With reference to the latest market forecast report published by Transparency Market Research, titled ‘Banana Powder Market: Global Industry Analysis and Opportunity Assessment 2019-2027’, revenue generated from the global banana powder market has been estimated to be valued around US$ 549 Mn in 2019, which is estimated to increase at a CAGR of 3.9% to US$ 774.4 Mn by 2027.
Bakery & Confectionary to Account for Maximum Banana Powder Consumption
With reference to the latest market forecast report published by Transparency Market Research, titled ‘Banana Powder Market: Global Industry Analysis and Opportunity Assessment 2019-2027’, revenue generated from the global banana powder market has been estimated to be valued around US$ 549 Mn in 2019, which is estimated to increase at a CAGR of 3.9% to US$ 774.4 Mn by 2027.
Banana powder is obtained from processed banana which as major source of carbohydrates and calories. Banana powder is rich in fiber content and so is beneficial in preventing dehydration, improving absorption of nutrients, treating indigestion, and preventing ageing effects. With increasing awareness and food concerns, the banana powder will grow rapidly during the forecast period among health conscious consumers. The demand for banana powder will grow in cosmetics as it relieves skin itching and irritation and has moisturizing properties.
Target Segments for the Banana Powder Market
The global banana powder market is segmented on the basis of source, process, application, distribution channel, and region. Based on application, the global banana powder market is segmented into food industry, beverages, household purposes pet food and feed industry, and cosmetics. The segment of food industry is sub segmented into soups & sauces, bakery & snacks, infant food, confectionery, fillings & dressings, and others. The segments of food industry together with sub segments account for 50.9% market share in the year 2019 with bakery & snacks segment occupying majority share.
On the basis of source, the global banana powder market is segmented into organic and conventional. The conventional segment dominates the source segment of the banana powder market with a market share of 98% in the year 2019, however the organic segment is anticipated to witness a lucrative growth of 6.1% over the forecast period. On the basis of process, the market is expected to be dominated by spray dried method for production of banana powder.
Target Geographies for Banana powder
The Banana powder market has been segmented into North America, Latin America, Europe, Asia Pacific (APAC) and the Middle East & Africa (MEA). Banana powder is expected to witness proliferating demand over the forecast year. MEA accounts for the 46.9% market share for banana powder in the year 2019. The region is expected to have a significant CAGR of 2.5% over the forecast period, owing to the superfluity production of banana in this region. Besides, increasing use of banana in food and beverage industry and growing application of banana in pet food & feed industry and food industry in the region is expected to grow banana powder market.
The North America region is estimated to offer maximum growth prospects in the banana powder market, with a CAGR of 6.0% over the forecast period, due to increasing bakery products, use of banana powder in soups and sauces, expenditure for food products and improving standards of living. The mounting food processing industry, growing demand for confectioneries, dairy products, bakery and confectioneries, and increasing production of banana in the Asia Pacific are driving the growth of the banana powder market in the region and will grow at CAGR of 3.6%.
Global Banana Powder Market: Competitive Assessment
Transparency Market Research has outlined the most important companies in the global banana powder market, such ADM WILD Europe GmbH & Co.KG, Zuvii, NuNaturals, Inc., Slingan Pty Ltd., Stawi Foods and Fruits Limited, Absolute Organic, Royal Nut Company, NOW Health Group, Inc., Pereg, Gourmet Spices, KADAC Pty Ltd, Saipro Biotech Private Limited., Banatone Food Industries, Chiquita Brands International, Inc. and Kanegrade Ltd.
Manufacturers of banana powder are branding banana powder as an alternative for gluten free products and also highlighting its health benefits to attract larger consumer base. Manufacturers are focused on developing more innovative technologies and methods for drying the banana to enhance the flavor profile and nutritional aspects of the product. For the escalating demand for banana powder the manufacturers are required to do felicitous marketing, improve distribution channel and develop new products.
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