Banana Powder Market – By Source , By Drying Method, By Application , By Distribution Channel , By Geography - Opportunity Analysis & Industry Forecast, 2024-2030

Report Code: FBR 62512 Report Format: PDF + Excel

Banana Powder Market Overview:

The Banana Powder Market size is estimated to reach $1.8 Billion by 2030, growing at a CAGR of 3.9% during the forecast period 2024-2030. The banana pulp, which is processed using a colloidal mill, is taken into account for making banana powder. There are more than 1000 varieties of bananas across the globe, however, Musa acuminata and Musa balbisiana stand out. The inorganic compounds like sodium metabisulfite, commonly used as a preservative, are used to develop the yellow color of the paste obtained through processing. The presence of isoamyl acetate in the banana plant function as a flavoring agent and confer aroma to the powder. Following color enhancement, a drying technique, often drum drying, is used to convert the paste to powder form. The powder increases cell growth and rehabilitates the areas affected by ulcers. Moreover, it is used for curing dyspepsia. Bananas contain resistant starch which might play a noticeable role in the upgrading of insulin sensitivity in patients suffering from diabetes. In addition, the potassium-rich nature of bananas is beneficial for heart health. Furthermore, it is also used as a weight gain product. 

A major trend in the market is the demand for green banana powder. As per Seawind Foods, green banana flour has high resistant starch, type 2. It is also rich in fiber, potassium, magnesium and vitamin content. The flour also has little fat, making it very nutritious.   Additionally, consumers are becoming more health-conscious and are seeking natural ingredients which makes banana powder an attractive choice as it is free from artificial ingredients. According to the ATLAS 2023 survey by Ingredion, 42% of consumers look for clean label/natural ingredients before making a purchase. The demand for natural ingredients in food boosts the banana powder industry outlook during the forecast period.

Banana Powder Market - Report Coverage:

The “Banana Powder Market Report - Forecast (2024-2030)” by IndustryARC, covers an in-depth analysis of the following segments in the Banana Powder Market.

Attribute Segment

By Source

  • Organic
  • Conventional

By Drying Method

  • Freeze Dry
  • Drum Dry
  • Sundry
  • Spray dry

By Application

  • Food and Beverage
  • Dietary Supplements
  • Cosmetics
  • Animal Feed
  • Others

By Distribution Channel

  • Online
  • Offline

By Geography

  • North America (U.S., Canada, Mexico)
  • Europe (U.K., Germany, Italy, France, Spain, Rest of Europe)
  • APAC (China, Japan, South Korea, India, Australia, Indonesia, Philippines, Rest of APAC)
  • South America (Brazil, Argentina, Chile, Ecuador, Rest of South America)
  • Rest of the World (Middle East & Africa)

COVID-19 / Ukraine Crisis - Impact Analysis:  

  • The COVID-19 pandemic drove up the sales of banana powder as there was a growing demand for baking. Being a gluten free product as well as substitute for wheat flour, there was a demand for banana powder. However, supply chain issues caused disruptions.
  • Russia Ukraine impacted the banana powder market. As per FAO, food prices have increased 70% since the war. Additionally, supply chain disruptions and rising fuel prices have exacerbated the issue affecting the banana powder manufacturing supply chain.

Key Takeaways:

APAC is the Leading Region

APAC is the dominant region in the banana powder market. Banana being a tropical fruit is growing in almost all the Asian countries. According to the Ministry of Commerce & Industry, India is the world's largest banana producer and accounts for 26.45% of the world's banana production at 35.36 million Metric Ton (MMT). In the fiscal year 2022-23, India exported bananas worth US$176 million, equivalent to 0.36 MMT. Banana is a major horticultural crop grown in the states of Andhra Pradesh, Tamil Nadu, Maharashtra, Kerala, Maharashtra, Gujarat, Telangana, and Uttar Pradesh. Andhra Pradesh is the largest banana-producing state, followed by Maharashtra, Karnataka, Tamil Nadu and Uttar Pradesh. These five states collectively contribute around 67% to India's banana production in the fiscal year 2022-23. As a result of such a largest scale production of bananas, there is a demand for banana powder as by processing the fruit into flour, spoilage is reduced. 

