In 2022, the Banana Powder Market, valued at a staggering US$1.25 billion, set the stage for a remarkable journey. As we look ahead, this vibrant market is projected to reach an impressive US$2.09 billion by 2029, boasting a commendable CAGR of 7.5% during the forecast period.
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Banana Powder Market Dynamics:
Bananas, the beloved and widely consumed fruit, have a global presence across numerous countries. While most bananas are enjoyed fresh, a portion is transformed into banana powder to enhance shelf life and cater to various applications. This versatile powder finds its way into products such as milkshakes, protein powders, baby food, as well as baked goods, instant foods, seasonings, and beverages.
Banana flour, traditionally used in parts of Africa and Jamaica as a cost-effective alternative to wheat flour, has evolved into more than just a dietary substitute. As awareness of health-conscious consumers grows, banana flour is becoming a sought-after option. With its gluten-free attributes, it’s a preferred choice for individuals with celiac disease or those mindful of their diet. The global market is poised for robust growth, largely due to the increasing recognition of its health benefits.
Banana powder, a gluten-free wonder, is set to flourish in both value and volume sales. Furthermore, it’s hailed as an excellent source of resistant starch. With the rise of health-conscious consumers, demand for banana flour products is expected to soar, making gluten-free products the driving force behind the banana powder market’s demand. From strengthening bones to improving digestion, preventing dehydration, and offering skincare benefits, banana powder’s versatile applications extend to the cosmetic and animal feed industries.
However, it’s not all a bed of roses for banana powder. The market’s growth may face restraint, as club stores may see limited distribution in North America. The volatile prices of raw materials and the shift towards advanced technologies by the government may also pose challenges in the forecast period.
Banana Powder Market Segment Analysis:
Organic banana flour is gaining ground in the market, primarily due to the rising demand for organic products from the food and retail industries. Over half of the manufacturers favor the spray-drying process for banana flour production due to its cost-effectiveness.
When it comes to distribution, modern trade and convenience stores take center stage, catering to specific customer segments. With the growing internet penetration, E-retailers have also become integral to the market’s distribution.
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Regional Analysis:
North America is poised to dominate the global banana market. The flourishing food and beverage industry in this region is driving the demand for banana powder. Many key players in the global banana flour landscape are based in the US, firmly establishing their market presence across North America.
Key Players
1. Natural Evolution Limited 2. International Agriculture Group 3. Zuvii 4. ADM Wild Europe Gmbh& Co 5. KG 6. Nutryttiva 7. NuNaturals, Inc. 8. Stawi Foods and Fruits Limited 9. Slingan Pty Ltd 10. Royal Nut Company 11. NOW Health Group, Inc. 12. Mevive International 13. Safety Foods Pvt Ltd 14. Taj Agro International 15. Vinayak Ingredients 16. Shree Biotech 17. Santosh Food Products 18. Guangxi ENDU High-Tech 19. Qingdao Xinmeixiang Foods 20. Yunnan LincangKaixiong Banana Co., Ltd. 21. Shaanxi Jintai Biological Engineering 22. Shine-Ball
Table of content for the Banana Powder Market includes:
Part 01: Executive Summary
Part 02: Scope of the Banana Powder Market Report
Part 03: Global Banana Powder Market Landscape
Part 04: Global Banana Powder Market Sizing
Part 05: Global Banana Powder Market Segmentation
Part 06: Five Forces Analysis
Part 07: Customer Landscape
Part 08: Geographic Landscape
Part 09: Decision Framework
Part 10: Drivers and Challenges
Part 11: Market Trends
Part 12: Vendor Landscape
Part 13: Vendor Analysis
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