Banana flour is a powdered ingredient generally made from green banana or plantains. It is often used as a gluten free ingredient and added in various baked goods. Flour has a moisture content of about 4%-6%. A new research report by Future Market Insights, highlights the current scenario of the banana powder market and its demand and consumption in various applications. The report is titled ‘Banana Flour Market: Global Industry Analysis (2017-2021) and Opportunity Assessment (2022-2032)’, and presents a brief about every aspect of the global market. According to this comprehensive research report, the global banana flour market is expected to reach a market value of US$ 865 Mn by the end of 2032. The global banana flour market is anticipated to witness a growth at a sluggish CAGR of around 4.2% during the forecast period. The betterment in the market scenario with increasing adoption of banana flour in bakery and other end uses, will encourage the manufacturers and key businesses to be more innovative.
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Global Banana Flour Market: Dynamics
The global banana flour market’s growth is helped by the increase in production of green bananas or cooking bananas. Banana production has grown rapidly, registering a performance of +15 percent since 2008. Though dessert bananas account for 60% of the total production, the cooking banana sector has witnessed a steady growth in terms of production, indicating a rise in the demand for green bananas. There has also been a rise in the awareness about banana flour being a gluten free product.
There will be a rise in the demand for gluten-free products in countries like the U.K., Italy, U.S., Spain, Germany, Australia, Brazil, Canada, and India. In most of the countries, banana flour is being used as a gluten-free replacement for wheat flour. This rise in the consumption of gluten-free products helps drive the demand for banana flour.
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Global Banana Flour Market: Segmental Analysis
- On the basis of distribution channel, direct channel is expected to reflect higher contribution to the growth of the global market. The indirect channel segment is expected to register a relatively higher CAGR of 4.2% during the forecast period
- On the basis of application, food industry leads the market with high market value. Moreover, the pet food and feed industry segment is projected to grow at a significant rate throughout the period of assessment
- In terms of source, conventional segment has a much higher market size and is expected to lead the global market during the forecast period. But organic source is projected to grow at a faster pace in the years to follow
- Based on region, MEA is expected to dominate the market with an estimated market value of over US$ 300 Mn by the end of 2027. Whereas North America is expected to register the highest growth rate to register a value CAGR of 6.5% during the forecast period
Global Banana Flour Market: Competitive Landscape
The research report covers details about major players in the industry. It provides the readers with a brief profile of the key players. Some of the major companies mentioned in the report are Zuvii, NuNatural Inc., Diana Foods, NOW Health Group Inc., Paradisefrucht GmbH, Kanegrade Ltd, ADM Wild Europe GmbH & Co. KG, International Agriculture Group, Stawi Foods and Fruits Limited etc.
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