2023-2029 is the forecast period in the market report.
Banana flour is undoubtedly a rich source of various mineral salts such as calcium, sulphur, magnesium, iron and potassium. It also contains a commendable amount of resistant starch, vitamins C and B6. Using banana flour in your diet instead can provide many health benefits. Bananas help metabolize carbohydrates, fats, and amino acids in the body. Subsequently, it helps to increase the overall energy of the person. Additionally, the manganese in banana flour increases collagen production in your body. Therefore, it protects the skin and cells from free radical damage. Additionally, banana flour is a beneficial all-purpose alternative to flour, especially for those on a nutritious diet. Banana flour is made by drying ripe and fresh bananas using various techniques such as sun drying, osmosis, oven etc. The increased demand for gluten-free food products around the world is acting as one of the main factors driving the growth of the market. The high use of the product in the production of various applications, such as confectionery, fillings and condiments, baked goods and snacks and infant feeding is a key factor that is anticipated to provide ample new growth opportunities for the market.
Market growth is expected to be driven by an increasing number of health conscious consumers and growing preference for own brand products in their daily diet. The COVID-19 pandemic has highlighted the need for healthy and nutritious food intake. Banana flour is recognized as a functional ingredient due to its nutritional profile. Bananas contain prebiotic fiber which benefits gut health and reduces belly fat. Prebiotic fibers are also beneficial for digestion. Banana flour can promote weight loss and blood sugar control, improve metabolic syndrome symptoms, promote a healthy colon, aid in weight loss, and lower cholesterol. The increased preference banana flour for babies with regards to digestion and the emergence of advanced along with emergence of new cutting-edge manufacturing techniques are key elements which are expected to accelerate market growth. Consumer interest in clean-labeled products is rising due to growing health concerns as clean-labeled products are considered healthier than their unlabeled counterparts because they are made from real foods rather than cheap chemical imitations. Clean Label products are about authenticity, traceability and organic or sustainable agriculture. Clean Label products are being offered more and more often to customers who want products that do not contain artificial ingredients or ingredients that can be harmful. Food manufacturers are responding to consumer demand for healthy, natural foods without harmful ingredients such as artificial colours, aspartame, vegetable bromine oil and caramel dye. The growing demand for clean label products is expected to drive market demand.
Banana flour is becoming more and more popular all over the world. Many renowned chefs and bakers are experimenting with flour to create unique, delicious and healthy recipes. The banana flavor adds a sweet smell and taste to food. As a result, people's awareness of the benefits of using banana flour is also growing. These factors offer opportunities for the expansion of the Banana Flour market.
Certain factors may slow the growth of the Banana Flour market. This flour may not always be easily accessible to people as it is not available in most local stores and supermarkets. Also, banana flour can cost a little more than wheat and all-purpose flour. Therefore, these factors are expected to hinder the growth of the market during the forecast period.
Certain factors can pose a challenge for banana flour companies. With the growing popularity of banana flour, various substitutes are also entering the market. In addition, many new companies are offering low-cost flours, which increases competition in the world market. Therefore, these factors can challenge banana flour producers.
The report provides an in-depth analysis of global Banana Flour market, market size, and compound annual growth rate (CAGR) for the forecast period of 2023-2029, considering 2022 as the base year. With increasing demand for banana flour in various applications has led the increasing demand for market and is expected to witness the growth at a specific CAGR from 2022-2029.
The global Banana Flour market comprises of different market segments like process, source, form, distribution channel, end users and geography.
By process, the Banana Flour market includes the key segments of
The spray dried segment is expected to dominate the market over the forecast period. This method has the fastest drying speed. The spray drying process has been adopted as a powder production method due to its ability to produce a reliable and consistent product with accurate quality and specifications. It provides both stability and ease of use in products such as homemade ready-to-drink beverages or is used in any product that requires fruit solids, including desserts, yogurt, infant formula, pharmaceuticals, etc.
