The report covers Global Fresh Banana Market Production & Demand and Includes Production Analysis (Volume), Consumption Analysis (Volume and Value), Trade in Terms of Import Analysis (Volume and Value), Export Analysis (Volume and Value), and Price Trend Analysis. The Market is Segmented by Geography (North America, Europe, Asia-Pacific, South America, and Africa). The report offers market size and forecasts for all the above segments in volume (ton) and value (USD million).

After four years of growth, the global banana market decreased by -1% to $125.8B in 2024. The market value increased at an average annual rate of +1.5% over the period from 2012 to 2024; the trend pattern remained consistent, with only minor fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2021 with an increase of 7.4% against the previous year.

The Bananas Market is projected to grow at 2.5% CAGR, reaching $157.34 Billion by 2029. Where is the industry heading next? Get the sample report now!

According to Cognitive Market Research, The Global IFQ Banana Market size will grow at a compound annual growth rate (CAGR) of 7.30% from 2023 to 2030.

The demand for the IFQ Banana Market is rising due to the rising growth of the IFQ banana market's global production and supply.
The expertise in banana cultivation and processing techniques supports the production of high-quality IQF bananas. 
The sliced bananas category held the highest IFQ Banana Market revenue share in 2023.
Europe IFQ Banana will continue to lead, whereas the North American IFQ Banana Market will experience the most substantial growth until 2030.

Seasonal Variability and Climate Change to Provide Viable Market Output

Weather, natural disasters, and climate change can affect banana crops, affecting their quality and quantity. Unexpected weather events such as hurricanes or droughts can disrupt supply chains and cause price fluctuations. Substitutes: the existence of substitutes for frozen fruit or fresh produce can affect the market. Competition from other frozen fruits or substitutes affects the pricing strategy and market positioning of IQF Banana. Government regulations, food safety standards, and compliance requirements affect manufacturing practices, packaging, labeling, and import/export protocols and influence market access and consumer confidence.

For instance, in November 2023, Greenikk, an agriculture startup based in Kerala, India, launched a seamless supply chain that aims to connect banana growers, traders, and exporters on a single platform. The startup has set up Support Centers (SCs) in key banana-producing agricultural regions in the Indian states of Kerala, Tamil Nadu, and Karnataka to support farmers in production and market linkages.

(Source: agritimes.co.in/crops/kharif/ninjacart-introduces-foodprint-to-enable-end-to-end-food-traceability/agri-tech-startup-greenikk-raises-inr-5-crore-in-pre-seed-funding-from-indian-foreign-investors)

Health and Wellness Trends to Propel Market Growth

Innovations in refrigeration technology, packaging technology, and transport systems impact the quality and profitability of IQF's banana production. Advances in freezing technology preserve fruit's texture and nutritional value, making it more attractive to consumers. Economic conditions such as exchange rates, labor costs, and government policies affecting trade and agricultural subsidies play an important role. Exchange rate fluctuations can affect the cost of importing/exporting IQF bananas, affecting price and demand. As consumers become more health conscious, demand for natural, preservative-free, and minimally processed foods such as IQF bananas is on the rise. Marketing strategies that emphasize the health benefits of fruit, such as being a good source of vitamins and potassium, can increase sales.

For instance, in February 2022, Usman Banana Farm, Tayan Banana Farm, and Abay Banana Farm, three companies operating in the Philippines, invested over US$8.7 million in Matanog, Maguindanao province. The investment aims to increase banana production in the city, where the Cavendish and Cardava varieties are mainly grown.

(Source: th.bing.com/th?id=ODLS.46a0a346-0368-44fa-80d5-48e9d27e4dfd&w=32&h=32&qlt=96&pcl=fffffa&o=6&pid=1.2)

Market Dynamics of the IFQ Banana

Seasonal Volatility and Crop Dependency to Restrict Market Growth

The IQF banana market is highly dependent on the availability and quality of the banana crop. Seasonal fluctuations, weather-related issues such as hurricanes or droughts, and natural disasters can impact our reliable supply of raw materials for processing, resulting in production disruptions. Bananas are perishable fruit, which makes it difficult to maintain their quality during processing and transportation. The fragile nature of bananas requires careful handling and quick freezing to preserve flavor, texture, and nutritional value, making the production process more complex and expensive. Frozen products such as IQF bananas require efficient and reliable cold chain logistics to maintain quality. Inadequate infrastructure, transport delays, or cold chain failures can lead to poor quality, threatening sales of IQF bananas. Fluctuations in production costs, including labor, energy, and packaging materials, affect the total cost of producing IQF bananas. Volatility in raw material and energy pri...

