Banana Market to grow by USD 1,145.74 million from 2022 to 2027; Market driven by the increasing adoption of banana flour in the baking industry - Technavio

NEW YORK, Aug. 8, 2023 /PRNewswire/ -- The banana market is estimated to grow by USD 1,145.74 million from 2022 to 2027, growing at a CAGR of 9.32%. North America is estimated to account for 39% of the market during the forecast period. Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. In North America, the banana market is projected to experience an increasing growth momentum as consumer perception and preferences have been evolving. Owing to convenience, reliability, and ready availability, consumers are inclined toward packaged food products. Also, in North America, hypermarkets and supermarkets are playing a significant role in promoting banana consumption. Banana is increasingly being used as a primary ingredient in baby food products. Therefore, the regional banana market is expected to experience steady growth during the forecast period. For Comprehensive details on the market size of the historic period(2017 to 2021) and forecast period (2023-2027) - View the Sample report

Key Developments:

•    Rapid advances in technology, intense competition, and changing dynamics in the market are the key factors for the intense competition among vendors. 
•    With the rising competition, the market will see consolidation. However, manufacturing complexities and high production costs pose significant risk factors for vendors in the market. 

Market Dynamics

Major Drivers & Challenges

The increasing adoption of banana flour in the baking industry is notably driving market growth. About 30% less flour is required in food preparation than regular flour due to the high insoluble fiber content in banana flour. However, in the preparation of brownies, cookies, and waffles, banana flour is gaining vast acceptance. Moreover, it imparts a light, fluffy texture to the batter or dough, which is suitable for baked products. Therefore, the growing adoption of banana flour due to its beneficial attributes is anticipated to fuel market growth during the forecast period. 

The impact of natural calamities on banana production is a significant challenge hindering market growth. The impact of natural calamities, which can affect banana production is one of the major challenges. Also, climatic changes and weather conditions can impact the overall production and quality of the crop yield. Globally, there is rapid climatic change with extreme droughts and floods. There is extreme heat in the deserts, monsoons, flooding in coastal areas, and extreme cold in the colder regions because of global warming. For instance, changing weather cycles such as El Nino and La Nina cause severe weather conditions such as floods in the Eastern Pacific Ocean region. Globally, in 2020, the Dominican Republic and Ecuador were the largest banana producers but the production got affected by Hurricane Irma or similar disasters. As a result, there is a reduction in a significant proportion of exports of bananas from the Dominican Republic to other countries. Therefore, the decrease in the production of bananas due to natural calamities such as hurricanes and floods can adversely influence the market growth during the forecast period

Key Trends

The growth of the banana production industry is an emerging trend shaping the market growth. Globally, the banana is recognized as one of the significant fruits produced in more than 120 countries, with Asia, South America, and Africa as the prominent banana producers. The global production of bananas and tropical fruits is projected to grow at 1.8% per year between 2019 and 2028. Global exports of bananas, excluding plantain, reached a new record high of approximately USD 14.5 billion. For instance, Ecuador exported around USD 3.5 billion of bananas in 2021 and Central and South America were the major exporters of bananas globally. The top 15 banana-producing countries, such as China, India, Indonesia, and Brazil, process more than 40 million tons of bananas and discrete waste such as damaged bananas and banana stems. More than nine million metric tons of banana stems are released into dumped into landfills or rivers. Therefore the continuous increase in such waste products can productively be used to produce banana paper and further boosts market growth during the forecast period.

Technavio has identified key trends, drivers, and challenges in the market, which will help clients improve their strategies to stay ahead of their competitors. - View Sample Report

Vendor Landscape
The banana market is fragmented; the vendors are competing with competitors and are trying to get a greater market share. The market is growing, and the chances of new entrants cannot be overlooked. The major vendors have well-established economies of scale and market presence and generally rely on positioning technological advances, and the price of the products -The report provides a full list of key vendors, their strategies, and the latest developments. Buy Now
Company Profiles

The banana market report includes information on the product launches, sustainability, and prospects of leading vendors including 7-Eleven Inc., Agro America, Agrofruit Holding Corp., Aldi Stores Ltd., Auchan Retail Portugal SA, Axfood AB, Chiquita Brands International Sarl, Co-operative Group Ltd., Coliman, Dole plc, Federation of Migros Cooperatives, Fresh Del Monte Produce Inc, Fyffes Ltd., Global Banana, J Sainsbury plc, Koninklijke Ahold Delhaize NV, Lidl US LLC, Reybanpac, The Daiei Inc., and Waitrose Ltd.

