The bananas market in Canada reached a volume of 568 thousand metric tons in 2023, reflecting a slight year-on-year growth of 0.18%. Over the past decade, the market has shown a steady increase in volume, with notable yearly variations, such as a peak growth of 1.61% in 2017 and a decline of -1.23% in 2018. The Compound Annual Growth Rate (CAGR) over the last five years stands at 0.28%, indicating consistent but modest market expansion. Forecasts predict a continued upward trend, with the market expected to reach 574 thousand metric tons by 2028, implying a 5-year forecasted CAGR of 0.18%.
Future trends to watch for include:
● Increased consumer preference for organic and fair-trade bananas.
● Potential impacts of climate change on banana production and supply chains.
● Variations in import policies and tariffs that may affect banana prices and availability.
● Growing emphasis on sustainability and eco-friendly packaging within the banana industry.
