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Global Bananas Market: Key Insights and Future Growth Opportunities by 2033
Global Bananas Market:
According to The Business Research Company's, 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 in the historic period can be attributed to significant increase in import demand, abundant supply growth, increased demand for bananas due to their nutritional value, export earnings, 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 growth in the forecast period can be attributed to 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, expansion of e-commerce platforms and direct-to-consumer sales channels. Major trends in the forecast period include 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, advancements in biotechnology, including gene editing and genetic engineering, to develop disease-resistant banana varieties.
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Market Drivers and Trends:
The increasing health consciousness is expected to propel the growth of the bananas market going forward. Health consciousness refers to awareness and concern for physical and mental well-being. Health consciousness among consumers is increasing due to growing access to health information and the desire for longevity and quality of life. Bananas are a versatile fruit that offers a range of health benefits, making them a popular choice among health-conscious individuals looking to improve their overall health and well-being. For instance, in May 2023, according to the International Food Information Council, a US-based nonprofit organization, the percentage of Americans who reported following a diet or eating pattern in the past year rose to 52% in 2022, up from the previous four years' averages of 39% in 2021 and 43% in 2020. Therefore, increasing health consciousness is driving the growth of the bananas market.
Major companies operating in the bananas market are developing new varieties, such as frozen banana bites, to provide better options to their customers. Frozen and coated banana bites are a delicious 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, launched its frozen treat, Real Banana Bites. This innovative offering 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, offering a delightful and convenient snacking option.
Introduction Of Banana-Powdered Supplements In The Market
Major companies operating in the bananas market are focused on introducing innovative solutions, such as banana-powdered supplements, to gain a competitive edge in the market. A banana powder supplement refers to a dietar*y supplement derived from bananas that have been processed into a powdered form. For instance, in 2021, Banana Feeds Australia, an Australia-based manufacturer of banana-based feed supplements for animals, launched BEE-COMPLETE powder for the supplementation of bee colonies and bee hive health. It is a natural supplement made from 100% whole-dried green bananas. This powder is intended to improve the health and performance of bee colonies that produce honey and provide pollination services. It is made using whole green bananas, including the pulp, peel, stem, and flower ends so that all of the nutritional benefits of green bananas are maximized.
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Major Key Players of the Market:
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
Bananas Market 2024 Key Insights:
• 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%.
• Role Of Increasing Health Consciousness In Driving Banana Market Growth
• Frozen Banana Bites Revolutionize Consumer Appeal
• Asia-Pacific was the largest region in the bananas market in 2023
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