Report Update Apr 1, 2024

Cuba - Bananas - Market Analysis, Forecast, Size, Trends and Insights

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Cuba: Banana Market 2024

Banana Market Size in Cuba

In 2021, the Cuban banana market was finally on the rise to reach $X for the first time since 2018, thus ending a two-year declining trend. Over the period under review, consumption enjoyed a resilient increase. Banana consumption peaked at $X in 2018; however, from 2019 to 2021, consumption remained at a lower figure.

Banana Production in Cuba

In value terms, banana production rose rapidly to $X in 2021 estimated in export price. Over the period under review, production continues to indicate a buoyant expansion. The growth pace was the most rapid in 2013 with an increase of 61%. Banana production peaked at $X in 2018; however, from 2019 to 2021, production stood at a somewhat lower figure.

In 2021, the average banana yield in Cuba fell to X tons per ha, standing approx. at the previous year's figure. Overall, the yield recorded a perceptible downturn. The most prominent rate of growth was recorded in 2014 with an increase of 27% against the previous year. As a result, the yield attained the peak level of X tons per ha. From 2015 to 2021, the growth of the average banana yield remained at a somewhat lower figure. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

In 2021, approx. X ha of bananas were harvested in Cuba; with an increase of 5.2% on the year before. In general, the harvested area saw a strong increase. The most prominent rate of growth was recorded in 2019 when the harvested area increased by 79% against the previous year. As a result, the harvested area attained the peak level of X ha. From 2020 to 2021, the growth of the banana harvested area remained at a lower figure.

Banana Exports

Exports from Cuba

In 2021, shipments abroad of bananas increased by 59% to X tons, rising for the second year in a row after three years of decline. Over the period under review, exports, however, saw a abrupt shrinkage. The most prominent rate of growth was recorded in 2020 when exports increased by 411%. The exports peaked at X tons in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

In value terms, banana exports surged to $X in 2021. In general, exports, however, saw a abrupt decrease. The growth pace was the most rapid in 2020 when exports increased by 377% against the previous year. The exports peaked at $X in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

Exports by Country

Canada (X kg) was the main destination for banana exports from Cuba, accounting for a 77% share of total exports. Moreover, banana exports to Canada exceeded the volume sent to the second major destination, Austria (X kg), fourfold.

From 2012 to 2021, the average annual rate of growth in terms of volume to Canada stood at -10.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Austria (+26.5% per year) and Switzerland (-15.8% per year).

In value terms, Canada ($X) remains the key foreign market for bananas exports from Cuba, comprising 76% of total exports. The second position in the ranking was taken by Austria ($X), with a 19% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of value to Canada totaled -10.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Austria (+22.5% per year) and Switzerland (-21.4% per year).

Export Prices by Country

In 2021, the average banana export price amounted to $X per ton, increasing by 17% against the previous year. Overall, the export price, however, continues to indicate a slight reduction. The most prominent rate of growth was recorded in 2018 an increase of 29% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2019 to 2021, the average export prices remained at a lower figure.

Prices varied noticeably country of destination: the country with the highest price was Switzerland ($X per ton), while the average price for exports to Austria ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Canada (+0.7%), while the prices for the other major destinations experienced a decline.

Banana Imports

Imports into Cuba

In 2015, approx. X kg of bananas were imported into Cuba; reducing by -36.7% against 2014 figures. In general, imports recorded a sharp curtailment. The smallest decline of -32.1% was in 2014. Over the period under review, imports attained the peak figure at X kg in 2013; however, from 2014 to 2015, imports failed to regain momentum.

In value terms, banana imports fell dramatically to $X in 2015. Overall, imports faced a precipitous slump. The smallest decline of -29.6% was in 2014. Imports peaked at $X in 2013; however, from 2014 to 2015, imports failed to regain momentum.

Imports by Country

In 2015, Spain (X kg) was the main banana supplier to Cuba, with a approx. 100% share of total imports.

From 2013 to 2015, the average annual rate of growth in terms of volume from Spain totaled -34.5%.

In value terms, Spain ($X) constituted the largest supplier of bananas to Cuba.

From 2013 to 2015, the average annual growth rate of value from Spain stood at -36.1%.

Import Prices by Country

In 2015, the average banana import price amounted to $X per ton, shrinking by -8.4% against the previous year. Over the period under review, the import price recorded a pronounced setback. The pace of growth appeared the most rapid in 2014 when the average import price increased by 3.7%. As a result, import price attained the peak level of $X per ton, and then contracted in the following year.

As there is only one major supplying country, the average price level is determined by prices for Spain.

From 2013 to 2015, the rate of growth in terms of prices for Spain amounted to -2.5% per year.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :

What are the largest markets for bananas in the world?

The country with the largest volume of banana consumption was India, comprising approx. 26% of total volume. Moreover, banana consumption in India exceeded the figures recorded by the second-largest consumer, China, twofold. Indonesia ranked third in terms of total consumption with a 6.4% share.

What are the largest producers of bananas in the world?

India constituted the country with the largest volume of banana production, comprising approx. 26% of total volume. Moreover, banana production in India exceeded the figures recorded by the second-largest producer, China, threefold. Indonesia ranked third in terms of total production with a 6.5% share.

What are the leading suppliers of bananas to Cuba?

In value terms, Spain $138) constituted the largest supplier of bananas to Cuba.

What are the leading importers of bananas from Cuba?

In value terms, Canada remains the key foreign market for bananas exports from Cuba, comprising 76% of total exports. The second position in the ranking was held by Austria $260), with a 19% share of total exports.

What is the average export price for bananas in Cuba?

The average banana export price stood at $1,082 per ton in 2021, jumping by 17% against the previous year.

What is the average import price for bananas in Cuba?

