According to the latest report by IMARC Group, titled “Banana Powder Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the market size reached US$ 898 Million in 2018, growing at a CAGR of 7.2% during 2011-2018. Presently, bananas are one of the world’s most consumed fruits, with production in around 130 countries. The processing of bananas into products such as powder, flour and puree enables manufacturers to extend the shelf-life of the fruit and reduce post-harvesting losses. Amongst these, banana powder presents the potential for commercialization owing to its low starch and high sugar content. It is highly beneficial as a substitute for fresh bananas in the preparation of banana snacks, crackers, or crisps. Moreover, as bananas are useful for the treatment of indigestion, anemia, diarrhea, stomach ulcers and malnutrition in children, banana powder is widely used in the treatment of these ailments.
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Global Banana Powder Market Trends:
At present, banana powder is extensively used in the preparation of various food products such as puffed food, cakes, infant food, and cookies and biscuits; and beverages including smoothies, instant food formulas and ice cream shakes. Besides, it is also used in the animal feed industry to produce shrimp, fish, pig and cattle feed. Other than this, on account of the rising demand for natural active ingredient-based cosmetics, banana powder is primarily utilized as a key ingredient in the formulation of various skincare products. The rise in its consumption can be accounted to its highly convenient nature as it does not lead to product wastage and generates no residue. Furthermore, bananas are cultivated on a wide scale globally; therefore, the easy availability of raw materials is providing a boost to the overall production. Looking forward, the market is anticipated to grow at a CAGR of 6.4% during 2019-2024, reaching a value of US$ 1,311 Million by 2024.
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- The report has bifurcated the market according to the end use, which includes the food and feed industries. Currently, banana powder is mostly used in the food industry, where it assists in the manufacturing of various baked goods and dietary supplements.
- On the geographical front, North America represents the biggest market, accounting for the majority of the total market share. Other major markets include Asia Pacific, Europe, South America, and Middle East and Africa.
- The competitive landscape of the market has also been examined with some of the key players being Chiquita, Del Monte, Dole, Fyffes, and Noboa.
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