Banana Market Size (2024 - 2029)

Banana Market Analysis

The Banana Market size is estimated at USD 140.84 billion in 2024, and is expected to reach USD 146.56 billion by 2029, growing at a CAGR of 0.8% during the forecast period (2024-2029).

• Banana is a tropical fruit that is grown in many warmer areas around the world. According to Food and Agriculture Organization Statistics (FAOSTAT), India is the world's leading producer of bananas, accounting for nearly 26.3% of the total production in 2020. In recent years, after the COVID-19 pandemic, most countries and players in the market have been focusing on developing sustainable marketing and processing lines for bananas across the world in order to prevent damage caused by trade disruptions and disasters affecting the growth of the market.
• Bananas are the fourth most important food crop after wheat, rice, and maize in terms of production and are the world's favorite fruit in terms of consumption quantity. Bananas are one of the major globally exported fruits and also an important source of livelihood and food. According to ITC Trademap, global banana exports were valued at over USD 13,049 million in 2021. Ecuador is the largest exporter of bananas, accounting for 26% of global exports. The Philippines, Costa Rica, and Colombia are the other leading banana-exporting countries in the world. The United States is the leading importer of bananas, with a 16.7% share in the world's imports in 2021.

Banana Industry Segmentation

Bananas are tropical fruits with soft pulpy flesh enclosed in a soft, usually yellow, rind with an elongated shape and tapering end. Bananas are produced by several kinds of large herbaceous flowering plants in the genus Musa, which grow in clusters hanging from the top of the plant.

The global banana market is segmented by geography (North America, Europe, Asia-Pacific, South America, and Africa). The study offers the market sizing in terms of volume in metric tons and value in USD thousand.