Bananas Global Market Estimated to Surge at a CAGR of 2.6% to Reach $153.47 Billion By 2028 | Crispy Green Inc., Natierra Inc., Bare Snacks, Mundo Foods LLC, Equifruit Inc.

Bananas Market

Overview and Scope
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.

Sizing and Forecast
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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Segmentation & Regional Insights
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

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.

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Major Driver Impacting Market Growth
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.

Key Industry Players
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

The bananas market report table of contents includes:
1. Executive Summary