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Market Penetration Strategy: China Banana 2023
Fresh Banana
Fruits
Benjamin Lategan
Published Jun 16, 2023
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- In 2022, the global banana industry faced multiple challenges on the supply side, leading to rising production costs and supply shortages. These challenges included fertilizer shortages and price increases, disease pressure, weather anomalies, the Russia/Ukraine war, and logistics issues. Despite these challenges, demand in key import markets remained relatively stable, resulting in supply shortages but relatively low prices.
- Global exports of bananas, excluding plantains, experienced a 4% decline in 2022, disrupting the previous fast-paced growth seen in pre-pandemic years. Total export quantities fell to approximately 19.6 mmt in 2022. Additionally, global net import quantities of bananas were projected to decline by 2.5% in 2022, amounting to just below 19 mmt.
- Net imports by China grew by 2.84% YoY in quantity terms from 2021 to 2022, according to data obtained from China Customs Statistics. Total imports by China reached 1.81 mmt, consolidating the country's position as the second largest importer of bananas globally at an estimated quantity share of 11% of global imports in 2022. The value of China’s banana imports grew 11.81% YoY from USD 1.04B in 2021 to USD 1.16B in 2022. However, During the first four months of 2023, imports decreased by 10.48% YoY. The decreases were particularly significant in March and May of 2023, the start of the peak import season for bananas in China.
- Looking ahead, 2023 is expected to be another challenging year for global banana production, as the difficulties and challenges faced in 2022 continue to persist. Weather anomalies and logistics issues are expected to pose ongoing challenges on the supply side of the industry. These factors may continue to impact production costs, supply availability, and global trade dynamics in the banana industry.
- Global exports of bananas, excluding plantains, experienced a 4% decline in 2022, disrupting the previous fast-paced growth seen in pre-pandemic years. Total export quantities fell to approximately 19.6 mmt in 2022. Additionally, global net import quantities of bananas were projected to decline by 2.5% in 2022, amounting to just below 19 mmt.
- Net imports by China grew by 2.84% YoY in quantity terms from 2021 to 2022, according to data obtained from China Customs Statistics. Total imports by China reached 1.81 mmt, consolidating the country's position as the second largest importer of bananas globally at an estimated quantity share of 11% of global imports in 2022. The value of China’s banana imports grew 11.81% YoY from USD 1.04B in 2021 to USD 1.16B in 2022. However, During the first four months of 2023, imports decreased by 10.48% YoY. The decreases were particularly significant in March and May of 2023, the start of the peak import season for bananas in China.
- Looking ahead, 2023 is expected to be another challenging year for global banana production, as the difficulties and challenges faced in 2022 continue to persist. Weather anomalies and logistics issues are expected to pose ongoing challenges on the supply side of the industry. These factors may continue to impact production costs, supply availability, and global trade dynamics in the banana industry.
Table of contents
Part I: Overview - Global Banana Industry
Part II: Exports
Part III: Imports
Part IV: Banana Policy
Part V: Key Take-Away
Part VI: Tridge Outlook
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