Global banana market had total revenues of 40,169 million USD in 2015, seesawing over the last three years, after a steady growth from 2007 to 2012. In physical terms, the market showed positive dynamics, growing by +3.1% from 2007 to 2015.

Graph and download economic data for Global price of Bananas (PBANSOPUSDM) from Jan 1990 to Feb 2025 about fruits, World, and price.

This statistic shows the production volume of bananas worldwide from 2010 to 2023. In 2023, the volume of bananas produced worldwide reached approximately 139 million tons. Banana production has been generally increasing since 2010.

The article discusses the increasing global demand for bananas leading to a projected upward consumption trend over the next decade. It forecasts a CAGR of +1.3% in market volume and +2.1% in market value from 2024 to 2035, with the market volume expected to reach 158M tons and market value $156.9B by the end of 2035.

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Banana Market Size 2024-2028

The banana market size is forecast to increase by USD 1.42 billion at a CAGR of 10.44% between 2023 and 2028.

The market is experiencing significant growth due to increasing adoption of banana flour In the baking industry. This trend is driven by the nutritional benefits of banana flour, which is rich in dietary fiber, vitamins, and minerals. Moreover, the growth of the banana production industry is fueling market expansion. 
However, natural calamities pose a challenge to banana farmers, leading to production disruptions and price volatility. Climate change and extreme weather conditions are major concerns, affecting banana cultivation in key producing regions. Despite these challenges, the market is expected to continue its growth trajectory, driven by the increasing demand for healthy and sustainable food options. 
Banana flour's versatility and nutritional benefits make it an attractive alternative to traditional wheat and rice flour in various food applications, further boosting market growth.

What will be the Size of the Banana Market During the Forecast Period?

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The market, a significant segment of the tropical fruit industry, is characterized by dynamic market trends and occasional disruptions. As a leading producer and exporter, bananas occupy a prominent role in global food trade. However, trade disruptions, including natural disasters, pose challenges to market stability. Wheat, rice, and maize, staple food crops, often influence banana prices due to their interconnected agricultural cycles. Bananas, a rich source of energy and electrolytes, find extensive applications in various industries. They are essential ingredients in sports drinks and contribute to increasing health consciousness worldwide. The contract-farming model, adopted by agribusiness, enables efficient production and supply.
Banana varieties, such as Cavendish and Cardava, undergo rigorous ripening processes at specialized centers before reaching food providers and consumers. The International Trade Centre's TRADMAP data indicates that global banana exports continue to grow, underpinned by the fruit's versatility and popularity.

How is this Banana Industry segmented and which is the largest segment?

The banana industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD billion' for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.

Distribution Channel

  Offline
  Online


Type

  In-organic/conventional
  Organic


Geography

  North America

    Canada
    US


  Europe

    Germany
    UK


  APAC

    Japan


  South America



  Middle East and Africa

By Distribution Channel Insights

The offline segment is estimated to witness significant growth during the forecast period.

The market, a significant segment of the tropical fruit industry, has experienced a shift in sales channels due to the increasing trend of online shopping. Traditional sales through specialty stores, including hypermarkets, supermarkets, convenience stores, clubhouse stores, and department stores, have seen a gradual decline in revenue. To counteract this trend, leading producers are expanding their physical presence in local and regional markets. Bananas, a versatile fruit rich in vitamins B6, C, manganese, potassium, dietary fibers, protein, and essential for metabolism, nervous system, digestion, and energy replenishment, are a source of food for millions worldwide. The Global banana exports have shown steady growth, making it an inexpensive and easily available food option.

