In 2023, the banana market volume in Africa stood at 12.29 million metric tons, reflecting a minor year-on-year increase of 0.12%. The historical data between 2014 and 2023 shows fluctuations, with notable increases and decreases in certain years. For instance, 2015 experienced a significant 3.46% rise, while 2017 saw a sharp 3.72% decline. The 5-year compound annual growth rate (CAGR) leading up to 2023 was -0.16%, indicating a slight average annual decrease.
Looking ahead, the market volume is expected to rise marginally, with forecast data showing a steady but slow increase up to 12.36 million metric tons by 2028. The forecasted 5-year CAGR is 0.09% with an overall growth rate of 0.46%. This suggests a period of stabilization and modest growth after years of variability.
Future trends to watch for include:
- Impact of climate change on banana yield and production
- Developments in agro-technologies and their adoption by African farmers
- Policy changes and trade agreements affecting banana export and import
- Shifts in consumer preferences and demand within Africa
