Global Bananas Market Scope 2024, Forecast To 2033

The bananas market size has shown steady growth recently, expanding from $135.31 billion in 2023 to $138.34 billion in 2024 at a compound annual growth rate (CAGR) of 2.2%. This growth in the historic period can be attributed to a significant increase in import demand, abundant supply growth, rising consumer preference for bananas due to their nutritional value, export earnings, and ongoing development of new banana varieties. Looking forward, the market is poised for continued steady growth, projecting to reach $153.47 billion by 2028 with a CAGR of 2.6%. Anticipated growth in the forecast period will be driven by the integration of bananas into diverse culinary traditions and innovative food products, adoption of water-efficient irrigation techniques and sustainable water management practices, increased investments in research and development (R&D) to combat disease resistance and post-harvest losses, government-led food security initiatives and agricultural development investments, and expansion of e-commerce platforms and direct-to-consumer sales channels. Major trends expected include the adoption of precision agriculture techniques, implementation of blockchain technology to enhance traceability and transparency in the banana supply chain, exploration of vertical farming methods like hydroponics and aeroponics for controlled indoor banana cultivation, advancements in biotechnology such as gene editing and genetic engineering to develop disease-resistant banana varieties.