With increasing health consciousness, bananas are used in various food products such as breakfast cereals, ice creams, desserts, and raw consumption. Banana ripening centers play a crucial role in ensuring a consistent supply. Despite disasters and trade disruptions, bananas remain a staple food and an important source of livelihood for many agribusiness producers.

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The Offline segment was valued at USD 1.17 billion in 2018 and showed a gradual increase during the forecast period.

Regional Analysis

North America is estimated to contribute 41% to the growth of the global market during the forecast period.

Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.

For more insights on the market share of various regions, Request Free Sample

The market is witnessing significant growth due to increasing health consciousness among consumers in developed countries. Bananas, a tropical fruit, are a rich source of essential vitamins and minerals, including vitamin B6, vitamin C, manganese, potassium, and dietary fibers. These nutrients contribu

In 2022, the global Cavendish banana market was estimated to have acquired US$ 16.6 billion. Changing consumer preferences towards wellness and health will aid the sales to US$ 25.74 billion by 2033, garnering a CAGR of 4.3% during the forecast period, 2023 to 2033.

Report Attribute	Details
Estimated Market Value (2022)	US$ 16.6 billion
Expected Market Value (2023)	US$ 279 billion
Projected Forecast Value (2033)	US$ 25.74 billion
Anticipated Growth Rate (2023 to 2033)	4.3% CAGR

Report Scope

Report Attribute	Details
Growth Rate	CAGR of 4.3% from 2023 to 2033
Market value in 2023	US$ 16.9 billion
Market value in 2033	US$ 25.74 billion
Base Year for Estimation	2022
Historical Data	2018 to 2022
Forecast Period	2023 to 2033
Quantitative Units	US$ billion in value
Report Coverage	Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis
Segments Covered	Product Application Sales Channel Region
Regions Covered	North America Latin America Europe Asia Pacific Middle East and Africa
Key Countries Profiled	United States Canada Mexico Brazil Germany United Kingdom France Spain Italy Japan China Singapore Thailand Indonesia Australia New Zealand GCC countries South Africa Israel
Key Companies Profiled	All Nippon Airways Trading Co Ltd. Exporganic S.A. DISCOVERY ORGANICS Salix Fruits Agroexport Carmita Union de Bananeros de Uraba GinaFruit S.A. Chiquita Brands International Sàrl Dole Food Company Fresh Del Monte Produce Incorporated Pisum Food Services Private Limited Reybanpac, Rey Banano del Pacífico C.A.
Customization & Pricing	Available on Request

The global banana market, valued at $2.21 billion in 2025, is projected to experience robust growth, exhibiting a compound annual growth rate (CAGR) of 10.44% from 2025 to 2033. This expansion is driven by several key factors. Rising consumer demand for convenient and nutritious snacks, coupled with the increasing popularity of banana-based products like smoothies, desserts, and even flour, fuels market growth. Health-conscious consumers are drawn to bananas' high potassium content and natural sweetness, contributing to their consistent popularity. Furthermore, the growth of the food processing and manufacturing industries, utilizing bananas as a key ingredient, further stimulates market demand. The expansion of retail channels, both online and offline, with increased accessibility in supermarkets, hypermarkets, and e-commerce platforms ensures widespread availability. However, factors like fluctuating banana prices due to climate change and pest infestations, alongside potential supply chain disruptions, pose challenges to the market's steady expansion. The market segmentation reveals insights into consumer preferences and distribution strategies. The online distribution channel is witnessing significant growth, reflecting changing consumer behaviour and the ease of online shopping. The organic banana segment is also gaining traction, fueled by growing awareness of health and sustainability. Major players like Dole, Chiquita, and others compete using strategies focused on brand building, product diversification (e.g., offering various banana sizes and types), and expanding their global reach. Effective supply chain management and strategic partnerships are crucial to maintaining competitiveness and navigating potential risks like fluctuating prices and environmental factors. Regional variations in market share are expected, with North America and Europe currently holding a substantial portion, but the APAC region shows significant potential for future growth given the growing middle class and increasing consumer spending.

