New York, United States , Dec. 13, 2023 (GLOBE NEWSWIRE) -- The Global Banana Flour Market Size is to grow from USD 789.19 Million in 2022 to USD 1558.94 Million by 2032, at a Compound Annual Growth Rate (CAGR) of 7.04% during the projected period.
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Traditionally, banana flour is a powder made from green bananas. In Africa and Jamaica, banana flour has traditionally been used as a cheaper alternative to wheat flour. In tropical and subtropical regions, bananas are a popular and widely consumed fruit. It contains a lot of dietary fibre, carbohydrates, protein essential amino acids, cellulose, starch, resistance starch, and potassium. It is a low-calorie gluten-free product. As a result, banana flour is in high demand worldwide. Unpeeled banana flour has a higher nutritional value due to its higher mineral and dietary fibre content, as well as its total phenolic content and antioxidant activity. A combination of its nutritional pattern, banana flour is recognised as a useful ingredient. Bananas contain prebiotic fibre, which is good for intestinal health and weight loss. Prebiotic fibre also has digestive benefits. Banana flour may help with weight loss, blood sugar regulation, metabolic syndrome symptoms improvement, colon health promotion, blood pressure reduction, and cholesterol reduction. Customers are demanding healthy, natural meals free of additives, and food manufacturers are responding. Food manufacturers are responding to consumer demand for natural, healthy meals free of additives.
COVID 19 Impact
As a result of restaurant closures and shifting consumer behaviour, demand shifted from food service to retail, influencing purchasing patterns and influencing demand for ingredients such as banana flour. As a result, the reduced number of COVID-19 cases and subsequent strategies implemented by government and non-government organizations are expected to drive market growth.
Browse key industry insights spread across 200 pages with 150 market data tables and figures & charts from the report on the "Global Banana Flour Market Size, Share, and COVID-19 Impact Analysis, By Source (Organic, Conventional), By Process (Freeze Dried, Spray Dried), By Distribution Channel (Direct Sale, Indirect Sale), By Application (Beverages, Food, Animal Feed), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2032".
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The organic segment dominates the market with the largest revenue share over the forecast period
Based on the source, the global banana flour market is segmented into organic and conventional. Among these, the organic segment is dominating the market with the largest revenue share over the forecast period. Organic banana flour is becoming increasingly popular among consumers looking for products free of chemicals and pesticides. Additionally, banana flour manufacturers collaborate closely with suppliers or farmers to understand the quality of the bananas used to make the flour. Organic banana flour demand is expected to influence market demand.
The spray-dried segment is witnessing significant CAGR growth over the forecast period.
On the basis of the process, the global banana flour market is segmented into freeze-dried and spray-dried. Among these, the spray-dried segment is witnessing significant growth over the forecast period. Spray drying is a common method for producing banana flour. In spray drying, the feeding flow of particulate fluids is sprayed into hot air to produce dried particles. This method dries the most quickly. The spray drying process has been adopted as a method of producing powders because of its ability to produce a reliable, consistent product with precise quality specifications.
The direct sale segment dominates the market with the largest revenue share over the forecast period
Based on the distribution channel, the global banana flour market is segmented into direct sales and indirect sales. Among these, the direct sales segment is dominating the market with the largest revenue share over the forecast period. Since more people are using banana flour in their cooking and baking, the direct sales category is expected to grow significantly during the forecast period. Sales of banana flour through supermarkets, hypermarkets, and other retail channels such as multi-level marketing (MLM), convenience stores, and pharmacies are examples of direct sales.
The food segment dominates the market with the largest revenue share over the forecast period
Based on the application, the global banana flour market is segmented into beverages, food, and animal feed. Among these, the food segment is dominating the market with the largest revenue share over the forecast period. In the food industry, banana flour is frequently used as a gluten-free substitute for wheat flour for health-conscious consumers. Green banana flour is now being used to make pasta-based dishes more nutritious and healthier. Bread, as the most widely consumed bakery product on the planet, offers an excellent opportunity to use banana flour to strengthen bread and improve its nutritional value. Simply add banana flour to smoothies, yoghurt, or other products daily to reap the nutritional benefits.
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Asia Pacific dominates the market with the largest market share over the forecast period.
Asia Pacific segment accounted for the largest market share over the forecast period 2023 to 2032. Banana production is led by India, China, the Philippines, and Indonesia. Furthermore, in terms of food and beverage consumption, Asia Pacific is one of the most populous regions. Bananas have traditionally been consumed as a fruit in Asia Pacific, but this is changing due to the growing importance and health benefits of banana flour. As bananas become a healthier alternative to processed and raw foods, banana manufacturers in the region are more likely to produce banana products. Gluten intolerance is also becoming more prevalent among consumers worldwide.
The Middle East & Africa is expected to grow the fastest during the forecast period. Growing health and wellness trends, as well as expanding food and beverage industries, are driving growth. South Africa, Egypt, and Nigeria are major contributors to the growth of this region's market.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the global banana flours market are Ceres Enterprises Ltd., Kokos Natural, Earthy Foods, Seawind International LLC, Terova, Inc, Woodland Foods, Kadac Pty. Ltd., Natural Evolution (Europe) Ltd, Edward & Sons Trading Co., Pereg Natural Foods & Spices
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Recent Market Developments
In October 2021, The ICAR-National Research Centre for Banana (NRCB) in Trichy signed an agreement with Cake Bee, one of India's leading bakeries. The low-cost innovative foam mat drying method developed by the ICAR may be a viable alternative for producing cost-effective banana powders from ripe or market-rejected bananas.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2032. Spherical Insights has segmented the banana flour market based on the below-mentioned segments:
Banana Flour Market, Source Analysis
- Organic
- Conventional
Banana Flour Market, Process Analysis
- Freeze Dried
- Spray Dried
Banana Flour Market, Distribution Channel Analysis
- Direct Sale
- Indirect Sale
Banana Flour Market, Application Analysis
- Beverages
- Food
- Animal Feed
Banana Flour Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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