The global organic banana market was valued at US$2,061 million in the year 2020 and is predicted to reach up to US$3,712 million in the year 2027 at a CAGR of 8.77%.
Key factors driving the organic banana market growth
A banana with the botanical name “berry” is grown on Musa in the family- “Musacease”. It is consumed globally. Due to the commercialization of bananas, many advanced technologies and innovations have taken place in the production of bananas. Organic bananas are specifically those bananas that are grown on farms that are certified as organic. These farms restrict the chemical fertilizers used in the cultivation process. The organic farming process is from cultivation to consumption. The organic fertilizers used in organic farming such as mulching, green manure, compost manure, and many other natural products, fulfill the nutritional requirements of bananas. All of these fertilizers are standardized by authentic bodies like the International Federation of Organic Agricultural Movements (IFOAM). Organic bananas are also marked with GAP or Good Agriculture Practices.
The commercialization of organic bananas has encouraged many farmers to practice organic farming. At the same time, it has also encouraged the food industry to invest in the production of organic bananas, promoting their nutritional values. The rise in awareness of healthy consumption in urban areas has led to an increase in the demand for organic products. As most people are aware, using zero percent chemical fertilizers instead of organic fertilizers has several health benefits. Many environmentalists also encourage organic farming as these fertilizers are environmentally friendly. These fertilizers not only secure the health of the soil but are also an essential part of sustainable agriculture; they increase the nutritional value of bananas. Organic products are genetically modified and of high quality. The advancement in research and development has also paved the way for encouraging the growth of the organic banana market.
The governments of many countries have taken the initiative in practicing organic agriculture. Organic farming is also deemed an important factor as it implements the recycling of waste material. These factors make bananas a functional food. Although many other factors, innovations, and technology are the key drivers in the growth of the global organic banana market.
Although the increase in awareness of the consumption of organic products and the rise in the demand for organic bananas, there are still a few factors that resist the growth of this market. Due to many unfair practices by farmers during cultivation, the Genuity of the product remains in doubt. Moreover, not all countries can cultivate bananas due to changes in soil and climate. In countries where bananas are grown, they are usually grown only by small or medium-sized farmers. Plus, the organic process is quite time-consuming, thus, farmers or industrialists who need instant output tend to avoid organic production. Sometimes, weather changes can destroy a crop, as plants cultivated with organic fertilizers are very sensitive to such changes. Some banana plant diseases can also affect its cultivation. The availability of organic fertilizers also plays a vital role in this practice. Many regions lack such availability. All these factors hinder the market growth.
The most recent organic banana market trends.
Due to the increasing importance of organic farming, many regulatory bodies all over the world have started investing in organic production. And many existing countries have started to increase their production.
In April 2021, Colima Group, Mexico’s leading organic bananas company, announced its goal to expand its exports to China. It is also planned to gain a Chinese standard organic certification for this.
In February 2021, Total produce Plc, which is a European leading fresh produce company, announced that it would combine with Dole Food Company, Inc., which is a famous organic banana export company.
In January 2021, Peru announced the cultivation of its first cluster of organic bananas. It aims to make production sustainable and improve the sector’s competitiveness.
In October 2020, Compagnie Fruitiere announced the launch of a new range named “SCB Supreme” for bananas, mangoes, and pineapples. Compagnie Fruitiere is known for its cultivation of fruits in an organic process. It also states that these new bananas will be larger and have slightly different tastes.
|Market size value in 2020||US$2,061 million|
|Market size value in 2027||US$3,712 million|
|Growth Rate||CAGR of 8.77% from 2020 to 2027|
|Forecast Unit (Value)||USD Million|
|Segments covered||Distribution Channels, And Geography|
|Regions covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies covered||Total produce Plc, Compagnie Fruitiere, Dole Food Company, Fresh Del Monte, Grupo Iren, GrupoHame, GrupoAcon, AgroAmerica|
|Customization scope||Free report customization with purchase|
Frequently Asked Questions (FAQs)
Q1. What will be the organic banana market size by 2027?
A1. The global organic banana market is predicted to reach a total market size of US$3,712 million in 2027.
Q2. What is the size of the global organic banana market?
A2. Organic Banana Market was valued at US$2,061 million in 2020.
Q3. What are the growth prospects for the organic banana market?
A3. The organic banana market is predicted to grow at a CAGR of 8.77% during the forecast period.
Q4. How is the global organic banana market segmented?
A4. The organic banana market has been segmented by distribution channels and geography.
Q5. What factors are anticipated to drive the organic banana market growth?
A5. The rise in awareness of healthy consumption in urban areas has led to an increase in the demand for the organic banana market.
1.1. Market Definition
1.2. Market Segmentation
2. RESEARCH METHODOLOGY
2.1. Research Data
3. EXECUTIVE SUMMARY
3.1. Research Highlights
4. MARKET DYNAMICS
4.1. Market Drivers
4.2. Market Restraints
4.3. Porters Five Forces Analysis
4.3.1. Bargaining Power of Suppliers
4.3.2. Bargaining Power of Buyers
4.3.3. Threat of New Entrants
4.3.4. Threat of Substitutes
4.3.5. Competitive Rivalry in the Industry
4.4. Industry Value Chain Analysis
5. GLOBAL ORGANIC BANANA MARKET BY DISTRIBUTION CHANNEL
5.2. Supermarket/ Hypermarket
5.3. Online Channels
6. GLOBAL ORGANIC BANANA MARKET BY GEOGRAPHY
6.2. North America
6.3. South America
6.4.3. United Kingdom
6.5. Middle East and Africa
6.5.1. South Africa
6.5.2. Saudi Arabia
6.6. Asia Pacific
6.6.3. South Korea
7. COMPETITIVE ENVIRONMENT AND ANALYSIS
7.1. Major Players and Strategy Analysis
7.2. Emerging Players and Market Lucrativeness
7.3. Mergers, Acquisitions, Agreements, and Collaborations
7.4. Vendor Competitiveness Matrix
8. COMPANY PROFILES
8.1. Total produce Plc
8.2. Compagnie Fruitiere
8.3. Dole Food Company
8.4. Fresh Del Monte
8.5. Grupo Iren
Total produce Plc
Dole Food Company
Fresh Del Monte
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