On the other side, freeze drying is expected to witness significant growth. The freeze-drying process offers the flexibility to remove moisture content and preserve almost any fruit or vegetable.
By source, the Banana Flour market is segmented into
The organic segment is expected to maintain its dominance over the estimated time period. With the growing consumer preference for clean labeled products with a good nutritional value, the demand for organic products has increased significantly. Banana flour made with organic ingredients is becoming more and more popular with consumers looking for products that are free of chemicals and pesticides. Banana flour producers also work closely with suppliers or farmers to understand the quality of the bananas used to produce the flour. Market demand is expected to be affected by the demand for organic banana flour. The demand for banana flour is increasing worldwide as banana plants and fruits are known for their health benefits, as they are nutritious and serve as a good source of fiber, resistant starch, vitamin A, vitamin B6, vitamin C and potassium. Likewise, conventional segment is likely to grow at a steady rate over the forecast period.
By form, the Banana Flour market is segmented into
The unripe banana flour segment is expected to dominate the market. Bananas are grown in more than 1000 different varieties around the world. Bananas, both green and yellow, contain many different nutrients. Unripe bananas contain a lot of potassium, vitamin B6, and vitamin C, among other things. They are made up almost entirely of carbohydrates, with very little protein and fat. Stage 1 of banana ripening is most commonly used in the production of green banana products because it contains many antioxidant chemicals, a high starch content and a low sugar content.
These properties are needed to promote health benefits, which could lead to the classification of banana flour as a functional food. Green bananas can help keep intestinal bacteria healthy. It can also produce short-chain fatty acids, which are important for digestion. These driving factors are expected to propel the expansion of the immature segment in the market over the coming years. Due to the increasing use of flour in the manufacture of baby food, the ripe banana flour segment is expected to register the highest CAGR during the forecast period.
The Banana Flour market has distribution channels like
Indirect sales include retail sales of banana flour through hypermarkets, supermarkets, grocery stores, online sources and other retail channels. Direct sales are expected to find increasing demand in the market over the forecast period. Banana flour has found various applications in the food, beverage, pet food and feed industries, nutraceuticals, pharmaceuticals and other end-use sectors. Banana flour is becoming a gluten-free alternative for food and beverage manufacturers around the world. Banana flour is emerging as an important ingredient in baked goods, sweets and desserts. Food and beverage manufacturers use flour as an ingredient in the products they produce. End users purchase it in large quantities for use in many foods and beverages. As a result, direct sales have become an important part of the market.
However, the indirect sales segment is expected to grow significantly over the forecast period due to the increased use of banana flour in households for the preparation of various dishes and recipes.
The Banana Flour market has major end users like
The food industry segment is expected to dominate the market over the forecast period. Banana flour has found various uses in the food industry as it is used as an alternative gluten-free wheat flour. Banana flour is actively used in the baking industry to create natural gluten-free and nut-free products for health-conscious consumers. Green banana flour is now used to make pasta dishes healthier and more nutritious. Bread, as the most consumed bakery product in the world, presents a great opportunity to use banana flour to strengthen bread and improve its nutritional benefits. Banana flour can be used daily as a dietary supplement, simply adding it to smoothies, yogurts, or other products to reap its nutritional benefits.
The retail/household segment is expected to register the highest CAGR during the forecast period. Banana flour becomes a nutritious and healthy alternative to other cereal flours such as wheat, barley, corn, rice, etc. Consumers in Africa, Latin America and Asia have traditionally consumed banana flour using the traditional sun-drying process. Consumers use banana flour in their recipes for its health benefits.
The global Banana Flour market is studied for the following regions
Asia Pacific is expected to dominate the market over the projected time period. Countries like India, China, Philippines, Indonesia, etc. are among the largest banana producers in the world. Additionally, Asia-Pacific is one of the most populous regions with the largest base of food and beverage consumers. As bananas are traditionally eaten as a fruit in Asia-Pacific, the trend has changed over the past decade with the growing importance and health benefits of banana flour. Banana producers in the region are more likely to produce banana products as bananas are becoming a healthier alternative to processed and raw foods. Gluten intolerance is also a growing concern among consumers around the world and in Asia which is also expected to support the growth of the market.