Conventional is the Largest Segment

The conventional segment dominates the Banana Powders market. Conventional farming is practiced extensively by farmers of different countries across the world because of several reasons like high fruit yield, swift production, requirement of lesser funds, high revenue, more reliable option as it is a proven concept and efficient land use. Since conventional farming is practiced on a wide scale, the product of conventional descent has across-the-board availability. Typically, bananas are grown on large-scale monoculture plantations covering several hundred hectares each. This form of production uses high levels of chemical inputs to increase crop yield as bananas are highly susceptible to pest and insect attacks. For instance, Banana streak virus, Banana bract mosaic virus, Banana bunchy top virus, Cosmopolites sordidus, Fusarium oxysporum f. sp. Cubense, Pseudocercospora fijiensis etc. are some of the common plant pathogens that affect the banana growth. To combat these pathogens, farmers rely on chemical pesticides. Alao, the price of conventionally grown bananas are less which makes them an economic raw material for the production of banana powder. 

Offline is the Largest Segment

The offline segment held the largest share in 2023 owing to the high inclination of consumers toward offline stores because of their round the corner presence. Firstly, traditional grocery stores and local supermarkets are readily accessible to consumers, allowing for easy purchase and immediate consumption. Secondly, the ability to physically examine the product is crucial for many buyers, particularly in regions where food is often prepared and consumed at home. Additionally, offline retailers often offer personalized recommendations and assistance further influencing purchasing decisions. 

Growing Demand for Vegan Products to Boost the Market

The demand for plant-based products is surging and banana powder aligns with this demand for vegan products. Health-conscious consumer, driven by a desire for cleaner and more sustainable lifestyles are fueling this shift. As per an annual survey by finder.com, a personal finance comparison site, there are 2.5 million vegans in the UK, equivalent to 4.7% of the total population in 2023. With the growing number of vegans, there is also a growing demand for vegan products. Plant-derived vegan products are increasingly sought after for their perceived health advantages and alignment with ethical and environmental values. Consumers appreciate the use of natural ingredients, recognizing them for their potential health benefits. Thus, the growing demand for vegan products acts as a driver for the growth of the Banana Powder Market during the forecast period.

Availability of Alternatives to Hamper the growth

A major factor restraining the Banana Powder Market is the availability of alternatives. Almond flour, for instance, offers a gluten-free and high-protein option appealing to health-conscious consumers. Other fruit powders such as coconut flour and apple powder provide unique flavors and nutritional benefits. According to Miditer, coconut flour is a soft flour produced from dried coconut meat. It’s a by-product of coconut milk production, which ensures minimal waste in coconut processing.  These alternatives can potentially dampen banana powder sales especially among consumers seeking diverse dietary options.


Banana Powder Market

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Key Market Players: 

Product/Service launches, approvals, patents and events, acquisitions, partnerships, and collaborations are key strategies adopted by players in the Banana Powder Market. The top 10 companies in this industry are listed below:

  1. Fresh Del Monte Produce Inc.
  2. Chiquita Brands International Sàrl
  3. Dole plc
  4. Taj Agro International
  5. Kanegrade Limited
  6. Vinayak Ingredients Pvt. Ltd.
  7. Mevive International
  8. Naturalin Bio-Resources Co. Ltd.
  9. Nutraceuticals International Group
  10. NuNaturals Inc.

Scope of the Report: 

Report Metric Details

Base Year Considered

2023

Forecast Period

2024–2030

CAGR

3.9%

Market Size in 2030

$1.8 billion

Segments Covered

By Source, By Drying Method, By Application, By Distribution Channel and By Geography

Geographies Covered

North America (U.S., Canada, Mexico), Europe (U.K., Germany, Italy, France, Spain, Rest of Europe), APAC (China, Japan, South Korea, India, Australia, Indonesia, Philippines, Rest of APAC), South America (Brazil, Argentina, Chile, Ecuador, Rest of South America), Rest of the World (Middle East & Africa)

Key Market Players

  1. Fresh Del Monte Produce Inc.
  2. Chiquita Brands International Sàrl
  3. Dole plc
  4. Taj Agro International
  5. Kanegrade Limited
  6. Vinayak Ingredients Pvt. Ltd.
  7. Mevive International
  8. Naturalin Bio-Resources Co. Ltd.
  9. Nutraceuticals International Group
  10. NuNaturals Inc.

