In 2024, the retail price of one pound of bananas in the United States dereased slightly compared to the year before and registered at 0.62 cents. Prices have hovered around 58 cents for the past seven years. Banana trade in the U.S. Consumers in the United States love bananas. The country was the biggest importer of bananas by a wide margin, receiving around 2.8 billion U.S. dollars worth of the fruit in 2021. Its main partner in the banana trade was Guatemala, from which it received around 1.1 billion dollars worth of bananas in 2021. Banana consumption Bananas were the most consumed fruit in the United States in 2021. Popularity can, in part, explain the stability of banana prices. Over the last 18 years, average per capita consumption was approximately 26.4 pounds per year, with a high of 28.54 pounds in 2018. Banana production has largely kept pace with consumption, increasing about 11 percent in the last six years.

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

As of May 2020, the average price of bananas in Uruguay was the highest among the group of Latin American countries displayed. In that year, the fruit was sold at around 1.76 U.S. dollars per kilogram in the country. In comparison, the price of a kilogram of bananas sold in Colombia amounted to 0.65 dollars.

The Wholesale Price Index of banana across India during financial year 2024 was over 167. The price index value of banana increased by about 48 percent from the base year of 2012. An overall increase in the price index was seen over the years from financial year 2013 in the country.

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.

Graph and download economic data for Wholesale Price of Bananas for New York, NY (M0436AUS35620M279NNBR) from Jan 1913 to Apr 1933 about fruits, wholesale, New York, NY, price, and USA.

In 2023, supplies from abroad of bananas was finally on the rise to reach 4.6M tons for the first time since 2020, thus ending a two-year declining trend.

China Retail Price: 36 City Avg: Banana: 1st Grade: Domestic data was reported at 4.170 RMB/500 g in Jan 2025. This records a decrease from the previous number of 4.180 RMB/500 g for Dec 2024. China Retail Price: 36 City Avg: Banana: 1st Grade: Domestic data is updated monthly, averaging 3.180 RMB/500 g from Jan 2001 (Median) to Jan 2025, with 287 observations. The data reached an all-time high of 4.950 RMB/500 g in Sep 2014 and a record low of 1.510 RMB/500 g in Aug 2002. China Retail Price: 36 City Avg: Banana: 1st Grade: Domestic data remains active status in CEIC and is reported by Price Monitoring Center, NDRC. The data is categorized under China Premium Database’s Price – Table CN.PA: Price Monitoring Center, NDRC: 36 City Monthly Avg: Retail Price: Food.

The price of banana powder in the USA for Q4 2023 reached 5067 USD/MT. The price for banana powder in the Philippines amounted to 2813 USD/MT in December 2023. In Germany, the banana powder prices were 5405 USD/MT during December 2023.

Philippines Retail Price: Banana: Lakatan: National Capital Region data was reported at 105.500 PHP/kg in 28 Feb 2025. This records an increase from the previous number of 105.310 PHP/kg for 15 Feb 2025. Philippines Retail Price: Banana: Lakatan: National Capital Region data is updated daily, averaging 84.600 PHP/kg from Jan 2021 (Median) to 28 Feb 2025, with 97 observations. The data reached an all-time high of 106.690 PHP/kg in 15 Jan 2025 and a record low of 62.660 PHP/kg in 31 Dec 2021. Philippines Retail Price: Banana: Lakatan: National Capital Region data remains active status in CEIC and is reported by Philippine Statistics Authority. The data is categorized under Global Database’s Philippines – Table PH.P003: Retail Price: Selected Agricultural Commodities.

After two years of decline, shipments abroad of bananas increased by 3.9% to 2.4M tons in 2023.

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...

Indonesia Producer Price: Fruit: Ambon Banana: Minahasa Regency data was reported at 12,000.000 IDR/kg in 22 Mar 2017. This records a decrease from the previous number of 13,000.000 IDR/kg for 21 Mar 2017. Indonesia Producer Price: Fruit: Ambon Banana: Minahasa Regency data is updated daily, averaging 10,000.000 IDR/kg from Jan 2013 (Median) to 22 Mar 2017, with 196 observations. The data reached an all-time high of 15,000.000 IDR/kg in 27 May 2016 and a record low of 3,500.000 IDR/kg in 04 Apr 2013. Indonesia Producer Price: Fruit: Ambon Banana: Minahasa Regency data remains active status in CEIC and is reported by Ministry of Agriculture. The data is categorized under Indonesia Premium Database’s Prices – Table ID.PD003: Daily Producer Price: By Regency and Municipality: Fruit.

