Answer to Question #47083 in Microeconomics for Ismai Mohamed

Question #47083
Determinants of Demand for Bananas: Substitutes, Overseas Market, Income, Consumer Preference,Health Conscious,Demographics,Wholesalers and Retailer Preference Convenience. supply and demand for 2013 and 2013 Its elasticity. I need an answer for all of those listed above. banana
Expert's answer
Banana is one of the world's most important crops grown by small- and large-scale producers alike, with production occurring in more than 130 countries. The economic importance of the banana industry encompasses (1) the generation of export earnings and (2) the employment of hundreds of thousands of people in Latin America, the Caribbean, Southeast Asia, and West Africa. In addition, the industry employs thousands of people in distribution networks and supermarkets worldwide.
Currently, few bananas are produced in the United States. Banana production in Florida is estimated at about 500 acres, valued at approximately $2 million. Recently, there has been a renewed interest in expanding US banana production to satisfy various niche markets, including the market for organic and processed bananas. Consequently, the purpose of this article is to provide an overview of the world and US markets for fresh bananas, with special reference to the US market for organic bananas.
In 2013, world production of bananas reached an estimated 97.3 million metric tonnes (mmt), grown on 4.9 million hectares. The 2013 crop represented an increase in production of 49 percent from the 65.1 mmt recorded in 2000. The top five banana-producing countries of India, the Philippines, China, Ecuador, and Brazil accounted for 61 percent of global banana production in 2000, up from 56 percent in 2000. In addition, there were noticeable production increases in India and the Philippines.
India continues to be by far the largest world producer of fresh bananas; by 2013, India had produced more than 26 mmt of bananas (almost 28% of the global production). Next in line is the Philippines, with a market share of 9.3 percent, followed closely by China (9.2%), Ecuador (7.8%), and Brazil (7%). Of the top five banana-producing countries, only Ecuador and the Philippines are major exporting countries. The bulk of the production is sold to the domestic market in these countries.

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