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  1.    Banana Powders Market - Overview
      1.1.    Definitions and Scope
  2.    Banana Powders Market - Executive summary
      2.1.    Key Trends by Source
      2.2.    Key Trends by Drying Method
      2.3.    Key Trends by Application
      2.4.    Key Trends by Distribution Channel
      2.5.    Key Trends by Geography
  3.    Banana Powders Market - Comparative analysis
      3.1.    Product Benchmarking - Top 10 companies
      3.2.    Top 5 Financials Analysis
      3.3.    Market Value split by Top 10 companies
      3.4.    Patent Analysis - Top 10 companies
      3.5.    Pricing Analysis
  4.    Banana Powders Market - Startup companies Scenario Premium 
      4.1.    Top 10 startup company Analysis by
            4.1.1.    Investment
            4.1.2.    Revenue
            4.1.3.    Market Shares
            4.1.4.    Market Size and Application Analysis
            4.1.5.    Venture Capital and Funding Scenario
  5.    Banana Powders Market - Industry Market Entry Scenario Premium 
      5.1.    Regulatory Framework Overview
      5.2.    New Business and Ease of Doing business index
      5.3.    Case studies of successful ventures
      5.4.    Customer Analysis - Top 10 companies
  6.    Banana Powders Market Forces
      6.1.    Drivers
      6.2.    Constraints
      6.3.    Challenges
      6.4.    Porters five force model
            6.4.1.    Bargaining power of suppliers
            6.4.2.    Bargaining powers of customers
            6.4.3.    Threat of new entrants
            6.4.4.    Rivalry among existing players
            6.4.5.    Threat of substitutes
  7.    Banana Powders Market -Strategic analysis
      7.1.    Value chain analysis
      7.2.    Opportunities analysis
      7.3.    Product life cycle
      7.4.    Suppliers and distributors Market Share
  8.    Banana Powders Market - By Source (Market Size -$Million / $Billion)
      8.1.    Organic
      8.2.    Conventional
  9.    Banana Powders Market - By Drying Method (Market Size -$Million / $Billion)
      9.1.    Freeze Dry
      9.2.    Drum Dry
      9.3.    Sundry
      9.4.    Spray dry
  10.    Banana Powders Market - By Application (Market Size -$Million / $Billion)
      10.1.    Food and beverages
            10.1.1 Baked Goods
            10.1.2 Baby Food
            10.1.3 Confectionary
            10.1.4 Others
      10.2.    Dietary supplements
      10.3.    Cosmetics
      10.4.    Animal feed
      10.5.    Others
  11.    Banana Powders Market - By Distribution Channel (Market Size -$Million / $Billion)
      11.1.    Online
      11.2.    Offline
            11.2.1 Supermarkets/Hypermarkets
            11.2.2 Specialty Stores
            11.2.3 Pharmacies
            11.2.4 Others
  12.    Banana Powders Market - By Geography (Market Size -$Million / $Billion)
      12.1.    North America 
            12.1.1.    U.S
            12.1.2.    Canada
            12.1.3.    Mexico
      12.2.    Europe 
            12.2.1.    U.K
            12.2.2.    Germany
            12.2.3.    Italy
            12.2.4.    France
            12.2.5.    Spain
            12.2.6.    Rest of Europe
      12.3.    APAC 
            12.3.1.    China
            12.3.2.    Japan
            12.3.3.    South Korea
            12.3.4.    India
            12.3.5.    Australia
            12.3.6.    Indonesia
            12.3.7.    Philippines
            12.3.8.    Rest of APAC
      12.4.    South America
            12.4.1    Brazil
            12.4.2    Argentina
            12.4.3    Chile
            12.4.4    Ecuador
            12.4.5    Rest of South America
      12.5.    Rest of the World
            12.5.1.    Middle East & Africa
  13.    Banana Powders Market - Entropy
      13.1.    New product launches
      13.2.    M&A s, collaborations, JVs and partnerships
  14.    Banana Powders Market - Industry / Segment Competition landscape Premium 
      14.1.    Market Share Analysis
            14.1.1.    Market Share by Country - Major Companies
            14.1.2.    Market Share by Region - Major Companies
            14.1.3.    Market Share by Type of Application - Major Companies
            14.1.4.    Market Share by Type of Product/Product Category - Major Companies
      14.2.    Competition Matrix
      14.3.    Best Practices for Companies 
  15.    Banana Powders Market - Key Company List by Country Premium 
  16.    Banana Powders Market Company Analysis
      16.1.    Fresh Del Monte Produce Inc.
      16.2.    Chiquita Brands International Sàrl
      16.3.    Dole plc
      16.4.    Taj Agro International
      16.5.    Kanegrade Limited
      16.6.    Vinayak Ingredients Pvt. Ltd.
      16.7.    Mevive International
      16.8.    Naturalin Bio-Resources Co. Ltd.
      16.9.    Nutraceuticals International Group
      16.10.    NuNaturals Inc. 
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LIST OF TABLES