Competitive Analysis

The report includes competitive analysis, a proprietary tool to analyze and evaluate the position of companies based on their industry position score and market performance score. The competitive scenario categorizes companies based on various performance indicators. Some of the factors considered include the financial performance of companies over the past few years, growth strategies, product innovations, new product launches, investments, and growth in market share, among others.

 Market Segmentation

This banana market report extensively covers market segmentation by distribution channel (offline and online), type (inorganic/conventional and organic), and geography (North America, Europe, APAC, South America, and Middle East and Africa). 

• The market share growth by the offline segment will be significant during the forecast period. Due to the growing preference for online shopping platforms, the revenue from offline distribution channels has gradually declined. To overcome such challenges, major retailers are developing their stores in local and regional markets. Because of the high preference for online shopping, offline sales have declined gradually. To increase their sales through the offline channel, players are expanding their stores in both local and regional markets. Manufacturers of bananas sell their products through speciality stores and other retailing formats. Therefore, to sustain in such a competitive market and due to the increasing preference for online shopping, retailers are introducing new business and retail strategies, which include better pricing strategies and wider assortments. These factors will augment the segment growth during the forecast period.

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Table of contents

1 Executive Summary

• 1.1 Market Overview
• Exhibit 01: Executive Summary – Chart on Market Overview
• Exhibit 02: Executive Summary – Data Table on Market Overview
• Exhibit 03: Executive Summary – Chart on Global Market Characteristics
• Exhibit 04: Executive Summary – Chart on Market by Geography
• Exhibit 05: Executive Summary – Chart on Market Segmentation by Distribution Channel
• Exhibit 06: Executive Summary – Chart on Market Segmentation by Type
• Exhibit 07: Executive Summary – Chart on Incremental Growth
• Exhibit 08: Executive Summary – Data Table on Incremental Growth
• Exhibit 09: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

• 2.1 Market ecosystem
• Exhibit 10: Parent market
• Exhibit 11: Market Characteristics

3 Market Sizing

• 3.1 Market definition
• Exhibit 12: Offerings of vendors included in the market definition

• 3.2 Market segment analysis 
• Exhibit 13: Market segments

• 3.3 Market size 2022

• 3.4 Market outlook: Forecast for 2022-2027 
• Exhibit 14: Chart on Global - Market size and forecast 2022-2027 ($ million)
• Exhibit 15: Data Table on Global - Market size and forecast 2022-2027 ($ million)
• Exhibit 16: Chart on Global Market: Year-over-year growth 2022-2027 (%)
• Exhibit 17: Data Table on Global Market: Year-over-year growth 2022-2027 (%)

4 Historic Market Size

• 4.1 Global banana market 2017 - 2021 
• Exhibit 18: Historic Market Size – Data Table on global banana market 2017 - 2021 ($ million)

• 4.2 Distribution Channel Segment Analysis 2017 - 2021 
• Exhibit 19: Historic Market Size – Distribution Channel Segment 2017 - 2021 ($ million)

• 4.3 Type Segment Analysis 2017 - 2021 
• Exhibit 20: Historic Market Size – Type Segment 2017 - 2021 ($ million)

• 4.4 Geography Segment Analysis 2017 - 2021 
• Exhibit 21: Historic Market Size – Geography Segment 2017 - 2021 ($ million)

• 4.5 Country Segment Analysis 2017 - 2021 
• Exhibit 22: Historic Market Size – Country Segment 2017 - 2021 ($ million)

5 Five Forces Analysis

• 5.1 Five forces summary
• Exhibit 23: Five forces analysis - Comparison between 2022 and 2027

• 5.2 Bargaining power of buyers 
• Exhibit 24: Chart on Bargaining power of buyers – Impact of key factors 2022 and 2027

• 5.3 Bargaining power of suppliers 
• Exhibit 25: Bargaining power of suppliers – Impact of key factors in 2022 and 2027

• 5.4 Threat of new entrants 
• Exhibit 26: Threat of new entrants – Impact of key factors in 2022 and 2027

• 5.5 Threat of substitutes 
• Exhibit 27: Threat of substitutes – Impact of key factors in 2022 and 2027

• 5.6 Threat of rivalry
• Exhibit 28: Threat of rivalry – Impact of key factors in 2022 and 2027

