The supply of fresh bananas in Canada has shown fluctuations over the years with a peak in 2020 at 591.93 thousand metric tons. In 2023, it stood at 587.55 thousand metric tons, reflecting a slight recovery with a year-on-year increase of 2.8%. The compound annual growth rate (CAGR) from 2019 to 2023 was 0.35%, indicating a modest overall growth.
Significant declines were seen in 2021 and 2022, with year-on-year decreases of 0.91% and 2.55%, respectively. The generally slower growth rate from 2018 onwards suggests market volatility and potential supply chain issues. Looking forward from 2024 to 2028, the forecast predicts a steady increase with a 5-year CAGR of 0.73% and a total growth rate of 3.73%.
Future trends to watch for include:
- Potential impacts of climate change on banana production regions.
- Changes in global trade policies affecting banana imports.
- Consumer preferences shifting towards organic and fair-trade products.
- Technological advancements in agricultural practices and supply chain management.
