In W32 in the banana landscape, the global banana market is projected to experience substantial growth, with an estimated increase of USD 1.15 billion between 2022 and 2027, exhibiting a compound annual growth rate (CAGR) of 9.32%. North America is forecasted to be a significant contributor, representing 39% of the market share throughout the forecast period.
Unprecedented heat waves affected several South American countries, leading to record-high temperatures. Paraguay's Vallemi airport recorded a temperature of 39.7°C, breaking previous records. Argentina's capital, Buenos Aires, experienced a temperature of 30°C. Ecuador faced significant challenges, with the Association of Banana Growers of El Oro warning of potential losses of up to 50.59 thousand hectares (ha) of production.
Costa Rican banana exports have shown a notable increase of 19% in volume during the first half of 2023 compared to the same period in 2022, as revealed by the Costa Rican Foreign Trade Promotion Agency (Procomer). The Central Bank of Costa Rica noted favorable weather conditions, leading to a 2.6% increase in horticultural sector yield.
Lastly, the Philippines Bureau of Plant Industry (BPI) is intensifying efforts to combat Fusarium wilt, or Panama disease, that poses a significant threat to the banana industry. This disease affects the banana plant's vascular system, leading to nutrient and moisture deprivation and eventual death. The Tropical Race 4 (TR4) strain of the disease, detected in Davao City in 2009, particularly endangers the Cavendish banana, a major export variety. The Philippines, the second-largest banana exporter after Ecuador, exported 2.24 million tons in 2022, a 6.21% decline, as reported by the Food and Agriculture Organization (FAO).