• 5.7 Market condition
• Exhibit 29: Chart on Market condition - Five forces 2022 and 2027

6 Market Segmentation by Distribution Channel

• 6.1 Market segments
• Exhibit 30: Chart on Distribution Channel - Market share 2022-2027 (%)
• Exhibit 31: Data Table on Distribution Channel - Market share 2022-2027 (%)

• 6.2 Comparison by Distribution Channel 
• Exhibit 32: Chart on Comparison by Distribution Channel
• Exhibit 33: Data Table on Comparison by Distribution Channel

• 6.3 Offline - Market size and forecast 2022-2027 
• Exhibit 34: Chart on Offline - Market size and forecast 2022-2027 ($ million)
• Exhibit 35: Data Table on Offline - Market size and forecast 2022-2027 ($ million)
• Exhibit 36: Chart on Offline - Year-over-year growth 2022-2027 (%)
• Exhibit 37: Data Table on Offline - Year-over-year growth 2022-2027 (%)

• 6.4 Online - Market size and forecast 2022-2027 
• Exhibit 38: Chart on Online - Market size and forecast 2022-2027 ($ million)
• Exhibit 39: Data Table on Online - Market size and forecast 2022-2027 ($ million)
• Exhibit 40: Chart on Online - Year-over-year growth 2022-2027 (%)
• Exhibit 41: Data Table on Online - Year-over-year growth 2022-2027 (%)

• 6.5 Market opportunity by Distribution Channel 
• Exhibit 42: Market opportunity by Distribution Channel ($ million)
• Exhibit 43: Data Table on Market opportunity by Distribution Channel ($ million)

7 Market Segmentation by Type

• 7.1 Market segments
• Exhibit 44: Chart on Type - Market share 2022-2027 (%)
• Exhibit 45: Data Table on Type - Market share 2022-2027 (%)

• 7.2 Comparison by Type
• Exhibit 46: Chart on Comparison by Type
• Exhibit 47: Data Table on Comparison by Type

• 7.3 In-organic/conventional - Market size and forecast 2022-2027 
• Exhibit 48: Chart on In-organic/conventional - Market size and forecast 2022-2027 ($ million)
• Exhibit 49: Data Table on In-organic/conventional - Market size and forecast 2022-2027 ($ million)
• Exhibit 50: Chart on In-organic/conventional - Year-over-year growth 2022-2027 (%)
• Exhibit 51: Data Table on In-organic/conventional - Year-over-year growth 2022-2027 (%)

• 7.4 Organic - Market size and forecast 2022-2027 
• Exhibit 52: Chart on Organic - Market size and forecast 2022-2027 ($ million)
• Exhibit 53: Data Table on Organic - Market size and forecast 2022-2027 ($ million)
• Exhibit 54: Chart on Organic - Year-over-year growth 2022-2027 (%)
• Exhibit 55: Data Table on Organic - Year-over-year growth 2022-2027 (%)

• 7.5 Market opportunity by Type 
• Exhibit 56: Market opportunity by Type ($ million)
• Exhibit 57: Data Table on Market opportunity by Type ($ million)

8 Customer Landscape

• 8.1 Customer landscape overview 
• Exhibit 58: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

9 Geographic Landscape

• 9.1 Geographic segmentation 
• Exhibit 59: Chart on Market share by geography 2022-2027 (%)
• Exhibit 60: Data Table on Market share by geography 2022-2027 (%)

• 9.2 Geographic comparison 
• Exhibit 61: Chart on Geographic comparison
• Exhibit 62: Data Table on Geographic comparison

• 9.3 North America - Market size and forecast 2022-2027 
• Exhibit 63: Chart on North America - Market size and forecast 2022-2027 ($ million)
• Exhibit 64: Data Table on North America - Market size and forecast 2022-2027 ($ million)
• Exhibit 65: Chart on North America - Year-over-year growth 2022-2027 (%)
• Exhibit 66: Data Table on North America - Year-over-year growth 2022-2027 (%)

• 9.4 Europe - Market size and forecast 2022-2027 
• Exhibit 67: Chart on Europe - Market size and forecast 2022-2027 ($ million)
• Exhibit 68: Data Table on Europe - Market size and forecast 2022-2027 ($ million)
• Exhibit 69: Chart on Europe - Year-over-year growth 2022-2027 (%)
• Exhibit 70: Data Table on Europe - Year-over-year growth 2022-2027 (%)

