Banana Powder Global Market Report 2024

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 expansion observed in the historical period can be attributed to several factors, including the increasing demand for natural food products, the rise in popularity of vegan and plant-based diets, and the growing market for 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 anticipated growth in the forecast period can be attributed to several factors, including increasing health consciousness among consumers, a growing population embracing vegan lifestyles, ongoing innovation in product development, diversification in end-use applications, and rising demand for functional foods. Major trends expected in this period include the adoption of sustainable practices across the industry, expanded applications in functional foods and beverages, innovation in flavor profiles, the popularity of clean label products, and the emergence of functional snacking options.

The anticipated growth in the food and beverage sector is poised to drive the expansion of the banana powder market in the foreseeable future. The food and beverage sector encompasses a wide range of businesses involved in the production, processing, distribution, and sale of food and drinks for human consumption. Factors such as consumer pricing pressures, economic stability, and increased demands for food transparency contribute to the rising demand in this sector. Banana powder, rich in essential components such as potassium, fiber, and vitamins, is increasingly recognized as a natural substitute for artificial sweeteners and flavorings, appealing to health-conscious consumers. Data from the Department for Environment, Food, and Rural Affairs in February 2024 indicates substantial growth in the gross value added (GVA) of the food sector, reaching $130 billion in 2021, reflecting an increase of 12.3% since 2020. This growth underscores the significant momentum behind the food and beverage sector, which is propelling the banana powder market forward.

Leading companies in the banana powder market are directing their efforts towards developing innovative products to cater to consumer demands for health benefits. Banana powder is finding applications beyond traditional usage, such as in eye creams formulated to offer skincare benefits. Eye creams are specialized skincare products designed to address specific issues around the delicate eye area. For example, Ole Henriksen Skincare introduced the Banana Bright+ Eye Crème! in July 2022, incorporating light-reflecting yellow mineral pigments inspired by banana powder. These pigments instantly brighten the under-eye area, providing immediate illumination and a refreshed appearance. Ole Henriksen Skincare's formulation utilizes advancements in vitamin C technology to enhance brightness and smoothness, offering consumers a vegan and fragrance-free solution with potent vitamin C complexes.

Innovative solutions such as banana-powdered supplements are being introduced by major players in the banana powder market to gain a competitive edge. These supplements, derived from processed bananas in powdered form, offer nutritional benefits and versatility in usage. For instance, Banana Feeds Australia launched the BEE-COMPLETE powder in 2021, specifically formulated as a dietary supplement for bee colonies. Made from whole-dried green bananas, this natural supplement aims to enhance the health and performance of bee colonies involved in honey production and pollination services. By maximizing the nutritional benefits of green bananas, including the pulp, peel, stem, and flower ends, Banana Feeds Australia provides beekeepers with an effective solution to support bee hive health and productivity.

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.

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.

The countries covered in the banana powder market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Banana powder is a derived product from bananas, usually produced by drying ripe bananas and finely grinding them into a powder form. This process preserves much of the nutritional content and flavor found in fresh bananas, including essential vitamins, minerals, and dietary fiber. It serves as a natural ingredient in a variety of food and beverage products, including nutritional supplements.

The primary methods of processing banana powder include freeze-dried, spray-dried, sun-dried, drum-dried, and others. Freeze-dried banana powder is created by freezing the fruit and subsequently extracting moisture through a process known as sublimation. These products are available through various distribution channels such as supermarkets, convenience stores, and online platforms, and find applications across multiple industries including the food industry, cosmetics, beverages, pet food and feed, as well as household applications.

The banana powder market research report is one of a series of new reports that provides banana powder market statistics, including banana powder industry global market size, regional shares, competitors with a banana powder market share, detailed banana powder market segments, market trends and opportunities, and any further data you may need to thrive in the banana powder industry. This banana powder market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The banana powder market consists of sales of banana powder extracts, banana leaves, banana peel, organic banana powder, and baby food. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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