This year has been a dynamic one for the global banana market, with particular relevance for the Polish market. Targban, who are large banana distributors across Poland, has navigated a series of unexpected shifts in the industry, while maintaining strong supplier relationships and continuing to prioritize quality and customer satisfaction. Rafal Bury, member of the Board of Directors at Targban provided these comments.
Slow start but unexpected resilience
The year 2024 began fairly uneventfully in the banana trade. However, things began to shift in February, around the time of the Fruit Logistica event in Berlin. Political tensions between Ecuador and Russia triggered a brief dip in the market for green bananas, creating concern that the high season might not materialize as expected.
But by the end of February, the market in origin rebounded, reaching a price level of $9.00 per box. The European market also recovered, although with a bit less intensity. By late March, the European market saw a sharp upturn, while Ecuador's market remained remarkably stable.
Unprecedented summer for bananas
What followed defied traditional market patterns. Instead of the typical price downturn, starting in mid-April, spot prices at origin surged, staying high throughout the summer months. In an extraordinary turn of events, prices hit their lowest point at $6.00 in week 28, a significant departure from the usual summer prices that often hover around $2.00 to $3.00.
Similarly, the European market maintained remarkable strength throughout the summer, only dipping in the latter half of August, before picking up again in September. Demand for fruit at the origin continues to be robust, and the Polish market has reflected this strength.
Navigating global turbulence since 2020
"We recognize that 2025 might bring its own surprises. In an era where global instability has become the norm, preparing for the next year is not only a challenge, but often feels like a gamble. However, Targban remains committed to forward-thinking strategies and proactive planning, despite the unpredictability of the market."
Current market trends and strategic outlook for 2025
"As we approach the final months of 2024, we are seeing an immediate response in the Ecuadorian market as Colombia enters its peak volume period. However, at Targban, we remain confident that the market will stay robust, albeit with a more cautious outlook for future forecasting. Notably, rumours suggest that Colombia's peak volume may be significantly smaller than usual, which could influence market dynamics. The key question now is how to best prepare and strategize for the 2025 season," notes Bury.
Building on strong foundations and new relationships
"Targban has consistently upheld strong relationships with its core suppliers, ensuring that our own Catalina and Catalina BIO brands continue to meet the high standards our customers expect. We continue to expand our sourcing, developing new partnerships, particularly in Colombia and Costa Rica."
For more information:
Rafał Bury
Targban
Tel: +48 603 111 015
[email protected]
www.targban.com