• 9.5 APAC - Market size and forecast 2022-2027 
• Exhibit 71: Chart on APAC - Market size and forecast 2022-2027 ($ million)
• Exhibit 72: Data Table on APAC - Market size and forecast 2022-2027 ($ million)
• Exhibit 73: Chart on APAC - Year-over-year growth 2022-2027 (%)
• Exhibit 74: Data Table on APAC - Year-over-year growth 2022-2027 (%)

• 9.6 South America - Market size and forecast 2022-2027 
• Exhibit 75: Chart on South America - Market size and forecast 2022-2027 ($ million)
• Exhibit 76: Data Table on South America - Market size and forecast 2022-2027 ($ million)
• Exhibit 77: Chart on South America - Year-over-year growth 2022-2027 (%)
• Exhibit 78: Data Table on South America - Year-over-year growth 2022-2027 (%)

• 9.7 Middle East and Africa - Market size and forecast 2022-2027 
• Exhibit 79: Chart on Middle East and Africa - Market size and forecast 2022-2027 ($ million)
• Exhibit 80: Data Table on Middle East and Africa - Market size and forecast 2022-2027 ($ million)
• Exhibit 81: Chart on Middle East and Africa - Year-over-year growth 2022-2027 (%)
• Exhibit 82: Data Table on Middle East and Africa - Year-over-year growth 2022-2027 (%)

• 9.8 US - Market size and forecast 2022-2027 
• Exhibit 83: Chart on US - Market size and forecast 2022-2027 ($ million)
• Exhibit 84: Data Table on US - Market size and forecast 2022-2027 ($ million)
• Exhibit 85: Chart on US - Year-over-year growth 2022-2027 (%)
• Exhibit 86: Data Table on US - Year-over-year growth 2022-2027 (%)

• 9.9 UK - Market size and forecast 2022-2027 
• Exhibit 87: Chart on UK - Market size and forecast 2022-2027 ($ million)
• Exhibit 88: Data Table on UK - Market size and forecast 2022-2027 ($ million)
• Exhibit 89: Chart on UK - Year-over-year growth 2022-2027 (%)
• Exhibit 90: Data Table on UK - Year-over-year growth 2022-2027 (%)

• 9.10 Germany - Market size and forecast 2022-2027 
• Exhibit 91: Chart on Germany - Market size and forecast 2022-2027 ($ million)
• Exhibit 92: Data Table on Germany - Market size and forecast 2022-2027 ($ million)
• Exhibit 93: Chart on Germany - Year-over-year growth 2022-2027 (%)
• Exhibit 94: Data Table on Germany - Year-over-year growth 2022-2027 (%)

• 9.11 Canada - Market size and forecast 2022-2027 
• Exhibit 95: Chart on Canada - Market size and forecast 2022-2027 ($ million)
• Exhibit 96: Data Table on Canada - Market size and forecast 2022-2027 ($ million)
• Exhibit 97: Chart on Canada - Year-over-year growth 2022-2027 (%)
• Exhibit 98: Data Table on Canada - Year-over-year growth 2022-2027 (%)

• 9.12 Japan - Market size and forecast 2022-2027 
• Exhibit 99: Chart on Japan - Market size and forecast 2022-2027 ($ million)
• Exhibit 100: Data Table on Japan - Market size and forecast 2022-2027 ($ million)
• Exhibit 101: Chart on Japan - Year-over-year growth 2022-2027 (%)
• Exhibit 102: Data Table on Japan - Year-over-year growth 2022-2027 (%)

• 9.13 Market opportunity by geography 
• Exhibit 103: Market opportunity by geography ($ million)
• Exhibit 104: Data Tables on Market opportunity by geography ($ million)

10 Drivers, Challenges, and Trends

• 10.1 Market drivers

• 10.2 Market challenges

• 10.3 Impact of drivers and challenges 
• Exhibit 105: Impact of drivers and challenges in 2022 and 2027

• 10.4 Market trends

11 Vendor Landscape

• 11.1 Overview

• 11.2 Vendor landscape
• Exhibit 106: Overview on Criticality of inputs and Factors of differentiation

• 11.3 Landscape disruption
• Exhibit 107: Overview on factors of disruption

• 11.4 Industry risks
• Exhibit 108: Impact of key risks on business

12 Vendor Analysis

• 12.1 Vendors covered
• Exhibit 109: Vendors covered

• 12.2 Market positioning of vendors 
• Exhibit 110: Matrix on vendor position and classification