The average retail price for one kilogram of bananas in Canada was 1.67 Canadian dollars in September 2024. This price remained relatively stable from 2017 to 2024, staying between 1.58 and 1.65 Canadian dollars per kilogram. The banana market in Canada Bananas are a fruit which need to be grown in tropical climates, therefore Canada must import bananas to provide their consumers with this popular fruit. In 2021, around 586,520 metric tons of bananas were imported into Canada. This figure has risen consistently in past years, increasing by over 100,000 metric tons since 2008. An average Canadian household spent 59 Canadian dollars on fresh bananas and plantains in 2017. Leading banana producers worldwide Regionally, Asia is the leading producer of bananas. In 2020, Asia produced some 64.73 million metric tons of the popular fruit. India was the leading producing country within Asia, as they were responsible for almost half of Asia’s total production in the same year. Mainland China ranked in second place, producing around 11.51 million metric tons of bananas.

The monthly average price for bananas in Egypt amounted to 12.39 Egyptian pounds (0.4 U.S. dollars) per kilogram as of May 2023. This represented a minor decline of roughly 4.32 percent from the preceding month. In the period under review, the mean price per kilogram of bananas ranged from 6.82 Egyptian pounds (0.22 U.S. dollars) and 18.74 Egyptian pounds (0.61 U.S. dollars) in January and February 2019, and November 2019, respectively.

Pakistan Average Retail Price: Banana data was reported at 81.040 PKR/Dozen in 2018. This records an increase from the previous number of 78.870 PKR/Dozen for 2017. Pakistan Average Retail Price: Banana data is updated yearly, averaging 24.060 PKR/Dozen from Jun 1991 (Median) to 2018, with 28 observations. The data reached an all-time high of 81.040 PKR/Dozen in 2018 and a record low of 11.660 PKR/Dozen in 1991. Pakistan Average Retail Price: Banana data remains active status in CEIC and is reported by State Bank of Pakistan. The data is categorized under Global Database’s Pakistan – Table PK.P001: Average Retail Price.

Indonesia Average Rural Consumer Price: Banana data was reported at 9,744.000 IDR/kg in Dec 2018. This records an increase from the previous number of 9,677.000 IDR/kg for Nov 2018. Indonesia Average Rural Consumer Price: Banana data is updated monthly, averaging 7,661.500 IDR/kg from Jan 2008 (Median) to Dec 2018, with 132 observations. The data reached an all-time high of 9,923.000 IDR/kg in Oct 2016 and a record low of 4,415.000 IDR/kg in Jan 2008. Indonesia Average Rural Consumer Price: Banana data remains active status in CEIC and is reported by Central Bureau of Statistics. The data is categorized under Indonesia Premium Database’s Prices – Table ID.PE040: Average Rural Consumer Price: By Province: Prepared Food Product: Banana.

Ireland Consumer Price: Avg: Fruit: Bananas data was reported at 1.399 EUR/kg in May 2018. This records a decrease from the previous number of 1.400 EUR/kg for Apr 2018. Ireland Consumer Price: Avg: Fruit: Bananas data is updated monthly, averaging 1.377 EUR/kg from Dec 2001 (Median) to May 2018, with 198 observations. The data reached an all-time high of 1.694 EUR/kg in Nov 2002 and a record low of 1.060 EUR/kg in Jan 2010. Ireland Consumer Price: Avg: Fruit: Bananas data remains active status in CEIC and is reported by Central Statistics Office of Ireland. The data is categorized under Global Database’s Ireland – Table IE.P001: Consumer Price: Average.

In July 2022, the banana price stood at $697 per ton (CIF, United Kingdom), declining by -2.5% against the previous month.