From 2014 to 2023, the banana market in Thailand experienced a significant decline in volume, falling from 835.0 thousand metric tons to 522.0 thousand metric tons in 2023. Year-on-year, the market has consistently shown negative growth rates, with most recent figures indicating a -2.97% change from 2022 to 2023. Over the last five years, the compound annual growth rate (CAGR) averaged -3.13%, highlighting a steady downtrend in the market.
Forecasts suggest this negative trajectory will continue, with the market anticipated to shrink further to 438.0 thousand metric tons by 2028. The projected five-year CAGR is -2.77%, and the overall forecasted growth rate for the next five years stands at -13.1%.
Future trends to watch for include changes in consumer preferences, potential impacts of climate change on banana production, and trade regulations that may influence import and export dynamics in the market.