Discover the projected growth of the global banana market over the next decade, driven by increasing demand worldwide. By 2035, the market volume is expected to reach 158 million tons, with a market value of $156.9 billion.

The price of bananas in the United States for Q4 2023 reached 623 USD/MT in December. On the other hand, the bananas prices hit 539 USD/MT in the same month in China. Similarly, in Germany, bananas prices reached 889 USD/MT in December 2023.

In 2022, the global green banana flour market was estimated to have acquired US$ 623 million. Changing consumer preferences towards organic and gluten-free flour will propel the market to reach a sum of US$ 1,026.1 million by 2033, garnering a CAGR of 5% during the forecast period, 2023 to 2033.

Report Attribute	Details
Estimated Market Value (2022)	US$ 623 million
Expected Market Value (2023)	US$ 648 million
Projected Forecast Value (2033)	US$ 1026.1 million
Anticipated Growth Rate (2023 to 2033)	5% CAGR

Report Scope

Report Attribute	Details
Growth Rate	CAGR of 5% from 2022 to 2032
Market value in 2023	US$ 648 million
Market value in 2033	US$ 1,026.1 million
Base Year for Estimation	2022
Historical Data	2018 to 2022
Forecast Period	2023 to 2033
Quantitative Units	US$ million for value
Report Coverage	Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis
Segments Covered	Product Type Process Sales Channel Region
Regions Covered	North America Latin America Europe Asia Pacific Middle East and Africa
Key Countries Profiled	United States Canada Mexico Brazil Germany United Kingdom France Spain Italy Japan China Singapore Thailand Indonesia Israel GCC countries South Africa Australia New Zealand
Key Companies Profiled	International Agriculture Group Stawi Foods and Fruits Limited Natural Evolution Limited Made’s Green Banana Flour Co. Pereg Gourmet Natural Foods Kanegrade Ltd Banatone Food Industries Slingan Pty Ltd. Absolute Organic NOW Health Group, Inc.
Customization & Pricing	Available on Request

The banana flour market is set for significant expansion, with an anticipated valuation of US$ 628.7 million by 2024. The market displays a considerable trend, featuring a CAGR of 3.6%, expected to endure until 2034. The consistent growth forecasts indicate that the global market is poised to achieve an impressive valuation of US$ 892.8 million by 2034.

Attributes	Key Insights
Market Estimated Size in 2024	US$ 628.7 million
Projected Market Size in 2034	US$ 892.8 million
Value-based CAGR from 2024 to 2034	3.6%

2019 to 2023 Historical Analysis vs. 2024 to 2034 Market Forecast Projections

Historical CAGR (2019 to 2023)	3.4%
Forecasted CAGR (2024 to 2034)	3.6%

Country-wise Insights

The United States	2.7%
The United Kingdom	2.5%
China	3.7%
Germany	3.2%
India	4.3%

Category-wise Insights

Category	Market Share in 2024
Organic	97.3%
Food Industry	61.3%

Report Scope

Attributes	Details
Estimated Market Size in 2024	US$ 628.7 million
Projected Market Valuation in 2034	US$ 892.8 million
CAGR Share from 2024 to 2034	3.6%
Forecast Period	2024 to 2034
Historical Data Available for	2019 to 2023
Market Analysis	Value in US$ million
Key Regions Covered	North America Latin America Western Europe Eastern Europe South Asia and Pacific East Asia Middle East and Africa
Key Market Segments Covered	By Process By Application By End-user By Source By Region
Key Companies Profiled	NuNatural Inc. Zuvii NOW Health Group Inc. Natural Evolution Ceres Enterprises Ltd Diana Foods International Agriculture Group ADM Wild Europe GmbH & Co. KADAC Pty Ltd

Explore the latest forecast for the global banana market, predicting a steady increase in consumption over the next six years. Market volume is expected to reach 157M tons by 2030, with a value of $160.9B.

According to Cognitive Market Research, The Global Banana Fiber market size will be USD XX billion in 2023 and will expand at a compound annual growth rate (CAGR) of 5.50% from 2023 to 2030.