1.Global BANANA POWDER MARKET BY DISTRIBUTION CHANNEL Market 2023-2030 ($M)
1.1 ONLINE RETAIL Market 2023-2030 ($M) - Global Industry Research
1.2 DEPARTMENTAL STORES Market 2023-2030 ($M) - Global Industry Research
1.3 SUPERMARKETS/HYPERMARKETS Market 2023-2030 ($M) - Global Industry Research
1.4 CONVENIENCE STORES Market 2023-2030 ($M) - Global Industry Research
2.Global BANANA POWDER MARKET BY DISTRIBUTION CHANNEL Market 2023-2030 (Volume/Units)
2.1 ONLINE RETAIL Market 2023-2030 (Volume/Units) - Global Industry Research
2.2 DEPARTMENTAL STORES Market 2023-2030 (Volume/Units) - Global Industry Research
2.3 SUPERMARKETS/HYPERMARKETS Market 2023-2030 (Volume/Units) - Global Industry Research
2.4 CONVENIENCE STORES Market 2023-2030 (Volume/Units) - Global Industry Research
3.North America BANANA POWDER MARKET BY DISTRIBUTION CHANNEL Market 2023-2030 ($M)
3.1 ONLINE RETAIL Market 2023-2030 ($M) - Regional Industry Research
3.2 DEPARTMENTAL STORES Market 2023-2030 ($M) - Regional Industry Research
3.3 SUPERMARKETS/HYPERMARKETS Market 2023-2030 ($M) - Regional Industry Research
3.4 CONVENIENCE STORES Market 2023-2030 ($M) - Regional Industry Research
4.South America BANANA POWDER MARKET BY DISTRIBUTION CHANNEL Market 2023-2030 ($M)
4.1 ONLINE RETAIL Market 2023-2030 ($M) - Regional Industry Research
4.2 DEPARTMENTAL STORES Market 2023-2030 ($M) - Regional Industry Research
4.3 SUPERMARKETS/HYPERMARKETS Market 2023-2030 ($M) - Regional Industry Research
4.4 CONVENIENCE STORES Market 2023-2030 ($M) - Regional Industry Research
5.Europe BANANA POWDER MARKET BY DISTRIBUTION CHANNEL Market 2023-2030 ($M)
5.1 ONLINE RETAIL Market 2023-2030 ($M) - Regional Industry Research
5.2 DEPARTMENTAL STORES Market 2023-2030 ($M) - Regional Industry Research
5.3 SUPERMARKETS/HYPERMARKETS Market 2023-2030 ($M) - Regional Industry Research
5.4 CONVENIENCE STORES Market 2023-2030 ($M) - Regional Industry Research
6.APAC BANANA POWDER MARKET BY DISTRIBUTION CHANNEL Market 2023-2030 ($M)
6.1 ONLINE RETAIL Market 2023-2030 ($M) - Regional Industry Research
6.2 DEPARTMENTAL STORES Market 2023-2030 ($M) - Regional Industry Research
6.3 SUPERMARKETS/HYPERMARKETS Market 2023-2030 ($M) - Regional Industry Research
6.4 CONVENIENCE STORES Market 2023-2030 ($M) - Regional Industry Research
7.MENA BANANA POWDER MARKET BY DISTRIBUTION CHANNEL Market 2023-2030 ($M)
7.1 ONLINE RETAIL Market 2023-2030 ($M) - Regional Industry Research
7.2 DEPARTMENTAL STORES Market 2023-2030 ($M) - Regional Industry Research
7.3 SUPERMARKETS/HYPERMARKETS Market 2023-2030 ($M) - Regional Industry Research
7.4 CONVENIENCE STORES Market 2023-2030 ($M) - Regional Industry Research

