Cavendish Banana Market Share, Size, Trends, Industry Analysis Report, By Product (Organic and Conventional); By Application; By Sales Channel; By Region; Segment Forecast, 2023-2032
- Published Date:Oct-2023
- Pages: 118
- Format: PDF
- Report ID: PM3792
- Base Year: 2022
- Historical Data: 2019-2021
The global cavendish banana market was valued at USD 16.66 billion in 2022 and is expected to grow at a CAGR of 4.4% during the forecast period.
Improvement in product portfolios and investments done by various businesses is likely to boost the growth of global market value exponentially. Growing consumer demand for bananas worldwide has majorly contributed to the propelling the revenue of the market. For example, in February 2023, "inspired by the monk fruit," Cavendish bananas designed to withstand the terrible Fusarium wilt fungal disease that is endangering world banana supply have been developed by the Elo Life Systems, which just closed a USD 24.5 Mn financing. Adopting modern farming techniques, promoting research and development, developing infrastructure, and many other factors are helping the market to expand at a rapid pace.
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The COVID-19 pandemic has had a significant impact on the global market. The closure or limited operation of restaurants, hotels, and other food service establishments during lockdowns and social distancing measures had a significant impact on the global market. The reduced demand from the food service and hospitality sectors, which are major consumers of bananas, led to a decline in sales volumes. The overall demand for bananas remained relatively stable, but there have been fluctuations in consumer purchasing patterns. In some regions, panic-buying and stockpiling initially led to increased demand, while in other areas, reduced consumer spending and changing consumption habits resulted in lower demand for fresh produce, including bananas.
Rising focus on healthy habits
The increasing focus on healthy eating habits and the demand for natural, nutritious foods drive the consumption of cavendish bananas, contributing to market growth. Cavendish bananas are known for their nutritional benefits. They are a good source of essential vitamins, minerals, and dietary fiber. For example, because of their small stems, Cavendish banana plants are less vulnerable to environmental factors like storm damage and can produce high yields per hectare. Also noted for fast recovery from natural disasters are caddish banana plants. The annual global production of Cavendish bananas is around 50 billion tonnes. The health benefits of the cavendish bananas are gaining huge popularity among many populations. This is dynamically driving the growth of the market globally.
Growing market strategies among various industry participants is another factor likely to spur the market’s growth worldwide. Partnerships between banana producers, exporters, and retailers enable wider market penetration and distribution. In October 2021, a global collaboration agreement between the Indian Council for Agricultural Research (ICAR) and Innoterra India to develop a bio-pesticide against the Fusarium wilt. These partnerships ensure that cavendish bananas are prominently displayed and stocked in retail outlets, enhancing their visibility and driving consumer purchases.
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The market is primarily segmented based product, application, sales channel, and region.
By Sales Channel
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Organic segment held largest contribution to the global market in 2022
The organic segment held the largest share. They are typically grown in nutrient-rich soil and allowed to ripen naturally, resulting in a sweeter and more flavourful fruit compared to conventionally grown bananas. Furthermore, there is an increasing consumer preference for organic food products, including bananas, due to health and environmental concerns. Organic Cavendish bananas are grown without the use of synthetic pesticides, fertilizers, and genetically modified organisms. In addition to this, consumers are becoming more conscious of the potential health risks associated with pesticide residues and the environmental impact of conventional agriculture. This growing awareness, combined with a desire for healthier and more sustainable food choices, has fuelled the demand for organic cavendish bananas.
Food and beverages processing segment held largest share in the global market
In fiscal year 2022, the food and beverages processing segment dominated the market. These are versatile ingredients that can be used in various food and beverage applications. They are commonly used in smoothies, fruit salads, baked goods, desserts, baby food, and other processed food products. The mild and sweet flavor of cavendish bananas makes them popular in a wide range of food and beverage recipes, appealing to consumers of all ages. Food and beverage processors recognize the nutritional value of cavendish bananas and their potential to enhance the nutritional profile of their products. By incorporating cavendish bananas into their food and beverage offerings, processors can provide consumers with healthier options, promoting overall well-being.
By Sales Channel
Online retailers are gaining a huge traction in the global market during forecast period
The online retailer's segment is leading the global market during the forecast period. Online platforms provide easy accessibility to a wide range of Cavendish banana products, including different varieties, sizes, and organic options. This segment offers a wide range of cavendish banana products, including different sizes, packaging options, and value-added variations. Furthermore, the overall growth of e-commerce has transformed consumer shopping habits. Increasingly, consumers are turning to online platforms for their grocery and food shopping needs, including the purchase of fresh produce like cavendish bananas.
By Regional Analysis
North America dominated the global market in 2022
North America dominated the global market, as the region has a large population with significant consumer demand for cavendish bananas. The region's high population, coupled with a strong preference for bananas as a popular fruit, contributes to the dominance of the Cavendish banana market in North America. The biggest banana-producing state in the US is by far Hawaii, followed by Florida. For instance, in February 2023, Elo Life Systems, a biotech business with a focus on sustainable food production, is using gene editing to protect Cavendish bananas from a fungus that threatens to exterminate the species.
Asia Pacific is one of the fastest-growing regions during the forecast period. This is attributed to the enhancing production of cavendish bananas across the countries, growing awareness among a vast consumer base, and many other aspects. For instance, with the aim of bringing banana growers, merchants, and exporters together on one platform, Greenikk, an Indian agribusiness company based in Kerala, established an end-to-end logistics system. To assist farmers with production and marketing-related challenges, the start-up has created Enablement Centres (EC) throughout the primary banana-producing agricultural belts in the Indian states of Tamil Nadu, Kerala, and Karnataka.
The Cavendish Banana market is fragmented and is anticipated to witness competition due to several players' presence. Major service providers in the market are constantly upgrading their technologies to stay ahead of the competition and to ensure efficiency, integrity, and safety. These players focus on partnership, product upgrades, and collaboration to gain a competitive edge over their peers and capture a significant market share.
The global players in the market include
- Agroexport Carmita
- Chiquita Brands
- Dole Food
- Fresh Del Monte
- Pisum Food Services
- Salix Fruits
- In July 2022, Tropic Biosciences, raised around USD 35 Mn to create disease free tropical crops, including banana and other fruits.
Cavendish Banana Market Report Scope
Market size value in 2023
USD 17.36 billion
Revenue forecast in 2032
USD 25.62 billion
4.4% from 2023 – 2032
Revenue in USD billion and CAGR from 2023 to 2032
By Product, By Application, By Sales Channel, By Region
North America, Europe, Asia Pacific, Latin America; Middle East & Africa
Report customization as per your requirements with respect to countries, region and segmentation.
The global cavendish banana market size is expected to reach USD 25.62 billion by 2032.
Key players in the cavendish banana market are Exporganic, Salix Fruits, Agroexport Carmita, GinaFruit, Chiquita Brands.
North America contribute notably towards the global cavendish banana market.
The global cavendish banana market is expected to grow at a CAGR of 4.4% during the forecast period.
The cavendish banana market report covering key segments are product, application, sales channel, and region.