Bananas Market - Overview

Goals

To understand the bananas market by identifying One: the top brands in the banana market as well as the messaging used by each brand; Two: available successful case studies of companies with products with a stagnant price that have overcome this challenge or any market guidelines for this issue; Three: the perspectives of Millennials and Gen X groups on bananas consumption to understand why these generations consume less bananas; Four: how overall banana consumption is distributed (e.g. age groups, geography); and Five: any current nutrition or dietary trends that can be used to increase banana consumption.

Early Findings

Banana Consumer Demographics

  • According to a 2019 survey that included 1,000 people, 69% of shoppers purchase bananas.
  • It was found that among age groups, 58% of those between 18-39 years old -which are Millennials and Gen Z members- reported buying bananas.
  • Meanwhile, 73% of those between 40-49 years purchased bananas, 83% of those between 50-58 years old acquired this fruit, and 83% of those 59 and older did the same.
  • Interestingly, the same publisher released a 2020 report in which it was found that 52% of families with kids purchased bananas in 2019. In addition, 63% of empty nesters reported purchasing bananas, while the 18-39 group continued to be the group with the lowest banana purchases.
  • A report by YouGov, in which over 1 million people are surveyed, found that preferences for banana maturity change between age groups.
  • While people from all age groups preferred the yellow banana with the green tip, millennials were the group more likely to purchase green bananas, while Baby Boomers were the group most likely to purchase ripe bananas.

Summary of Findings

  • During our initial hour of research, we focused on assessing the availability of the information as well as providing initial findings about demographics and preferences of banana consumption.
  • Our initial research revealed that there is available information regarding the banana brands with a position in the United States market and the messaging used for their ad campaigns. We also found available information regarding banana ripeness preferences by age, gender, region, marital status, and income. We were also able to identify the emergence of banana food trends. While we did not have time to provide this information in detail, we could do so with further hours of research.
  • Case studies or market guidelines for overcoming stagnant markets applicable to the banana market were not readily available. Similarly, during this first hour of research, we were unable to identify any insights into why millennials and Gen X members do not consume as many bananas as older generations.
  • We have chosen a United States focus, if a broader focus is desired, that is, North America or global, this will have to be communicated in the response.
  • In addition to this public search, we scanned our proprietary research database of over 1 million sources and were unable to find any specific research reports that address the goals.

Proposed next steps:

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