Peru: Banana Market 2024

Banana Market Size in Peru

In 2023, after three years of growth, there was decline in the Peruvian banana market, when its value decreased by X% to $X. The market value increased at an average annual rate of X% from 2012 to 2023; the trend pattern remained relatively stable, with only minor fluctuations in certain years. The growth pace was the most rapid in 2018 with an increase of X% against the previous year. Over the period under review, the market reached the peak level at $X in 2022, and then contracted modestly in the following year.

Banana Production in Peru

In value terms, banana production reached $X in 2023 estimated in export price. The total output value increased at an average annual rate of X% over the period from 2012 to 2023; the trend pattern remained consistent, with somewhat noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2018 with an increase of X%. Over the period under review, production reached the peak level at $X in 2021; afterwards, it flattened through to 2023.

The average yield of bananas in Peru amounted to X tons per ha in 2023, leveling off at 2022. In general, the yield, however, continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2018 with an increase of X%. The banana yield peaked at X tons per ha in 2012; afterwards, it flattened through to 2023. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

In 2023, the total area harvested in terms of bananas production in Peru amounted to X ha, flattening at the previous year's figure. The harvested area increased at an average annual rate of X% from 2012 to 2023; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being observed in certain years. The most prominent rate of growth was recorded in 2013 with an increase of X% against the previous year. Over the period under review, the harvested area dedicated to banana production attained the maximum at X ha in 2019; however, from 2020 to 2023, the harvested area failed to regain momentum.

Banana Exports

Exports from Peru

In 2023, after four years of decline, there was significant growth in shipments abroad of bananas, when their volume increased by X% to X tons. Overall, total exports indicated a perceptible expansion from 2012 to 2023: its volume increased at an average annual rate of X% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, exports decreased by X% against 2018 indices. The most prominent rate of growth was recorded in 2014 with an increase of X%. Over the period under review, the exports reached the maximum at X tons in 2018; however, from 2019 to 2023, the exports remained at a lower figure.

In value terms, banana exports totaled $X in 2023. Over the period under review, total exports indicated a pronounced increase from 2012 to 2023: its value increased at an average annual rate of X% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, exports decreased by X% against 2018 indices. The pace of growth appeared the most rapid in 2014 with an increase of X%. The exports peaked at $X in 2018; however, from 2019 to 2023, the exports remained at a lower figure.

Exports by Country

Panama (X tons), the United States (X tons) and Germany (X tons) were the main destinations of banana exports from Peru, together comprising X% of total exports. The Netherlands, Italy, South Korea, Finland, Austria, Japan and Belgium lagged somewhat behind, together comprising a further X%.

From 2012 to 2023, the biggest increases were recorded for Italy (with a CAGR of X%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Germany ($X), Panama ($X) and the United States ($X) appeared to be the largest markets for banana exported from Peru worldwide, together comprising X% of total exports. The Netherlands, Italy, Austria, South Korea, Finland, Japan and Belgium lagged somewhat behind, together comprising a further X%.

Among the main countries of destination, Italy, with a CAGR of X%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average banana export price stood at $X per ton in 2023, remaining stable against the previous year. Overall, the export price, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 when the average export price increased by X% against the previous year. The export price peaked at $X per ton in 2015; however, from 2016 to 2023, the export prices failed to regain momentum.

There were significant differences in the average prices for the major overseas markets. In 2023, amid the top suppliers, the country with the highest price was the Netherlands ($X per ton), while the average price for exports to Panama ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was recorded for supplies to Japan (X%), while the prices for the other major destinations experienced more modest paces of growth.

Banana Imports

Imports into Peru

In 2023, approx. X tons of bananas were imported into Peru; surging by X% on 2022 figures. Over the period under review, imports continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when imports increased by X% against the previous year. As a result, imports reached the peak of X tons. From 2022 to 2023, the growth of imports failed to regain momentum.

In value terms, banana imports soared to $X in 2023. Overall, imports enjoyed a buoyant expansion. The growth pace was the most rapid in 2021 when imports increased by X%. As a result, imports reached the peak of $X. From 2022 to 2023, the growth of imports remained at a somewhat lower figure.

Imports by Country

In 2023, Bolivia (X tons) constituted the largest supplier of banana to Peru, with a X% share of total imports. Moreover, banana imports from Bolivia exceeded the figures recorded by the second-largest supplier, the United States (X tons), fourfold. Chile (X tons) ranked third in terms of total imports with a X% share.

From 2015 to 2023, the average annual growth rate of volume from Bolivia amounted to X%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (X% per year) and Chile (X% per year).

In value terms, the largest banana suppliers to Peru were Bolivia ($X), Chile ($X) and the United States ($X), with a combined X% share of total imports.

In terms of the main suppliers, Chile, with a CAGR of X%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2023, the average banana import price amounted to $X per ton, almost unchanged from the previous year. In general, the import price, however, continues to indicate a strong expansion. The most prominent rate of growth was recorded in 2016 when the average import price increased by X%. As a result, import price attained the peak level of $X per ton. From 2017 to 2023, the average import prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Chile ($X per ton), while the price for the United States ($X per ton) was amongst the lowest.

From 2015 to 2023, the most notable rate of growth in terms of prices was attained by Bolivia (X%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform