Puerto Rico: Banana Market 2024

Banana Market Size in Puerto Rico

The Puerto Rican banana market stood at $X in 2021, remaining relatively unchanged against the previous year. The market value increased at an average annual rate of +1.0% from 2012 to 2021; the trend pattern remained consistent, with somewhat noticeable fluctuations throughout the analyzed period. As a result, consumption reached the peak level of $X. From 2015 to 2021, the growth of the market failed to regain momentum.

Banana Production in Puerto Rico

In value terms, banana production amounted to $X in 2021 estimated in export price. Over the period under review, production, however, continues to indicate mild growth. The growth pace was the most rapid in 2014 with an increase of 10% against the previous year. As a result, production reached the peak level of $X. From 2015 to 2021, production growth remained at a lower figure.

In 2021, the average banana yield in Puerto Rico declined modestly to X tons per ha, leveling off at the year before. The yield figure increased at an average annual rate of +2.3% over the period from 2012 to 2021; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being observed throughout the analyzed period. The most prominent rate of growth was recorded in 2014 when the yield increased by 9.8%. Over the period under review, the banana yield reached the peak level at X tons per ha in 2016; however, from 2017 to 2021, the yield failed to regain momentum. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

In 2021, the total area harvested in terms of bananas production in Puerto Rico contracted to X ha, therefore, remained relatively stable against the previous year. In general, the harvested area showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2015 when the harvested area increased by 4.1% against the previous year. Over the period under review, the harvested area dedicated to banana production attained the maximum at X ha in 2012; afterwards, it flattened through to 2021.

Banana Exports

Exports by Country

Ecuador was the main exporter of bananas in the world, with the volume of exports resulting at X tons, which was near 26% of total exports in 2021. It was distantly followed by Guatemala (X tons), Costa Rica (X tons), Colombia (X tons) and the Philippines (X tons), together achieving a 36% share of total exports. Belgium (X tons), the Netherlands (X tons), the United States (X tons), Mexico (X tons), Panama (X tons), Vietnam (X tons), Cote d'Ivoire (X tons) and Cambodia (X tons) followed a long way behind the leaders.

From 2012 to 2021, average annual rates of growth with regard to banana exports from Ecuador stood at +2.7%. At the same time, Vietnam (+49.9%), Cambodia (+49.2%), the Netherlands (+24.5%), Panama (+9.9%), Mexico (+8.3%), Cote d'Ivoire (+4.2%), Guatemala (+3.1%), Costa Rica (+2.3%), Colombia (+2.2%) and the United States (+1.4%) displayed positive paces of growth. Moreover, Vietnam emerged as the fastest-growing exporter exported in the world, with a CAGR of +49.9% from 2012-2021. By contrast, Belgium (-2.7%) and the Philippines (-15.0%) illustrated a downward trend over the same period. From 2012 to 2021, the share of the Philippines, the Netherlands, Panama, Vietnam and Cambodia increased by +6.1, +3.2, +1.9, +1.6 and +1.5 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Ecuador ($X) remains the largest banana supplier from Puerto Rico, comprising 29% of global exports. The second position in the ranking was held by the Philippines ($X), with an 8.2% share of global exports. It was followed by Costa Rica, with a 7.8% share.

In Ecuador, banana exports increased at an average annual rate of +2.3% over the period from 2012-2021. The remaining exporting countries recorded the following average annual rates of exports growth: the Philippines (+1.8% per year) and Costa Rica (+4.8% per year).

Banana Imports

Imports by Country

In 2021, the United States (X tons), distantly followed by China (X tons), Russia (X tons), the Netherlands (X tons), Germany (X tons), Japan (X tons) and Belgium (X tons) were the key importers of bananas, together comprising 56% of total imports. The UK (X tons), Italy (X tons), France (X tons), Canada (X tons), Poland (X tons) and Argentina (X tons) took a little share of total imports.

The United States experienced a relatively flat trend pattern with regard to volume of imports of bananas. At the same time, the Netherlands (+20.4%), China (+12.9%), Poland (+11.4%), France (+4.1%), Argentina (+2.9%), Italy (+2.5%), Germany (+1.8%), Russia (+1.7%) and Canada (+1.5%) displayed positive paces of growth. Moreover, the Netherlands emerged as the fastest-growing importer imported in the world, with a CAGR of +20.4% from 2012-2021. Japan experienced a relatively flat trend pattern. By contrast, the UK (-1.9%) and Belgium (-2.0%) illustrated a downward trend over the same period. While the share of the Netherlands (+4.7 p.p.) and China (+4.7 p.p.) increased significantly in terms of the global imports from 2012-2021, the share of the UK (-1.9 p.p.), Belgium (-2.3 p.p.) and the United States (-3.4 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United States ($X) constitutes the largest market for imported bananas into Puerto Rico, comprising 14% of global imports. The second position in the ranking was held by Germany ($X), with a 7.2% share of global imports. It was followed by Russia, with a 7% share.

From 2012 to 2021, the average annual rate of growth in terms of value in the United States was relatively modest. In the other countries, the average annual rates were as follows: Germany (+1.6% per year) and Russia (+1.8% per year).

Source: IndexBox Platform

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