Dublin, Jan. 23, 2024 (GLOBE NEWSWIRE) -- The "Organic Bananas Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)" report has been added to ResearchAndMarkets.com's offering.
The Organic Bananas Market size is estimated at USD 1.45 billion in 2023, and is expected to reach USD 2.44 billion by 2028, growing at a CAGR of 11.04% during the forecast period (2023-2028).
Key Highlights
- Conventional bananas are grown with the help of synthetic fertilizers and pesticides, whereas organic methods rely on natural ways to increase plant growth and eliminate predatory insects. Compost is the main product used in the production of Organic bananas.
- The United States has the highest consumption of organic bananas in the global market. Organic bananas are considered among the most valued fruits globally due to their many health benefits, such as being high in vitamin B6 (also known as pyridoxine, a necessary ingredient in forming red blood cells). Bananas also help in controlling diabetes and maintaining brain health. Such factors are boosting organic banana consumption in developed countries.
- Growing banana cultivation under organic air is increasing globally. The area under which organic banana is being cultivated increased over the year 2022. The strategies toward organic agriculture are primarily country-specific depending on environmental, economic, and political considerations. Among the overall organic foods sector, the consumer demand for organic bananas resulted in the sector growing rapidly in the banana category during the study period. The rising demand for organic bananas is creating growth potential for major growers in Latin America and North America?.
Organic Bananas Market Trends
Increasing Banana Cultivation under Organic Area
Organic bananas are considered among the most valued fruits across the globe and they have many surprising health benefits, such as being high in vitamin B6, also known as pyridoxine, which is a necessary ingredient in the formation of red blood cells. The human body doesn't make Vitamin B6 on its own, there is a need to source it from nutritious foods, like bananas. In addition to vitamin B6, there are many reasons to incorporate bananas, as it helps in controlling diabetes and maintaining brain health. This boosts organic banana consumption in developed countries. The demand for organic foods is increasing worldwide due to health and environmental benefits.
According to the FAO, organic agriculture is a system that relies on ecosystem management rather than external agricultural inputs such as synthetic fertilizers and pesticides. The strategies toward organic banana cultivation are primarily country-specific depending on environmental, economic, and political considerations. This indicates that every country needs to evolve country-specific strategies to balance food security and safety and farmers' incomes and ecology.
According to Fibl, the organic area for banana cultivation in 2021 was observed to be 104,708.94 hectares and in 2020 it was 78,385.06 hectares. This increase in organic area for bananas depicts the increased cultivation of bananas under organic area.The increasing organic land across the world is projected to drive the market for organic bananas during the forecast period.
Dominican Republic - The Largest Producer of Organic Bananas
The Dominican Republic is one of the largest producers of organic bananas worldwide. Banana production is concentrated in the Northwest provinces of Valverde and Monte Cristi and the Southern provinces of Azua and Barahona. Some of the major factors boosting the development of organic banana production in the Dominican Republic include the low incidence of Black Sigatoka (a leaf-spot disease of banana plants caused by the ascomycete fungus), high market demand for organic bananas, especially from the European Union, better market prices, and availability of resources from the international community and NGOs to promote the sector.
Banelino is an association representing close to 320 small producers in the northwest of the Dominican Republic. The association's producers work for good management of natural resources, conservation of the environment, and fair prices to improve living conditions for families and communities. 85% of BANELINO's banana production is organic.
Approximately 90% of Dominican organic bananas are exported to European countries, making up nearly 50% of its supply to the European market. In addition, some of the biggest trade markets for organic bananas in the Dominican Republic are the United Kingdom, France, and Germany. Therefore, increased demand from the domestic and global markets and favorable environmental and climatic conditions in the country is anticipated to boost production during the forecast period.
Key Topics Covered:
1 INTRODUCTION
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Value Chain Analysis
5 MARKET SEGMENTATION
5.1 Geography
5.1.1 Dominican Republic
5.1.2 Ecuador
5.1.3 Colombia
5.1.4 Philippines
5.1.5 Honduras
5.1.6 South Africa
5.1.7 Peru
5.1.8 United States
5.1.9 Japan
5.1.10 Costa Rica
6 MARKET OPPORTUNITIES AND FUTURE TRENDS
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Attachments
- Organic Bananas Market Global Organic Banana Market Area Under Fully Converted Organic Banana Global 2020 2021
- Organic Bananas Market Global Organic Banana Market Production Volume In Metric Ton Dominican Republic 2020 2021
