"We're no longer just the cool kids at a trade show," say Jennie Coleman, President and co-owner of Equifruit. "This year, we've grown 50 percent over last year, which shows that more and more retailers are offering Fairtrade bananas to their customers." It's a testament to the growing consumer demand for Fairtrade bananas. Equifruit's Fairtrade bananas have been in Costco stores for three years and one of the new customers Equifruit welcomed to the community of banana badasses this year is Walmart Canada. The partnership with Walmart has been going well and contributes to a growing credibility. "Other potential customers realize we are a company that is able to meet the specs and delivers quality fruit on time. This provides risk assurance that we are a solid banana company," Coleman commented.
With that growth comes impact. "We can't accept the way banana trade is currently structured, and we continue to aim for global Fairtrade banana domination. To have any material impact, we need that growth, and we will continue to look for partners who help us scale up," she said.
Mindset change
With bananas, the conversation is always centered around price. Retailers fear to change the model and raise banana prices. "They have a fear consumers will shop elsewhere and a fear the competition will lower banana prices even further in response to their price increases. However, consumers aren't as obsessed with low banana prices as retailers are," commented Coleman. "The challenge is finding retailers who have the courage to raise banana prices." A mindset change is required for retailers to realize that the success of their store doesn't depend on the price of bananas.
However, Equifruit's growth shows that more and more people have absorbed the idea that Fairtrade bananas should be mainstream because farmers need to get paid fairly. Two weeks ago, Coleman had an astonishing experience that illustrated Equifruit is on the right track. "I was at an exclusive reception, waiting my turn to meet the new President of the Royal Bank of Canada's Quebec division. As I was in line, the President interrupted and asked if I lectured at McGill University. Her daughter was in my class two years ago and ever since then, she has been asking to eat Equifruit Fairtrade bananas only. The President recognized our brand and had become loyal to it and to the values it represents. It is one tiny data point that illustrates there is a new generation coming who believes more strongly in changing banana trade. It is lovely to have those moments."
Top growing company
In line with their strong growth trajectory, Equifruit has once again earned a spot on The Globe and Mail's prestigious list of Canada's Top Growing Companies for 2024. Ranked #219 with an impressive growth rate of 184 percent, this marks the third consecutive year the company has been recognized for its outstanding success. In 2023, Equifruit secured the #207 spot with 219 percent growth, and in 2022, the company ranked #261 with 139 percent growth.
"Being named one of Canada's Top Growing Companies for a third straight year is a testament to our team's passion and resilience," said Coleman. "We've navigated unprecedented challenges—from the pandemic to inflationary pressures—while staying true to our mission of paying banana farmers fairly and making an impact across the supply chain."
Team Equifruit.
Curious to meet the Equifruit team in person? Stop by booth BC409 at IFPA's Global Show in Atlanta from October 17-19.
The team at a recent tradeshow.
For more information:
Jennie Coleman
Equifruit
Tel: (+1) 514-910-4360
Publication date: Mon 30 Sep 2024
Author: Marieke Hemmes