The global production of organic banana is projected to register a CAGR of 5. 6% during the forecast period (2021-2026). In addition to the serious implications for people’s health and the healthcare services, coronavirus (COVID-19) was seemed to have a significant impact on the Organic banana market as well.
New York, Nov. 03, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Organic Bananas Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" - https://www.reportlinker.com/p06155688/?utm_source=GNW
Due to supply chain disruptions, border closures, and movement restrictions, countries that majorly dependent on import of fresh produce, experienced the moderate impact of the pandemic.
The United States has the highest consumption of organic banana in the global market. The organic bananas are considered among the most valued fruits across the globe and they have many surprising health benefits, such as being high in vitamin B6, also known as pyridoxine, which is a necessary ingredient in the formation of red blood cells. Human body doesn’t make Vitamin B6 on its own, there is need to source it from nutritious foods, like bananas. In addition to vitamin B6, there are many reasons to incorporate bananas, like it helps in controlling diabetes and maintaining brain health. This boosts organic banana consumption in developed countries.
Key Market Trends
Establishment of Fair Trade Forums and Certification Programs across Latin America
Certifications, like Fair-trade and Rainforest Alliance, help farmers produce better crops, adapt to climate change, increase their productivity, and reduce costs. These benefits provide companies and consumers with a steady and secured supply of certified products.Additionally, sourcing certified products is helping businesses and suppliers meet consumer expectations and safeguard their brand’s credibility and helping uplift the brand identity.
The World Banana Forum partnered with the IDH, a sustainable trade initiative, to launch an online portal on sustainable agricultural practices in the organic banana sector. This portal may facilitate the dissemination of information and knowledge, promote the adoption of good practices in the organic banana sector, and increase access to small producers and players all along the value chain.
The Latin American Coordination of Banana Unions (COLSIBA) is a Latin American Banana and Agro-industrial Workers’ Union Coordinating body, that works in a unitary, solidary, sustainable, autonomous, and democratic way to strengthen the equity of gender and to fight for social and labour justice of organic banana growers in Latin America. Also, there are numerous Fairtrade banana producer organizations in Colombia, the Dominican Republic, Peru, and Ecuador. This increasing number of Fairtrade forums across Latin America is projected to drive the market for organic bananas during the forecast period.
Dominican Republic - The Largest Producer of Organic Bananas
The organic banana production in Dominican Republic was 1,172,388.0 metric ton in 2020 and is projected to reach 2,070,073.7 metric ton by 2026, registering a CAGR of 9.6% during the forecast period.?
The Banana production is concentrated in the Northwest provinces of Valverde and Monte Cristi, and the Southern provinces of Azua and Barahona in the country. Some of the major factors boosting the development of organic banana production in the Dominican Republic include low incidence of Black Sigatoka (a leaf-spot disease of banana plants caused by the ascomycete fungus), high market demand for organic bananas, especially from European Union, better market prices, and availability of resources from the international community and NGOs to promote the sector.
Approximately 90% of Dominican organic bananas are exported to European countries, making up nearly 50% of its supply to the European market. In addition, some of the biggest trade markets for organic banana for the Dominican Republic as a whole areUnited Kingdom, France, and Germany, among others. Therefore, increased demand from the domestic as well as global market, coupled with favorable environmental and climatic conditions of the country, are anticipated to boost production during the forecast period.
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