Banana Powder Market

According to Stratistics MRC, the Global Banana Powder Market is accounted for $986.1 million in 2023 and is expected to reach $1,747.1 million by 2030 growing at a CAGR of 8.7% during the forecast period. Bananas represent the world’s most consumed fresh fruit and the fourth most important food crop in terms of the gross value of production. When kept in a cold storage facility without any oxygen, banana powder has a shelf life of over two years, as opposed to raw bananas. It has a variety of uses in the cosmetics, culinary, pharmaceutical, and feed industries, which have boosted its production all over the world. Banana powder aids in preventing dehydration, regulating blood pressure, relaxing muscles, and strengthening bones. It also helps with digestion, nutrient absorption, and vision. Clinical investigations are also being carried out to confirm the use of banana powder in the pharmaceutical sector.

According to the United States Food and Agriculture Organization (FAO), 6% of Americans are gluten intolerant. It is more widespread than celiac disease that affects 1% of people.

Market Dynamics:

Driver:

Growing awareness about health

The market is benefited by rising investment, rising demand for healthier food, rising health consciousness, and better distribution systems. Additionally, because banana flour is so abundant in dietary fibre, potassium, calcium, proteins, amino acids, and carbs, health-conscious customers are en masse embracing healthier snacks made with it. Moreover, the preference for banana flour among infants in terms of digestion and the development of cutting-edge manufacturing procedures both speed up market expansion.

Restraint:

Presence of several substitutes

The abundance of alternatives that may readily replace bananas, the altered length of the seasons, the loss of agricultural land due to soil erosion, deforestation, and the disappearance of organic content are only a few of the significant causes providing serious obstacles to the market's expansion. The revenue generated by the market could also be hampered by the scarcity of high-quality bananas.

Opportunity:

Increasing consumer preferences

The popularity of processed and refined food products is declining. Consumer understanding and awareness of the negative consequences of artificial preservatives, tastes, and colours have significantly increased. In terms of buying food and beverage products, consumers are expanding their choices. Technology has become increasingly important in raising customer awareness and knowledge. This has caused the market to experience a spike in demand.

Threat:

Use of additives

Organisations and companies have implemented emergency measures to lessen the impact of the epidemic. A pandemic won't have a significant impact because banana powder is likely one of the most reasonable products. The handling of banana powder is tested. On occasion, a sizable amount of false additives are added to the powder to brighten the colour of the yellow hue. It weakens the item's nature.

Covid-19 Impact

When compared to pre-pandemic levels, the global COVID-19 pandemic has been unheard of and staggering, with demand across all regions being lower/higher than expected. Numerous agro systems and livelihoods have been impacted by the corona virus pandemic, and more are expected to be affected in the near future. The retail network and production delays caused by the corona virus have had an influence on banana value chains in all banana-producing countries. The production network for banana powder underwent significant changes as a result of the pandemic, as did consumer behaviour, and this forced industry participants to move more quickly and cautiously in order to stay ahead of the competition.

The conventional segment is expected to be the largest during the forecast period

The conventional segment is estimated to have a lucrative growth, due to the lower price of conventional natured products. Farmers from all over the world engage in conventional farming on a large scale for a number of reasons, including its high fruit yield, quick production, low capital requirements, high revenue, more reliable alternative because it is a tried-and-true approach, and efficient use of land. The product of conventional descent is widely available because conventional farming is widely practised.

The food segment is expected to have the highest CAGR during the forecast period

The food segment is anticipated to witness the fastest CAGR growth during the forecast period. In the food business, banana flour is used in a variety of ways, including as a gluten-free substitute for wheat flour. In the bakery sector, banana flour is frequently used to create wholesome, nut- and gluten-free items for health-conscious consumers. Meals based on pasta are now more wholesome and nutritious thanks to the use of green banana flour.

Region with Largest share:

Asia Pacific is projected to hold the largest market share during the forecast period owing to the factors such as fascinating banana production. The high production of the fruit unequivocally supplements the supply chain and drives the market. Asia Pacific is also one of the most populous regions with the biggest food and beverage consumption base. Bananas are often eaten as fruit, but during the past ten years, the popularity and health advantages of banana flour have caused this tendency to shift.

Region with highest CAGR:

Europe is projected to have the highest CAGR over the forecast period, owing to the increased number of health-conscious consumers who are opting for food products that fall under the “free from” category. Therefore, it is anticipated that rising demand for gluten-free goods will fuel market expansion in the area, together with the significant opportunity provided by the bakery sector. Additionally, the newborn population is growing, which has raised demand for baby food items that use banana powder as a key ingredient. The market has grown tremendously as a result of this.

Key players in the market

Some of the key players profiled in the Banana Powder Market include Woodland Foods, Miski Organics, Dr. Food Banatone, Pereg Gourmet Spices, Divine Foods, Seawind Foods, Diana Foods, Synergy Food Industries, Saipro Biotech Private Limited, APKA Industries, LiveKuna, Paradise Fruits Solutions GmbH & Co.KG, International Agriculture Group, Vinayak Corporation and Del Monte International.

Key Developments:

In June 2022, Symrise expanded diana food portfolio with antioxidant-rich aronia ingredients. Symrise has developed a range of aronia bioactive ingredients containing a unique profile of potent antioxidants.

In February 2021, Del Monte International, a subsidiary of Florida-based distributor of fresh-cut fruit "Fresh Del Monte Produce Inc," announced a successful partnership with Brisbane, Australia-based Queensland University of Technology in 2021.

Product Types Covered:
• Conventional
• Organic
• Other Product Types

Processings Covered:
• Sun Dried
• Freeze Dried
• Spray Dried
• Drum Dried
• Other Processings

Forms Covered:
• Unripen
• Ripen
• Other Forms

Distribution Channels Covered:
• Convenience Stores
• Supermarkets/Hypermarkets
• Departmental Stores
• Online Retail
• Other Distribution Channels

Applications Covered:
• Snack Drink
• Health Care Products
• Infant Food
• Healthy Nutrition
• Condiment
• Other Applications

End Users Covered:
• Cosmetics Industry
• Animal Feed Industry
• Food Industry
• Pharmaceutical Industry
• Other End Users

Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements

Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances