The global production of organic banana is projected to register a CAGR of 5.6% during the forecast period . The drivers identified in the market are establishment of fair trade forums across Latin America, deep horizontal and vertical integration of markets and emphasis on branding and geographic indications. The restraints identified in the market are concentration of production clusters in a few countries and heavy dependence on export markets.
Key Market Trends
Establishment of Fair Trade Forums across Latin America is driving the market
The World Banana Forum partnered with the IDH, a sustainable trade initiative to launch an online portal on sustainable agricultural practices in the organic banana sector. This portal may facilitate the dissemination of information and knowledge, promote the adoption of good practices in the organic banana sector, and increase the access to small producers and all the value chain players.The Latin American Coordination of Banana Unions (COLSIBA) is a Latin American Banana and Agroindustrial Workers’ Union Coordinating body, that works in a unitary, solidary, sustainable, autonomous, and democratic way to strengthen the equity of gender and to fight for social and labor justice of organic banana growers in Latin America.CLAC, with the support of Fairtrade and the Finnish government, developed and implemented a project that is training to improve labor standard compliance and social conformity, in order to contribute to the development of a dignified work environment for growers, based on the fundamentals of fair working conditions on Fairtrade certified plantations and to promote the best labor practices.
Dominican Republic - The Largest Producer of Organic Bananas
The production of organic bananas in the Dominican Republic is projected to register a CAGR of 5.2% during the forecast period.It is projected that more than 80% of the banana production in the Dominican Republic is certified as organic, representing more than 55% of the world’s organic banana production.
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