LIST OF FIGURES

1.US Banana Powder Market Revenue, 2023-2030 ($M)
2.Canada Banana Powder Market Revenue, 2023-2030 ($M)
3.Mexico Banana Powder Market Revenue, 2023-2030 ($M)
4.Brazil Banana Powder Market Revenue, 2023-2030 ($M)
5.Argentina Banana Powder Market Revenue, 2023-2030 ($M)
6.Peru Banana Powder Market Revenue, 2023-2030 ($M)
7.Colombia Banana Powder Market Revenue, 2023-2030 ($M)
8.Chile Banana Powder Market Revenue, 2023-2030 ($M)
9.Rest of South America Banana Powder Market Revenue, 2023-2030 ($M)
10.UK Banana Powder Market Revenue, 2023-2030 ($M)
11.Germany Banana Powder Market Revenue, 2023-2030 ($M)
12.France Banana Powder Market Revenue, 2023-2030 ($M)
13.Italy Banana Powder Market Revenue, 2023-2030 ($M)
14.Spain Banana Powder Market Revenue, 2023-2030 ($M)
15.Rest of Europe Banana Powder Market Revenue, 2023-2030 ($M)
16.China Banana Powder Market Revenue, 2023-2030 ($M)
17.India Banana Powder Market Revenue, 2023-2030 ($M)
18.Japan Banana Powder Market Revenue, 2023-2030 ($M)
19.South Korea Banana Powder Market Revenue, 2023-2030 ($M)
20.South Africa Banana Powder Market Revenue, 2023-2030 ($M)
21.North America Banana Powder By Application
22.South America Banana Powder By Application
23.Europe Banana Powder By Application
24.APAC Banana Powder By Application
25.MENA Banana Powder By Application
26.AARKAY FOOD PRODUCTS LIMITED, Sales /Revenue, 2015-2018 ($Mn/$Bn)
27.NUTRYTTIVA, Sales /Revenue, 2015-2018 ($Mn/$Bn)
28.SAIPRO BIOTECH PRIVATE LIMITED, Sales /Revenue, 2015-2018 ($Mn/$Bn)
29.URBAN PLATTER, Sales /Revenue, 2015-2018 ($Mn/$Bn)
30.BANATONE FOOD INDUSTRIES KOCHUVELI, Sales /Revenue, 2015-2018 ($Mn/$Bn)
31.BABYVITA INDIA FOOD PRODUCTS, Sales /Revenue, 2015-2018 ($Mn/$Bn)
32.NATURAL EVOLUTION LTD, Sales /Revenue, 2015-2018 ($Mn/$Bn)
33.NUNATURALS INC, Sales /Revenue, 2015-2018 ($Mn/$Bn)
34.ROYAL NUT COMPANY, Sales /Revenue, 2015-2018 ($Mn/$Bn)
35.MANNA FOODS, Sales /Revenue, 2015-2018 ($Mn/$Bn)

The Banana Powder Market is projected to grow at 3.9% CAGR during the forecast period 2024-2030.

The Banana Powder Market size is estimated to be $1.4 billion in 2023 and is projected to reach $1.8 billion by 2030

The leading players in the Banana Powder Market are Fresh Del Monte Produce Inc., Chiquita Brands International Sàrl, Dole plc, Taj Agro International, Kanegrade Limited and Others.

Demand for green banana powder and clean ingredients are some of the major Banana Powder Market trends in the industry which will create growth opportunities for the market during the forecast period.

Growing demand for vegan food products, demand for natural ingredients in baby food, demand for gluten free baked goods and increasing demand for paleo diet are the driving factors of the Banana Powder market.