Meanwhile, North America is expected to witness high growth over the forecast period, as it has observed strong demand for banana flour as the product is widely used for infant feeding. The product is widely consumed in the region due to its increasing use in baked goods such as pastries, cakes and others.
Axiom MRC provides a 360 degree analysis of micro and macro-economic factors on the global Banana Flour market. In addition, complete analysis of changes on the global Banana Flour market expenditure, economic and international policies on supply and demand side is provided in this exclusive report. The report also studies the impact of pandemic on global economies, international trade, business investments, GDP and marketing strategies of key players present in the market.
COVID-19 pandemic has impacted all sectors. However, the food industry is the hardest hit. The pandemic has disrupted the food industry, including the Banana Flour market. Although demand for gluten-free products like banana flour has increased, government imposed lockdowns and shutdowns in the supply chain and manufacturing have reduced production levels of banana flour in the market. Additionally, consumer awareness of health and a better immune system provides lucrative opportunities for the market. Health and healthy foods like banana flour have become priorities for consumers. Therefore, the impact of COVID-19 on the banana flour market ranges from minor to moderate.
The competitive landscape analysis of Banana Flour market is majorly focused on expanding the global growth of the banana flour industry with new product innovation, business expansion, and the increasing presence of a range of manufacturers operating in the banana flour sector has led to the growing demand for the market. Besides, the market offers range of products in different application to fulfil the required demand of consumer which is further contributing healthy growth in the market.
The key players studied in market are
October 2022: CAR-National Research Centre for Banana (NRCB) in Trichy had signed a memorandum of understanding (MoU) with Cake Bee, one of India's top bakeries. Foam mat drying, a low-cost innovative method developed by the ICAR, might be a viable alternative for making cost-effective banana powders from ripe or market rejected bananas.
March 2022: Kokos Natural had launched NATIRÈL Banana flour which is a powder traditionally made of green bananas that is often used as a gluten-free replacement to wheat flours or as a source of resistant starch, and has been promoted by certain dieting trends such as paleo and primal diets and by some recent nutritional research.
By process, the Banana Flour market includes the key segments of freeze dried, spray dried, sun dried and others. The spray dried segment is expected to dominate the market over the forecast period. By source, the Banana Flour market is segmented into organic and conventional. The organic segment is expected to maintain its dominance over the estimated time period. By form, the Banana Flour market is segmented into ripen and unripen. The unripe banana flour segment is expected to dominate the market over the forecast period. The Banana Flour market has distribution channel like direct sales, indirect sales. Direct sales are expected to find increasing demand in the market over the forecast period. The Banana Flour market has major end users like the food industry, beverages, retail/household and others. The food industry segment is expected to dominate the market over the forecast period. The global Banana Flour market is studied for the following region North America, Europe, Asia-Pacific and Rest of the World (RoW). Asia Pacific is expected to dominate the market over the projected time period.
|Market Sizing for Year:
|Market Segment studied:
|Market Players and its Competitors:
Edward & Sons Trading Co.
Pereg Gourmet Spices
International Agriculture Group
Dr. Food Banatone
Paradise Fruits Solutions GmbH & Co.KG
Saipro Biotech Private Limited
Synergy Food Industries
Stawi Foods and Fruits Limited
What would be forecast period in the market report?
2023-2029 is the forecast period in the market report.
What are the drivers for Banana Flour market?
The key driving factors of the market are increasing health-conscious among consumers and rise in advanced manufacturing techniques.
Which region is gaining majority of market share during the forecast period (2023-2029)?
Asia Pacific is expected to gain major market share during the forecast period (2023-2029).