The demand for Banana Fibers is rising due to the growing environmental concerns.
Demand for primary colors remains higher in the Banana Fiber market.
The High Quality Security/ Currency Paper category held the highest Banana Fiber market revenue share in 2023.
North American Banana Fiber will continue to lead, whereas the European Banana Fiber market will experience the most substantial growth until 2030.

Growing Environmental Concerns to Provide Viable Market Output

Banana fiber emerges as a sustainable, environmentally friendly alternative to current synthetic fibers, which are generated from finite supplies and are known for causing environmental harm. This fiber, derived from banana plant pseudostems, provides a renewable alternative, addressing concerns about resource depletion and pollution. Its intrinsic biodegradability and compostability coincide with eco-conscious customer demands, reducing the environmental impact of synthetic materials. Banana fiber stands out for its durability and low environmental effect, embodying a responsible and biocompatible alternative in textiles and other industries as consumers demand sustainable options.

Rising Demand for Sustainable and Natural Products to Propel Market Growth

Consumers are increasingly gravitating toward sustainable and natural materials, mirroring the global trend toward eco-conscious living. Banana fiber, a natural substance obtained from the pseudostems of banana plants through a sustainable technique, perfectly corresponds with this trend. Banana agriculture is inherently eco-friendly, needing few chemical inputs and making use of abundant renewable resources. As customers seek products that align with their environmental ideals, banana fiber's attractiveness expands, giving it a sustainable option in a variety of industries. Its ecologically friendly manufacturing technique distinguishes it as a viable option that not only meets customers' wants but also contributes to a more environmentally responsible and circular economy.

The Increasing demand for natural fibers within the paper industry fuels the market growth

Market Dynamics of the Banana Fiber

Limited Availability of Banana Fiber to Restrict Market Growth

The labor-intensive and time-consuming extraction technique from banana pseudostems limits the supply of banana fiber in comparison to synthetic fibers. Harvesting, decorticating, and hand-processing these stems require a significant amount of human effort, lowering production rates in comparison to mechanized procedures employed in synthetic fiber production. The need for more trained workers experienced in banana fiber extraction contributes to the supply shortage. While demand for sustainable alternatives grows, the artisanal nature of banana fiber extraction makes addressing large-scale production needs difficult. Despite its eco-friendliness, the labor-intensive technique continues to be a bottleneck, limiting the volume of banana fiber production in comparison to typical synthetic competitors.

Impact of COVID-19 on the Banana Fiber Market

The COVID-19 pandemic had an ambiguous impact on the banana fiber industry. While supply chain interruptions and labor shortages created initial hurdles, the increased emphasis on sustainable and eco-friendly materials during the epidemic enhanced demand for banana fiber. With consumers emphasizing ecologically responsible options, the market saw a boom in interest in banana fiber goods. Furthermore, the pandemic hastened the introduction of internet retail, providing a platform for banana fiber products to reach a larger market. Overall, the banana fiber industry exhibited resilience and adaptation, capitalizing on evolving customer preferences in the midst of the global health crisis. Introduction of the Banana Fiber Market

Banana fiber is an adaptable natural fiber, extracted from the pseudostems of banana plants, is gaining favor in a variety of sectors. Banana fiber is a natural, eco-friendly cloth manufactured from banana plant stalks. It's utilized in a variety of products, including apparel and accessories, because of its durability, strength, and softness. Banana fibers are sought for their strength, durabil...

The global banana powder market size reached USD 1,304.7 Million in 2024. Looking forward, IMARC Group expects the market to reach USD 2,195.2 Million by 2033, exhibiting a growth rate (CAGR) of 5.95% during 2025-2033. The market is experiencing steady growth driven by increasing demand for natural flavorings and nutritional supplements in the food industry, heightening awareness about banana powder's versatility in various applications, and growing interest in plant-based and gluten-free ingredients.

Report Attribute	Key Statistics
Base Year	2024
Forecast Years	2025-2033
Historical Years	2019-2024
Market Size in 2024	USD 1,304.7 Million
Market Forecast in 2033	USD 2,195.2 Million
Market Growth Rate 2025-2033	5.95%

IMARC Group provides an analysis of the key trends in each segment of the market, along with forecasts at the global and regional levels for 2025-2033. Our report has categorized the market based on end use.

