Banana Powder Market 2024 - Industry Size, Future Insights, Growth Drivers And Top Players

 

Overview and Scope

Banana powder refers to a processed form of bananas, typically made by drying ripe bananas and grinding them into a fine powder. This powder retains much of the nutritional content and flavor of fresh bananas, including vitamins, minerals, and dietary fiber. It can be used as a natural ingredient in various food and beverage products, including nutritional supplements.

 

Sizing and Forecast

The banana powder market size has grown strongly in recent years. It will grow from $1.13 billion in 2023 to $1.22 billion in 2024 at a compound annual growth rate (CAGR) of 7.3%.  The growth in the historic period can be attributed to demand for natural food products, rising vegan and plant-based Diets, and rise in infant food products.

 

The banana powder market size is expected to see strong growth in the next few years. It will grow to $1.63 billion in 2028 at a compound annual growth rate (CAGR) of 7.5%.  The growth in the forecast period can be attributed to health consciousness, a rising vegan population, innovation in product development, diversification in end-use applications, and rising demand for functional foods. Major trends in the forecast period include the adoption of sustainable practices,  applications in functional foods and beverages, flavor innovation, clean label products, and functional snacking.

 

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Segmentation & Regional Insights

The banana powder market covered in this report is segmented –

1) By Process: Freeze Dried, Spray Dried, Sun Dried, Drum Dried, Other Processes

2) By Distribution Channel: Supermarkets, Convenience Stores, Online Stores

3) By Application: Food Industry, Cosmetics, Beverages, Pet Food And Feed, Household

 

North America was the largest region in the banana powder market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the banana powder market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

 

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Major Driver Impacting Market Growth

The expansion of the food and beverage sector is expected to propel the growth of the banana powder market going forward. The food and beverage sector encompasses all businesses involved in the production, processing, distribution, and sale of food and drinks for human consumption. The demand for the food and beverage sector increases due to various factors, such as consumer pricing pressures, economic stability, and increased demands for food transparency. Food and beverage companies often point out several nutritional benefits in their marketing efforts to attract health-conscious customers. Banana powder contains essential components such as potassium, fiber, and vitamins, which can be used as a natural substitute for artificial sweeteners and flavorings. For instance, in February 2024, according to the Department for Environment, Food, and Rural Affairs, a UK-based government organization, the gross value added (GVA) of the food sector was $130 billion in 2021, increasing by 12.3% since 2020. GVA for all food and drink sectors increased in this period, with catering increasing by 31.6%, manufacturing by 8%, retailing by 5.5%, and wholesaling by 0.4%. Therefore, the expansion of the food and beverage sector is driving the growth of the banana powder market.

 

Key Industry Players

Major companies operating in the banana powder market are Corteva Inc., Fresh Del Monte Produce Inc., Chiquita Brands International Sàrl, Dole plc, Taj Agro International, Kanegrade Limited, Vinayak Ingredients Pvt. Ltd., Santosh Food Products, Nutraceuticals International Group, National Food N Spices, Naturalin Bio-Resources Co. Ltd., Safety Foods Pvt Ltd., NuNaturals Inc., Naturya, Biovitals Ingredients, AayurMed Biotech Pvt. Ltd., Coliman Group, Mevive International, Cool Milling Ventures Corporation, Banatone Industries, Aarkay Food Products Ltd., Saipro Biotech Pvt. Ltd., Perennial Lifesciences Private Limited, Royal Nut Company, Varmora Food Pvt Ltd., Sumitomo Corporation, GRUPO JUGAL Inc.

 

The banana powder market report table of contents includes:

1. Executive Summary

2. Banana Powder Market Characteristics

3. Banana Powder Market Trends And Strategies

4. Banana Powder Market - Macro Economic Scenario

5. Global Banana Powder Market Size and Growth

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32. Global Banana Powder Market Competitive Benchmarking

33. Global Banana Powder Market Competitive Dashboard

34. Key Mergers And Acquisitions In The Banana Powder Market

35. Banana Powder Market Future Outlook and Potential Analysis

36. Appendix

 

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