Banana flour is the banana powder derived majority from plantains and bananas. The banana flour has been classified into conventional banana flour and organic banana flour. Organic banana flour does not contain synthetic additives like chemical fertilizers, dyes and pesticides. On the other side, the conventional banana flour product that have been processed utilizing other additives or are mixed with other suitable mixtures to create a product, which are generated under GMP guidelines.
According to a report published by Future Market Insights, the global market for banana flour is anticipated to reach market valuation of approximately US$ 730 Mn by 2027-end. The global banana flour market is estimated to exhibit sluggish single-digit expansion over the assessment period (2017-2027). Rising use of banana flour in bakery and other end-use are projected to encourage major businesses and manufacturers to maintain their interest in the production of it.
The direct channel, based on the distribution channel is anticipated to witness increased contribution to the growth of the banana flour market. However, the indirect channel is anticipated to exhibit comparatively higher growth rate of 4.2% over the assessment period.
The food industry, by application type is anticipated to remain at the leading position in the market over the forecast period. In addition, the pet food and feed industry is likely to expand at considerable CAGR over the assessment period.
On the basis of source, the conventional segment has the higher market size and is anticipated to remain at the leading position as well throughout the assessment period. However, the organic segment is estimated to reflect faster growth over the forecast period.
What are the factors influencing the growth of the global banana flour market?
The growth of the banana flour market has been attributed to the rapid growth in the manufacturing of green bananas or also known as cooking bananas. Production of banana has been risen rapidly, exhibiting performance of +15 % since 2008. In terms of production, the cooking bananas have witnessed steady expansion, though dessert bananas account for three-fifth of the whole production, exhibiting an increase in the demand for green bananas. An increased awareness has been experienced in the banana flour market being a gluten free product. The gluten free products are anticipated to gain increased traction in several major regions such as India, the U.K., U.S., Canada, Spain, Australia, Germany, Brazil, and Italy. Being a gluten-free product, the banana flour is utilized in most of the countries replacing wheat flour. This increase in the adoption of banana flour is likely to fuel growth of the global banana flour market in foreseeable period.
What is the performances of banana flour market?
The market in the MEA region is anticipated to retain its dominance throughout the assessment period with an estimated value of more than US$ 300 Mn by the end of assessment period. On the other hand, the market in the North America region is anticipated to reflect 6.5 % CAGR over the forecast period.
What are the leading players in the market?
Several leading players operating in the market has been profiled in the report such as Stawi Foods and Fruits Limited, Paradisefrucht GmbH, Zuvii, ADM Wild Europe GmbH & Co. KG, Diana Foods, Kanegrade Ltd, NOW Health Group Inc., International Agriculture Group, and NuNatural Inc. the report also reveals strategies of these players to remain at the pole position.
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