The US banana production stood at 2.02 Thousand Metric Tons in 2023. The year 2023 saw a decline of 12.86% in production compared to the previous year, following an 11.59% drop from 2021 to 2022. Over the past five years, the compound annual growth rate (CAGR) stood at -9.12%, indicating a steady decline in banana production. Historical data from 2013 shows a consistent downward trend, with only minor increases in 2018 and 2019.
Looking ahead, the forecast for the US banana production continues its downward trend, with a forecasted 22.82% annual decline over the next five years, resulting in a 72.61% cumulative drop by 2028. This indicates significant challenges for the industry.
Future trends to watch for include:
- Impact of climate change on agricultural yields.
- Shifts in domestic cultivation practices or policies.
- Technological advancements in farming techniques that could stabilize or boost production.
- Changes in import policies affecting the domestic banana market.