In 2024, the global banana and plantain market decreased by -3.8% to $121.9B for the first time since 2016, thus ending a seven-year rising trend. The market value increased at an average annual rate of +3.0% over the period from 2012 to 2024; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the global market hit record highs at $126.7B in 2023, and then contracted in the following year.

According to Cognitive Market Research, the global banana extract market size will be USD 762514.2 million in 2024. It will expand at a compound annual growth rate (CAGR) of 4.50% from 2024 to 2031.

North America held the major market share for more than 40% of the global revenue with a market size of USD 305005.68 million in 2024 and will grow at a compound annual growth rate (CAGR) of 2.7% from 2024 to 2031.
Europe accounted for a market share of over 30% of the global revenue with a market size of USD 228754.26 million.
Asia Pacific held a market share of around 23% of the global revenue with a market size of USD 175378.27 million in 2024 and will grow at a compound annual growth rate (CAGR) of 6.5% from 2024 to 2031.
Latin America had a market share of more than 5% of the global revenue with a market size of USD 38125.71 million in 2024 and will grow at a compound annual growth rate (CAGR) of 3.9% from 2024 to 2031.
Middle East and Africa had a market share of around 2% of the global revenue and was estimated at a market size of USD 15250.28 million in 2024 and will grow at a compound annual growth rate (CAGR) of 4.2% from 2024 to 2031.
Powder category is the fastest growing segment of the banana extract industry

Market Dynamics of Banana Extract Market

Key Drivers for Banana Extract Market

Increasing Demand for Natural and Plant-Based Flavoring Agents to Boost Market Growth

One of the primary drivers of the banana extract market is the growing demand for natural and plant-based flavoring agents. As people become more health-conscious and environmentally conscientious, they are turning away from synthetic flavors and substances. Banana extract, as a natural product, fits into the expanding trend of clean-label products in the food and beverage industry. Its use in a number of applications, including baked goods, smoothies, sweets, and even health supplements, is quickly increasing. This shift toward natural ingredients is fueled by a growing understanding of bananas' health benefits, such as their high vitamin and antioxidant levels. In addition, the market is anticipated to grow during the projected period as a result of players in the industry adopting Banana Extracts. For instance, the International Food Information Council (IFIC) reported that over 60% of consumers favored natural flavorings over synthetic options, reflecting a growing consumer preference for plant-based ingredients

The Growing Application of Banana Extract in the Cosmetics and Personal Care Industry to Drive Market Growth

A key driver is the increasing use of banana extract in the cosmetics and personal care industries. Banana extract is high in key nutrients, including vitamins A, B, and C, which provide multiple skin advantages such as hydration, nourishment, and anti-aging characteristics. This has resulted in its use in skincare products such as lotions, creams, and serums. As customers become more aware of the contents of their cosmetic products, there is a growing demand for plant-based, cruelty-free, and environmentally friendly alternatives. Banana extract's calming and moisturizing properties make it a popular choice, in line with current natural beauty and wellness trends.

Restraint Factor for the Banana Extract Market

The Fluctuation in Banana Supply Will Limit Market Growth

One key constraint in the banana extract industry is the variation in banana availability caused by environmental and seasonal variables. Bananas are extremely vulnerable to climate change, diseases such as Panama disease, and extreme weather events, which can significantly reduce crop yields. This supply fluctuation not only affects prices but also limits producers' access to reliable banana extract. According to the Food and Agriculture Organization (FAO), climate change and plant diseases pose challenges to worldwide banana production, resulting in increasing supply chain volatility. Small producers may struggle to meet increased market demand for banana extract due to supply constraints.

Impact of Covid-19 on the Banana Extract Market

Covid-19 had a significant impact on the banana extract market. The COVID-19 epidemic has both beneficial and negative consequences for the banana extract market. On the one hand, the increased need for processed and shelf-stable goods during lockdowns encouraged the use of natural flavoring agents such as banana extract in packaged foods, beverages, and ...