Australia Banana Market Report and Forecast 2024-2032

Australia Banana Market Outlook

The Australia banana market size reached 375.32 tons in 2023. The market is further projected to grow at a CAGR of 0.7% between 2024 and 2032, reaching a volume of 402.03 tons by 2032.

Key Takeaways

• 95% of Australian households purchased bananas in the financial year ending June 2021.

• Approximately 362,000 tonnes of fresh bananas, valued at USD 597 million, were sold by Australian growers in the 2020–2021 fiscal year.

• 94% of Australia's bananas are produced in Queensland. The Atherton Tablelands, the Cassowary Coast (Tully, Innisfail, and Kennedy), and Lakeland (north of Cairns) are Queensland's main growing regions.

The banana market is projected to expand at a promising CAGR due to the increasing demand for healthy and convenient snacks. Bananas are rich in essential nutrients, such as potassium, vitamin C, and dietary fibre, which contribute to their popularity among health-conscious consumers. Also, as consumers become more environmentally conscious, banana growers who adopt sustainable farming practices are likely to see increased demand for their products.

Moreover, the Australian government has approved a genetically modified Cavendish banana designed to combat Panama Disease TR4, which could potentially increase the Australia banana market growth by protecting crops from diseases and increase overall production.

The Australian banana market includes a segment for organic bananas, which cater to consumers looking for pesticide-free and environmentally friendly produce. Organic bananas are grown without synthetic chemicals and pesticides, appealing to a niche market segment that prioritises sustainability and health. Plantains are another significant segment in the Australian banana market. Like regular bananas, plantains are starchier and often used in cooking due to their versatility. They are a staple in many cuisines and offer a unique flavour profile compared to regular bananas.

Regular bananas, such as the popular Cavendish variety, dominate the Australian banana market share, representing a significant portion of production and consumption. These bananas are widely consumed across the country and are a staple fruit in many households. The Cavendish banana accounts for approximately 97% of the total production. Other varieties, such as Lady Fingers, Red Dacca, Goldfinger, Sucrier, Ducasse, and Plantains, make up the remaining 3%.

Processed bananas segment includes various banana products like banana chips, banana puree, and banana powder. Processed bananas offer convenience and versatility in culinary applications, catering to consumer preferences for ready-to-eat or easy-to-use banana products.

Market Segmentation

Australia Banana Market Report and Forecast 2024-2032 offers a detailed analysis of the market based on the following segments:

Market Breakup by Type

• Organic Bananas

• Plantains

• Regular Bananas

• Processed Bananas

• Others

Market Breakup by Application 

• Banana Pulp

• Banana Processing

• Banana Concentrate

• Banana Powder 

• Banana Wafers

• Banana Wine    

• Banana Puree

• Banana Chips

• Banana Beer 

• Others

Market Breakup by Distribution Channel 

• Hypermarkets and Supermarkets

• Online

• Speciality Store

• Others  

Market Breakup by Region

• New South Wales

• Victoria

• Queensland

• Western Australia

• Australian Capital Territory

• Others

Competitive Landscape

Market players are focused on expanding their production capabilities to enhance their share, revenue, and stay ahead in the competition.

• Pacific Coast Eco Bananas

• ROYAL NUT COMPANY

• Nuts About Life Pty Ltd

• Woolworths Group Limited

• Others

Key Highlights of the Report