Press release
Bananas Market Expected to Achieve 3% CAGR by 2029: Growth Forecast Insights
Bananas
How Large Will the Bananas Market Size By 2025?
The market size for bananas has seen a consistent growth over the past years. It is projected to progress from $138.34 billion in 2024 to $143.33 billion in 2025, with a compound annual growth rate (CAGR) of 3.6%. The historical growth stems from factors such as a significant surge in import demand, sizable growth in supply, heightened demand for bananas given their nutritional benefits, earnings from exports, and introduction of new banana varieties.
How Big Is the Bananas Market Size Expected to Grow by 2029?
The market for bananas is predicted to enjoy stable expansion in the coming years, reaching a market value of $161.37 billion by 2029, with a compound annual growth rate (CAGR) of 3.0%. The anticipated growth in the forthcoming period is due to reasons such as the incorporation of bananas into various culinary traditions and innovative food items, the use of water-saving irrigation methods and eco-friendly water management strategies, increased funding in research and development (R&D) to tackle diseases and reduce post-harvest losses, government-backed initiatives for food security and investments in agricultural growth, and the expansion of e-commerce platforms and direct-to-customer distribution channels. Key trends in the prediction period include the use of precision farming techniques, the application of blockchain technology to improve traceability, transparency, and reliability in the banana supply chain, investigation into vertical farming techniques such as hydroponics and aeroponics for indoor banana cultivation, and advances in biotechnology, like gene editing and genetic engineering, for creating resistant banana varieties.
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Which Key Market Drivers Powering Bananas Market Expansion and Growth?
The upward trend in health consciousness is predicted to spur the expansion of the banana market. Health consciousness is the knowledge and concern related to mental and physical health. The reason behind more people becoming health-conscious is the easy availability of health-related details and the aspiration for a prolonged and better-quality life. With a variety of health benefits, bananas are an adaptable fruit and are, therefore, favored by those who are conscious about their health and interested in enhancing their wellbeing. As per the data collected by the International Food Information Council, a nonprofit entity based in the US, in May 2023, a 52% increase was noted in the number of Americans who claimed to be following a eating regimen or diet in the past year, showing an increase from averages of 39% in 2021 and 43% in 2020 for the previous four years. Thus, greater health consciousness is leading to an increase in the growth rate of the bananas market.
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Which Fast-Growing Trends Are Poised to Disrupt the Bananas Market?
Leading firms in the banana market are innovating with new products such as frozen banana bites, enhancing the selection for their customers. These frozen and enveloped banana bits are an appetizing and nutritious treat, created by immersing banana pieces in diverse toppings and freezing them until solid. For example, Pukpip, a food and beverage business from the UK, introduced Real Banana Bites, its frozen delight, in November 2023. This ground-breaking product is a pleasureful and indulging treat for patrons desiring a distinct frozen treat experience. Pukpip's Real Banana Bites merge bananas' natural sweetness with the creamy taste of milk chocolate, offering an agreeable and handy snacking alternative.
What Are the Emerging Segments in the 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
Subsegments:
1) By Bananas: Conventional Bananas, Organic Bananas
2) By Plantains: Green Plantains, Ripe Plantains
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Who Are the Global Leaders in the Bananas Market?
Major companies operating in the bananas market report 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
Which are the Top Profitable Regional Markets for the Bananas Industry?
Asia-Pacific was the largest region in the bananas market in 2024. 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.
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