The demand for bananas in India stood at 30.93 million metric tons in 2023. There has been a steady growth trend with fluctuations over the years. Notably, there was a slight decline in 2015 and 2016 but a recovery and continuous gradual growth from 2017 onwards. The year-on-year variations for 2022 and 2023 are minor, at 0.28% and 0.27%, respectively. The Compound Annual Growth Rate (CAGR) over the last five years up to 2023 is 0.16%, indicating modest growth.
Future trends to watch for:
- Continued modest growth with an expected 5-year CAGR of 0.2% leading up to 2028.
- Observing changes in consumer preferences and dietary habits may impact demand.
- The impact of agricultural advancements and policies on banana production and supply chain efficiencies could influence future demand.
