In 2023, the demand for bananas in Canada stood at 581.0 thousand metric tons, a modest growth of 0.17% compared to the previous year. Over the past decade, the demand has shown a steady increase with slight fluctuations, such as a dip in 2018. The Compound Annual Growth Rate (CAGR) over the last five years remained relatively low at 0.31%, indicating slow but consistent growth.
Key historical trends include:
- Strong growth between 2014 and 2017, with annual increases over 1%.
- A noticeable decline in 2018, with a -1.21% change.
- Stabilizing growth from 2019 onwards, with modest annual increases."
Future trends to watch for:
- Forecasts expect the demand to continue rising, albeit at a slower pace, with a five-year CAGR forecast at 0.21%.
- Potential shifts in consumer preferences towards more local or organic produce could affect demand.
- Environmental factors and global supply chain issues could also play a significant role in future demand fluctuations.
