Banana Powder Market size in 2019 is estimated to be $ 934.1 million, growing at a CAGR of 5.7% during the forecast period 2020-2025. Banana powder is formed by using banana pulp, which is mechanically chopped and then processed with hydraulic shear using a colloid mill, turning it into a paste. Sodium metabisulfite is then used to brighten the yellow colour of the paste. Rising demand of banana powder in cosmetic industry and growing health consciousness among consumers are the major factors driving the growth of the market. Moreover, rising disposable income and advancement of R&D activities further enhance the overall market demand for banana powder during the forecast period 2020-2025.
Banana Powder Market Segment Analysis – By Application
Based on the Application, Banana Powder Market is segmented into Food Industry, Pharmaceutical Industry, Cosmetic Industry, Animal Feed Industry. The Food Industry segment is forecast to be the fastest-growing segment and is projected to grow at a CAGR of 5% during the forecast period 2020-2025. This is mainly owing to wide usage of banana powder in beverages as well as in babies food products. Moreover, the banana powder helps in building immunity in babies as it is power-packaged with potassium and other vital nutrients are contributing to the growth of this segment.
Banana Powder Market Segment Analysis – By Distribution Channel
Based on the Distribution Channel, Banana Powder Market is segmented into Hypermarkets/Supermarkets, Convenience Stores, Departmental Stores, Online Sales Channel, Others. In 2019, convenience stores held the largest share in the Banana Powder Market. This is mainly owing to the availability of beverages, milkshakes, protein supplements and babies’ products at convenience stores are contributing to the growth of this segment.
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Banana Powder Market Segment Analysis – By Geography
North America dominated the Market share accounting for 40% of the market in 2019. This is mainly owing to increasing demand as awareness in its health benefits among consumers has increased. Moreover, the production and consumption of banana powder-based products have increased.
However, the Asia Pacific region is projected to be the fastest-growing during the forecast period 2020-2025. This is owing to rising awareness regarding health benefits of banana fruit and increasing demand for banana powder from cosmetics and personal care products industries.
Banana Powder Market Drivers
Rising Demand of Banana Powder in Cosmetic Industry
Rising Demand of Banana Powder in Cosmetic Industry is a significant factor driving the market growth of this segment. Moreover, banana can be used for all skin types. Containing anti-ageing and antioxidant properties, a face mask would gently nourish, cleanse, exfoliate and moisturize ageing, acne-ageing prone, dry, and normal and combination skin. Bananas also known as nature botox, contains super-wrinkle fighting nutrients that help fade age spots and prevent fine lines and wrinkles from forming. Therefore, these are the key benefits propelling the demand of banana powder in the future which are increasing the market growth of banana powder.
Growing Health Consciousness Among Consumers
Increasing health consciousness among consumers and rising demand for the gluten-free product owing to health awareness are some factor driving the growth of the market. Moreover, increasing consumers spending on all-natural and organic products and high demand for banana flavour from food industry are contributing to the growth of Banana Powder Market.
Banana Powder Market Challenges
High maintenance requirement for storage are challenging the growth of the market. Moreover, continuously fluctuation in raw material costs and extra calories of banana powder that lead to unwanted weight are further restraining its market growth during the forecast period 2020-2025.
Banana Powder Industry Outlook
Product launches, Merger & Acquisitions, joint ventures and R&D activities are key strategies adopted by players in the Banana Powder Market. Banana Powder top 10 companies are Banatone Industries, Mevive International, Santosh Food Products, Naturalin Bio-Resources Co. Ltd, Aarkay Food Products Ltd, Babyvita India Food Products, NuNaturals Inc., Royal Nut Company and Urban Platter.
On September 2017, International Agriculture Group launched Green Banana Flour containing 65% resistant starch, which has been shown to provide a broad range of health benefits dependent upon the amount consumed daily.
On February 2018, Del Monte Fresh acquires Mann Packing Co., Inc. that helps to bring grower, processor and supplier together with the Fresh Del Monte team. This helps company in providing high-quality products that are nutritious and delicious for the customers.
In 2019, Asia Pacific dominates the Banana Powder Market owing to increasing health benefits among consumers and high production and consumption of banana.
Rising demand of banana powder in cosmetic industry and growing health consciousness among consumers is driving the market growth of banana powder.
Detailed analysis of the Strength, Weakness, and opportunities of the prominent players operating in the market will be provided in the Banana Powder Market report.
High maintenance requirement for storage are challenging the growth of the market.
Related Reports :
A. Banana Puree Market
B. Fruit Pulp Market
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