• 12.3 7-Eleven Inc.
• Exhibit 111: 7-Eleven Inc. - Overview
• Exhibit 112: 7-Eleven Inc. - Product / Service
• Exhibit 113: 7-Eleven Inc. - Key offerings

• 12.4 Agro America
• Exhibit 114: Agro America - Overview
• Exhibit 115: Agro America - Product / Service
• Exhibit 116: Agro America - Key offerings

• 12.5 Aldi Stores Ltd.
• Exhibit 117: Aldi Stores Ltd. - Overview
• Exhibit 118: Aldi Stores Ltd. - Product / Service
• Exhibit 119: Aldi Stores Ltd. - Key offerings

• 12.6 Axfood AB
• Exhibit 120: Axfood AB - Overview
• Exhibit 121: Axfood AB - Business segments
• Exhibit 122: Axfood AB - Key offerings
• Exhibit 123: Axfood AB - Segment focus

• 12.7 Chiquita Brands International Sarl 
• Exhibit 124: Chiquita Brands International Sarl - Overview
• Exhibit 125: Chiquita Brands International Sarl - Product / Service
• Exhibit 126: Chiquita Brands International Sarl - Key offerings

• 12.8 Co operative Group Ltd. 
• Exhibit 127: Co operative Group Ltd. - Overview
• Exhibit 128: Co operative Group Ltd. - Product / Service
• Exhibit 129: Co operative Group Ltd. - Key offerings

• 12.9 Coliman
• Exhibit 130: Coliman - Overview
• Exhibit 131: Coliman - Product / Service
• Exhibit 132: Coliman - Key offerings

• 12.10 Dole plc
• Exhibit 133: Dole plc - Overview
• Exhibit 134: Dole plc - Business segments
• Exhibit 135: Dole plc - Key offerings
• Exhibit 136: Dole plc - Segment focus

• 12.11 Federation of Migros Cooperatives 
• Exhibit 137: Federation of Migros Cooperatives - Overview
• Exhibit 138: Federation of Migros Cooperatives - Product / Service
• Exhibit 139: Federation of Migros Cooperatives - Key offerings

• 12.12 Fresh Del Monte Produce Inc 
• Exhibit 140: Fresh Del Monte Produce Inc - Overview
• Exhibit 141: Fresh Del Monte Produce Inc - Business segments
• Exhibit 142: Fresh Del Monte Produce Inc - Key offerings
• Exhibit 143: Fresh Del Monte Produce Inc - Segment focus

• 12.13 Fyffes Ltd.
• Exhibit 144: Fyffes Ltd. - Overview
• Exhibit 145: Fyffes Ltd. - Product / Service
• Exhibit 146: Fyffes Ltd. - Key offerings

• 12.14 Global Banana
• Exhibit 147: Global Banana - Overview
• Exhibit 148: Global Banana - Product / Service
• Exhibit 149: Global Banana - Key offerings

• 12.15 J Sainsbury plc
• Exhibit 150: J Sainsbury plc - Overview
• Exhibit 151: J Sainsbury plc - Product / Service
• Exhibit 152: J Sainsbury plc - Key offerings

• 12.16 Koninklijke Ahold Delhaize NV 
• Exhibit 153: Koninklijke Ahold Delhaize NV - Overview
• Exhibit 154: Koninklijke Ahold Delhaize NV - Business segments
• Exhibit 155: Koninklijke Ahold Delhaize NV - Key news
• Exhibit 156: Koninklijke Ahold Delhaize NV - Key offerings
• Exhibit 157: Koninklijke Ahold Delhaize NV - Segment focus

• 12.17 Waitrose Ltd.
• Exhibit 158: Waitrose Ltd. - Overview
• Exhibit 159: Waitrose Ltd. - Product / Service
• Exhibit 160: Waitrose Ltd. - Key offerings

13 Appendix

• 13.1 Scope of the report

• 13.2 Inclusions and exclusions checklist 
• Exhibit 161: Inclusions checklist
• Exhibit 162: Exclusions checklist

• 13.3 Currency conversion rates for US$ 
• Exhibit 163: Currency conversion rates for US$

• 13.4 Research methodology
• Exhibit 164: Research methodology
• Exhibit 165: Validation techniques employed for market sizing
• Exhibit 166: Information sources

• 13.5 List of abbreviations 
• Exhibit 167: List of abbreviations

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