The new report by Expert Market Research titled, ‘Global Organic Banana Market Growth, Share, Size, Price, Trends, Report, Forecast 2023-2028’, gives in-depth analysis of the global organic banana market, assessing the market based on its segments like distribution channel and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analyzing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2028)
- Forecast CAGR (2023-2028): 10.5%
The rising public health awareness and growing popularity of private label brands are augmenting the growth of organic bananas globally. Additionally, concerns about animal food safety and health have resulted in an increase in demand for plant-based food products. The demand for plant-based foods is robust among health-conscious consumers, as these foods and ingredients do not contribute to health problems. This is contributing to the growth of the organic banana industry.
Organic Banana Industry Definition and Major Segments
Conventional bananas are grown using synthetic fertilizers and pesticides, whilst organic bananas are grown using only natural methods of stimulating plant growth and eradicating predatory insects. Organic bananas contain a significant amount of vitamin B6, also known as pyridoxine which is a necessary component of red blood cell formation. Organic bananas can also aid in diabetes control, attributing to their low glycemic index that is 51.
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Based on distribution channel, the market can be segmented into:
- Supermarkets and Hypermarkets
- Convenience Store
- Specialty Store
Based on region, the market is segmented into:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
Organic Banana Market Trends
Due to concerns about chemical additives, consumer preferences have shifted toward the consumption of food products with natural ingredients as a result of an increasing focus on living a healthier lifestyle. This has a hugely positive effect on organic bananas adoption as well. The establishment of fair-trade forums such as the Latin American Coordination of Banana Unions (COLSIBA) throughout Latin America has strengthened the organic banana market in LATAM.
According to FAO, Dominican Republic is the largest producer of organic bananas representing more than half of the global organic banana’s produce. In the forecast period, the market is anticipated to grow on account of no usage of insecticides and pesticides in the growing of organic bananas, which creates a positive impact on the consumers’ minds.
Key Market Player
The major players in the market are Chiquita Brands International Sàrl (NYSE: CQB), Coliman Group, Del Monte Fresh Produce Co., Dole Food Co. Inc., Fyffes Ltd., among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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