per person.

From 2013 to 2024, the average annual growth rate of the banana per capita consumption in Angola was relatively modest. The remaining consuming countries recorded the following average annual rates of per capita consumption growth: Tanzania (-0.1% per year) and Kenya (+3.1% per year).

Production

World’s Production of Bananas

In 2024, after seven years of growth, there was decline in production of bananas, when its volume decreased by -1.9% to 138M tons. The total output volume increased at an average annual rate of +1.8% from 2013 to 2024; the trend pattern remained consistent, with somewhat noticeable fluctuations being observed in certain years. The most prominent rate of growth was recorded in 2023 when the production volume increased by 4.2% against the previous year. As a result, production attained the peak volume of 141M tons, and then contracted slightly in the following year. The general positive trend in terms output was largely conditioned by a mild expansion of the harvested area and a modest increase in yield figures.

In value terms, banana production reached $92.1B in 2024 estimated in export price. The total output value increased at an average annual rate of +1.1% from 2013 to 2024; the trend pattern remained consistent, with somewhat noticeable fluctuations being observed throughout the analyzed period. The pace of growth was the most pronounced in 2021 when the production volume increased by 7.9% against the previous year. Over the period under review, global production reached the peak level at $92.4B in 2022; however, from 2023 to 2024, production failed to regain momentum.

Production By Country

The country with the largest volume of banana production was India (36M tons), accounting for 26% of total volume. Moreover, banana production in India exceeded the figures recorded by the second-largest producer, China (12M tons), threefold. Indonesia (9.3M tons) ranked third in terms of total production with a 6.7% share.

In India, banana production expanded at an average annual rate of +2.3% over the period from 2013-2024. The remaining producing countries recorded the following average annual rates of production growth: China (-0.3% per year) and Indonesia (+3.6% per year).

Yield

The global average banana yield shrank to 23 tons per ha in 2024, standing approx. at the year before. The yield figure increased at an average annual rate of +1.5% over the period from 2013 to 2024; the trend pattern remained consistent, with only minor fluctuations in certain years. The pace of growth appeared the most rapid in 2018 when the yield increased by 6.8% against the previous year. Over the period under review, the average banana yield attained the maximum level at 24 tons per ha in 2023, and then declined slightly in the following year.

Harvested Area

In 2024, the total area harvested in terms of bananas production worldwide shrank slightly to 5.9M ha, approximately equating the previous year’s figure. Over the period under review, the harvested area, however, continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 when the harvested area increased by 3.5%. The global harvested area peaked at 6M ha in 2023, and then shrank modestly in the following year.

Imports

World’s Imports of Bananas

In 2024, purchases abroad of bananas decreased by -2.7% to 20M tons, falling for the third year in a row after two years of growth. The total import volume increased at an average annual rate of +1.2% over the period from 2013 to 2024; the trend pattern remained relatively stable, with only minor fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2017 when imports increased by 13% against the previous year. Over the period under review, global imports reached the peak figure at 23M tons in 2021; however, from 2022 to 2024, imports remained at a lower figure.

In value terms, banana imports reduced to $14.8B in 2024. The total import value increased at an average annual rate of +2.0% from 2013 to 2024; the trend pattern remained consistent, with only minor fluctuations throughout the analyzed period. The most prominent rate of growth was recorded in 2014 with an increase of 9.4%. Over the period under review, global imports attained the maximum at $16B in 2023, and then shrank in the following year.

Imports By Country

In 2024, the United States (4M tons), distantly followed by China (1.7M tons), the Netherlands (1.4M tons), Germany (1.1M tons), Japan (1M tons) and Belgium (1M tons) were the key importers of bananas, together creating 50% of total imports. The following importers – the UK (820K tons), Russia (815K tons), Italy (731K tons) and France (723K tons) – each reached a 15% share of total imports.

Imports into the United States decreased at an average annual rate of -1.2% from 2013 to 2024. At the same time, the Netherlands (+16.0%), China (+11.4%), Belgium (+3.1%) and France (+1.4%) displayed positive paces of growth. Moreover, the Netherlands emerged as the fastest-growing importer imported in the world, with a CAGR of +16.0% from 2013-2024. Italy and Japan experienced a relatively flat trend pattern. By contrast, Germany (-1.7%), the UK (-3.0%) and Russia (-4.4%) illustrated a downward trend over the same period. China (+5.4 p.p.) and the Netherlands (+5.3 p.p.) significantly strengthened its position in terms of the global imports, while Germany, the UK, Russia and the United States saw its share reduced by -2.1%, -2.3%, -3.5% and -5.8% from 2013 to 2024, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United States ($2.1B), the Netherlands ($1.2B) and Germany ($951M) were the countries with the highest levels of imports in 2024, with a combined 29% share of global imports.

Among the main importing countries, the Netherlands, with a CAGR of +17.3%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Import Prices By Country

In 2024, the average banana import price amounted to $731 per ton, reducing by -4.8% against the previous year. Over the period under review, the import price, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2023 an increase of 18%. As a result, import price attained the peak level of $768 per ton, and then shrank in the following year.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was France ($1,041 per ton), while the United States ($518 per ton) was amongst the lowest.

From 2013 to 2024, the most notable rate of growth in terms of prices was attained by Russia (+7.8%), while the other global leaders experienced more modest paces of growth.

Exports

World’s Exports of Bananas

In 2024, shipments abroad of bananas increased by 2% to 22M tons, rising for the second year in a row after two years of decline. The total export volume increased at an average annual rate of +2.6% from 2013 to 2024; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2017 when exports increased by 18% against the previous year. Over the period under review, the global exports attained the peak figure at 25M tons in 2020; however, from 2021 to 2024, the exports stood at a somewhat lower figure.

In value terms, banana exports shrank to $14.1B in 2024. The total export value increased at an average annual rate of +2.9% over the period from 2013 to 2024; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2017 when exports increased by 13% against the previous year. The global exports peaked at $14.7B in 2020; however, from 2021 to 2024, the exports remained at a lower figure.

Exports By Country

In 2024, Ecuador (4.4M tons), distantly followed by Guatemala (2.8M tons), Costa Rica (2.4M tons), the Philippines (2M tons) and Colombia (1.9M tons) represented the key exporters of bananas, together generating 63% of total exports. The Netherlands (814K tons), Belgium (762K tons), India (734K tons), Vietnam (549K tons) and Honduras (515K tons) followed a long way behind the leaders.

From 2013 to 2024, the most notable rate of growth in terms of shipments, amongst the main exporting countries, was attained by Vietnam (with a CAGR of +47.4%), while the other global leaders experienced more modest paces of growth.

In value terms, the largest banana supplying countries worldwide were Ecuador ($3.2B), Costa Rica ($1.6B) and the Philippines ($1.2B), with a combined 43% share of global exports. The Netherlands, Guatemala, Colombia, Belgium, India, Vietnam and Honduras lagged somewhat behind, together comprising a further 33%.

Among the main exporting countries, Vietnam, with a CAGR of +46.6%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Export Prices By Country

The average banana export price stood at $654 per ton in 2024, shrinking by -4.8% against the previous year. In general, the export price, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2023 an increase of 8.6% against the previous year. As a result, the export price attained the peak level of $687 per ton, and then contracted in the following year.

There were significant differences in the average prices amongst the major exporting countries. In 2024, amid the top suppliers, the country with the highest price was the Netherlands ($1,251 per ton), while Guatemala ($355 per ton) was amongst the lowest.

From 2013 to 2024, the most notable rate of growth in terms of prices was attained by the Philippines (+5.7%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform