AURICK INITIATIVES PVT LTD

Industry Overview

The global banana market is projected to register a CAGR of 4.5% during the forecast period (2022-2027). The global pandemic (COVID-19) has hit this agrosystem hardest. Due to lockdown restrictions across the world, there have been shortages of labor and planting materials affecting production. The closed markets have resulted in a price crash in a few markets, while in others, there was an increase in prices. Due to COVID- 19, future objectives are focused on developing sustainable marketing and processing lines for bananas across the world. In 2020, A sia-Pacific led the market with 55.0% of the global production. India is the world's leading producer of bananas, accounting for nearly 26.3% of the total production in 2020. Bananas are one of the major globally exported fruits and also an important source of livelihood and food.

Bananas are the fourth most important food crop after wheat, rice, and maize in terms of production and are the world’s favorite fruit in terms of consumption quantity. According to ITC Trademap, the global banana exports were estimated at 26,322,126 metric tons in 2020. Ecuador was the largest exporter of bananas, accounting for 26.7% of the global exports. The Philippines, Costa Rica, and Colombia are the other top banana exporters in the world. The United States was the leading importer of bananas, with a 16.7% s hare in the world’s imports in 2019.

Bananas are a type of tropical fruit with soft pulpy flesh enclosed in a soft usually yellow rind, which has an elongated shape with tapering ends. Bananas are produced by several kinds of large herbaceous flowering plants in the genus Musa, which grow in clusters hanging from the top ofthe plant. The Global Banana Market is segmented by Geography (North America, Europe, Asia-Pacific, South America, and Africa).