Change in consumers’ preference and increasing focus on health and wellness will favor sales of Cavendish banana. Nowadays consumers are engaged in a sedentary lifestyle and have little time to cook healthy food at home. As snacking and consuming comfort food have emerged as a more viable option, they are likely to look for a healthier alternatives. Future Market Insights (FMI) identifies this to be a key factor supporting growth of the Cavendish banana market in a new study.
According to the report, the Cavendish banana market is poised to surpass US$ 16.52 Bn by 2021. Consumers’ interest to stay fit they is making them adopt healthy eating habits is driving the market. Moreover, Cavendish banana are highly portable, easy to consume as well as available, making it a popular on-the-go snack.
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Also, banana is a part of many ethnic cuisines in African, Latino, Pacific Island, and Asian countries, and Cuba, Puerto Rico, and other Caribbean islands. The large variety of ethnic foods derived from bananas, along with the increasing interest among global consumers in diverse, exotic cuisines, bode well for the Cavendish banana market.
Furthermore, with the rising sedentary lifestyle, there has been strong demand for highly nutritious products to fulfill dietary requirements. Coupled with the introduction of these nutritious foods as a superfood, manufacturers are developing novel products with innovative superfoods such as turmeric, banana, kiwi, and many more to provide exotic flavor as well as superior nutritious value.
Within the Cavendish banana market, conventional Cavendish banana will continue accounting for maximum sales in the market. According to the report, it will hold the dominant share of 92% in the market in 2021 in terms of value.
Key Takeaways from the Cavendish banana Market Study
- The global Cavendish banana market will register a CAGR of 4.2% in terms of value between 2021 and 2031. The Cavendish banana is consumed on a large scale due to its multifunctional benefits, a trend which is expected to continue through the forecast period
- Rising demand for healthy on-the-go snacks will enable the U.S. account for over 87% of sales in North America in 2021
- High spending power of consumers will enable the U.K. market to register over 6% y-o-y growth in 2021
- Germany and France are expected to register increasing Cavendish banana within Europe
- Expansion of hotel, restaurant, and café (HoReCa) sector will support growth in China, followed by South Korea and Japan
“While farmers conventionally chose fertilizers and pesticides to improve yield, they are gradually shifting towards more sustainable practices. Reduced fertility and health concerns posed by these conventional methods have pushed farmers to explore more environmental-friendly methods. Also the consumer interest has tipped scales in favor of products with non-GMO certification, which will have a significant influence on farming practices undertaken to grow and cultivate Cavendish banana,” said a lead analyst at FMI.
The health benefits offered by the Cavendish banana is fueling the market demand. According to the World Health Organization (WHO), diarrhea is the second-largest cause of death in children under five years old. Each year, 525,000 children die from this disease. Malnutrition is the major cause of diarrhea.
Doctors and patients are more inclined towards the consumption of bananas in place of anti-diarrhea medications owing to the higher effectiveness of bananas even in cases of C. diff infection. The administration of bananas in diets has been helping patients to control diarrhea. Owing to this benefit, many pharmaceutical companies have come up with banana-related products to treat diarrhea. Hence, this health beneficial factor helps drive the demand for bananas from the pharmaceutical industry.
Who is Winning?
To reduce the environmental impact and costs, players in the global Cavendish banana market are striving to reduce the usage of water. Throughout the supply chain of bananas, water has application in three main stages, i.e. cleaning of the fruit after harvest, pools holding bananas for selection, and lastly for removing latex.
It was noted that around 150 liters of water is needed to produce one box of bananas. Key players in the market like Dole’s New Millennium Packing Plant in Costa Rica have reduced the water consumption to 18 liters per box with the inclusion of water recycling techniques. Emerging players are expected to follow these trends in order to make their supply chain more environment-friendly and efficient.
A few of the leading players operating in the Cavendish banana market are: All Nippon Airways Trading Co Ltd., Exporganic S.A., DISCOVERY ORGANICS, Salix Fruits, Agroexport Carmita, Union de Bananeros de Uraba, GinaFruit S.A., Chiquita Brands International Sàrl, Dole Food Company, Fresh Del Monte Produce Incorporated, Pisum Food Services Private Limited, Reybanpac, Rey Banano del Pacífico C.A., and other players.
Get Valuable Insights into Cavendish banana Market
Future Market Insights, in its new offering, provides an unbiased analysis of the Cavendish banana Market, presenting historical demand data (2016-2020) and forecast statistics for the period from 2021-2031. The study divulges compelling insights on the Cavendish banana market based on Product Type (Organic Cavendish Banana, Conventional Cavendish Banana, Organic Fairtrade Cavendish Banana, and Conventional Fairtrade Cavendish Banana), Application (Food and Beverage Processing, Cosmetic and Personal Care, Pharmaceutical & Supplements, Animal Feed, Other Industrial, Foodservice (HoReCa), Household (Retail), and Sales Channel (Direct sales and Indirect Sales) across seven major regions.
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Scope of the Report
|Historical Data Available for||2016-2020|
|Market Analysis||USD Million for Value and MT for Volume|
|Key Regions Covered||North America, Latin America, Europe, East Asia, South Asia, Oceania, MEA|
|Key Countries Covered||US, Canada, Brazil, Mexico, Rest of Latin America, Germany, Italy, France, U.K., Spain, BENELUX, Nordic, Russia, Poland, Rest of Europe, Japan, China, South Korea, India, Thailand, Indonesia, Malaysia, Singapore, Rest of South Asia, Australia, New Zealand, GCC Countries, South Africa, Rest of MEA|
|Key Segments Covered||Product Type, Application, Sales Channel and Region|
|Key Companies Profiled||
|Report Coverage||Market Forecast, brand share analysis, competition intelligence, Drivers, Restraints, Opportunities and Threats analysis, Key factors, Market Dynamics and Challenges, Strategic Growth Initiatives|
|Customization & Pricing||Available upon Request|
Key Questions Answered in Cavendish banana Report
- At what rate the demand for Cavendish banana is expected to grow for the next 5 years?
The global Cavendish banana market is estimated to grow at a CAGR of 4.2% in terms of value, for the next 5 years.
- Which is type of Cavendish banana registers maximum sales?
Conventional Cavendish banana currently holds the largest share in the global Cavendish banana market and is estimated to grow at 3.4% CAGR through 2031.
- Which are the leading companies offering Cavendish banana?
Some of the leading companies offering Cavendish banana are All Nippon Airways Trading Co Ltd., Exporganic S.A., DISCOVERY ORGANICS, Salix Fruits, Agroexport Carmita, Union de Bananeros de Uraba, GinaFruit S.A., Chiquita Brands International Sàrl, Dole Food Company, and Fresh Del Monte Produce Incorporated among others.