The banana flour market is set for significant expansion, with an anticipated valuation of US$ 628.7 million by 2024. The market displays a considerable trend, featuring a CAGR of 3.6%, expected to endure until 2034. The consistent growth forecasts indicate that the global market is poised to achieve an impressive valuation of US$ 892.8 million by 2034.
The growing awareness of the health advantages of banana flour is propelling the worldwide banana flour business forward as it is high in fiber, gluten-free, minerals, and vitamins like vitamin E, zinc, manganese, magnesium, and potassium.
It helps to regulate blood sugar levels and also aids in the reduction of cholesterol, the improvement of heart health, and the stimulation of neuron and muscle activity.
Banana, being a climacteric fruit stores the majority of its carbs as starch. It is unique among fruits in that the majority of its starch is resistant. Resistant starch is prebiotic that boosts the number of good bacteria in the human intestines.
As a result, the resistant starch ferments, creating optimal circumstances for a wide range of beneficial bacteria and increasing the bacterial populations. It also suppresses pathogenic bacteria 5 (infect the host human with infectious diseases) at the same time, acting as a boon for human health.
These features are attracting a growing number of health-conscious customers, therefore, shooting up the growth of the banana flour market across the globe.
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Key Takeaways from Market Study
- The banana flour market is expected to expand at CAGRs of 3.1% and 2.8% in Latin America and the Middle East & Africa, respectively, through 2032.
- Market share of Asia Pacific is 18.2% in 2022. Every year, a considerable amount of bananas are produced in the Asia Pacific region, particularly in India, resulting in the expansion of the banana flour business in the region.
- The North American banana flour market is currently pegged at 50,883 Metric tons. Banana flour has seen a boom in demand in the region, as the product is widely utilized in the manufacture of infant food.
- In Africa, banana flour is also seen as a less expensive alternative to wheat flour. It is a healthy alternative to ordinary flour since it promotes the growth of beneficial bacteria in the gut and considerably aids in weight loss, therefore, MEA stands at a market value of USD 275.4 Mn in 2022.
“Manufacturers of banana flours can step into product expansion in the dietary fibers market which is growing at a high rate due to rising health consciousness as the FDA recently classified resistant starch (RS) derived from green banana flour as a dietary fiber.”, –Nandini Roy Choudhury, Client Partner at Future Market Insights
Competitive Landscape
Key manufacturers of banana flours are not only expanding their gluten-free offerings portfolio but, the majority of them concentrate on successful marketing and promotional techniques. Furthermore, for a number of organizations in the banana flour industry, mergers, and acquisitions aimed at global expansion will remain a major strategy.
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Key Segments of Banana Flour Industry Survey
By Process:
- Sun-dried
- Freeze-dried
- Spray-dried
- Others
By Application:
- Beverages
- Pet Food and Feed Industry
- Household
- Food Industry
- Bakery & Snacks
- Infant Foods
- Filling and Dressings
- Soups and Sauces
- Others
By End-user:
- Water Treatment
- Food and Beverage Processing
- Pharmaceutical and Medical
- Automotive
- Air Purification
- Others
By Source:
- Organic
- Conventional
By Sales Channel:
- Direct Sales
- Indirect Sales
- Modern Trade
- Convenience Store
- Specialty Store
- E-Retailers
- Others
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- South Asia and Pacific
- East Asia
- Middle East and Africa
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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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