Bananas Market Size, Share, Revenue, Trends And Drivers For 2024-2033

The Business Research Company's Bananas Global Market Report 2024 – Market Size, Trends, And Global Forecast 2024-2033

LANDON, GREATER LANDON, UK, June 17, 2024 /EINPresswire.com/ -- The bananas market, characterized by the production of curved, yellow fruits with thick skin and soft, sweet flesh, is poised for significant growth. Bananas, belonging to the Musaceae family of flowering tropical plants, are renowned for their rich nutrient profile, providing ample carbohydrates, dietary fiber, potassium, manganese, and vitamins B6 and C.
Market Size and Growth Drivers

The market size has shown steady growth, expected to rise from $135.31 billion in 2023 to $138.34 billion in 2024, with a compound annual growth rate (CAGR) of 2.2%. This growth can be attributed to various factors, including an increase in import demand, abundant supply growth, and a surge in demand for bananas due to their nutritional value. Additionally, the market has seen growth driven by export earnings, development of new banana varieties, and increased awareness of their health benefits.

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Future Growth and Market Trends

The bananas market is expected to continue its growth trajectory, reaching $153.47 billion by 2028, with a CAGR of 2.6%. Factors contributing to this growth include the integration of bananas into diverse culinary traditions, adoption of water-efficient irrigation techniques, and increased investment in research and development to address disease resistance and post-harvest losses. Government-led food security initiatives and investments in agricultural development, along with the expansion of e-commerce platforms and direct-to-consumer sales channels, are also key drivers. Major trends in the forecast period include the adoption of precision agriculture techniques, implementation of blockchain technology for enhanced traceability, and exploration of vertical farming methods such as hydroponics and aeroponics.

Impact of Health Consciousness

Increasing health consciousness among consumers is expected to further propel the growth of the bananas market. As people become more aware of the health benefits of bananas, their popularity as a versatile and nutritious fruit is on the rise. For instance, the percentage of Americans following a diet or eating pattern rose to 52% in 2022, up from the previous four years' averages, indicating a growing trend towards healthier eating habits. Bananas, known for their range of health benefits, are poised to capitalize on this trend.

Key Players and Innovations

Major companies operating in the bananas market, such as Trader Joe's Company, Dole Food Company Inc., and Del Monte Foods Inc., are focusing on product innovation. They are developing new varieties such as frozen banana bites to cater to the evolving preferences of consumers. For example, Pukpip, a UK-based company, launched its frozen treat, Real Banana Bites, which combines the natural sweetness of bananas with the rich flavor of milk chocolate, offering a unique and indulgent snack option.

Regional Insights
Asia-Pacific led the bananas market in 2023 and is expected to remain a key region for growth. The Middle East is anticipated to be the fastest-growing region in the forecast period. The market report covers regions such as Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

Market Segmentation
The bananas market is segmented by type (bananas, plantains), product characteristics (premium segment, standard segment), industry practices (wholesale market, retail market, export market), and application (edible, medical, ornamental).

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Bananas Global Market Report 2024 from TBRC covers the following information:

Market size date for the forecast period: Historical and Future
Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

Trends, opportunities, strategies and so much more.

The Bananas Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on bananas market size, bananas market drivers and trends, bananas market major players, competitors' revenues, market positioning, and market growth across geographies. The bananas market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.

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