The average banana import price stood at $491 per ton in 2015, falling by -8.4% against the previous year.

This report provides an in-depth analysis of the banana market in Cuba. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.

Product coverage:

FCL 486 - Bananas

Country coverage:

Cuba

Data coverage:

Market volume and value
Per Capita consumption
Forecast of the market dynamics in the medium term
Trade (exports and imports) in Cuba
Export and import prices
Market trends, drivers and restraints
Key market players and their profiles

Reasons to buy this report:

Take advantage of the latest data
Find deeper insights into current market developments
Discover vital success factors affecting the market

This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.

In this report, you can find information that helps you to make informed decisions on the following issues:

How to diversify your business and benefit from new market opportunities
How to load your idle production capacity
How to boost your sales on overseas markets
How to increase your profit margins
How to make your supply chain more sustainable
How to reduce your production and supply chain costs
How to outsource production to other countries
How to prepare your business for global expansion

While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.

1. INTRODUCTION

Making Data-Driven Decisions to Grow Your Business
1. REPORT DESCRIPTION
2. RESEARCH METHODOLOGY AND AI PLATFORM
3. DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
4. GLOSSARY AND SPECIFIC TERMS
2. EXECUTIVE SUMMARY

A Quick Overview of Market Performance
1. KEY FINDINGS
2. MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO
3. MARKET OVERVIEW

Understanding the Current State of The Market and Its Prospects
1. MARKET SIZE
2. MARKET STRUCTURE
3. TRADE BALANCE
4. PER CAPITA CONSUMPTION
5. MARKET FORECAST TO 2030
4. MOST PROMISING PRODUCT

Finding New Products to Diversify Your Business
This Chapter is Available Only for the Professional Edition PRO
1. TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
2. BEST-SELLING PRODUCTS
3. MOST CONSUMED PRODUCT
4. MOST TRADED PRODUCT
5. MOST PROFITABLE PRODUCT FOR EXPORT
5. MOST PROMISING SUPPLYING COUNTRIES

Choosing the Best Countries to Establish Your Sustainable Supply Chain
This Chapter is Available Only for the Professional Edition PRO
1. TOP COUNTRIES TO SOURCE YOUR PRODUCT
2. TOP PRODUCING COUNTRIES
3. COUNTRIES WITH TOP YIELDS
4. TOP EXPORTING COUNTRIES
5. LOW-COST EXPORTING COUNTRIES
6. MOST PROMISING OVERSEAS MARKETS

Choosing the Best Countries to Boost Your Exports
This Chapter is Available Only for the Professional Edition PRO
1. TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
2. TOP CONSUMING MARKETS
3. UNSATURATED MARKETS
4. TOP IMPORTING MARKETS
5. MOST PROFITABLE MARKETS
7. PRODUCTION

The Latest Trends and Insights into The Industry
1. PRODUCTION, HARVESTED AREA AND YIELD
8. IMPORTS
The Largest Import Supplying Countries
1. IMPORTS FROM 2012–2023
2. IMPORTS BY COUNTRY
3. IMPORT PRICES BY COUNTRY
9. EXPORTS
The Largest Destinations for Exports
1. EXPORTS FROM 2012–2023
2. EXPORTS BY COUNTRY
3. EXPORT PRICES BY COUNTRY
10. PROFILES OF MAJOR PRODUCERS

The Largest Producers on The Market and Their Profiles
This Chapter is Available Only for the Professional Edition PRO
LIST OF TABLES
1. Key Findings In 2023
2. Market Volume, In Physical Terms, 2012–2023
3. Market Value, 2012–2023
4. Per Capita Consumption In 2012-2023
5. Imports, In Physical Terms, By Country, 2012–2023
6. Imports, In Value Terms, By Country, 2012–2023
7. Import Prices, By Country Of Origin, 2012–2023
8. Exports, In Physical Terms, By Country, 2012–2023
9. Exports, In Value Terms, By Country, 2012–2023
10. Export Prices, By Country Of Destination, 2012–2023
LIST OF FIGURES
1. Market Volume, In Physical Terms, 2012–2023
2. Market Value, 2012–2023
3. Market Structure – Domestic Supply vs. Imports, In Physical Terms, 2012-2023
4. Market Structure – Domestic Supply vs. Imports, In Value Terms, 2012-2023
5. Trade Balance, In Physical Terms, 2012-2023
6. Trade Balance, In Value Terms, 2012-2023
7. Per Capita Consumption, 2012-2023
8. Market Volume Forecast to 2030
9. Market Value Forecast to 2030
10. Products: Market Size And Growth, By Type
11. Products: Average Per Capita Consumption, By Type
12. Products: Exports And Growth, By Type
13. Products: Export Prices And Growth, By Type
14. Production Volume And Growth
15. Yield And Growth
16. Exports And Growth
17. Export Prices And Growth
18. Market Size And Growth
19. Per Capita Consumption
20. Imports And Growth
21. Import Prices
22. Production, In Physical Terms, 2012–2023
23. Production, In Value Terms, 2012–2023
24. Area Harvested, 2012–2023
25. Yield, 2012–2023
26. Imports, In Physical Terms, 2012–2023
27. Imports, In Value Terms, 2012–2023
28. Imports, In Physical Terms, By Country, 2023
29. Imports, In Physical Terms, By Country, 2012–2023
30. Imports, In Value Terms, By Country, 2012–2023
31. Import Prices, By Country Of Origin, 2012–2023
32. Exports, In Physical Terms, 2012–2023
33. Exports, In Value Terms, 2012–2023
34. Exports, In Physical Terms, By Country, 2023
35. Exports, In Physical Terms, By Country, 2012–2023
36. Exports, In Value Terms, By Country, 2012–2023
37. Export Prices, By Country Of Destination, 2012–2023