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Banana Powder Market size was estimated at $936.7 million in 2020, projected to grow at a CAGR of 5.1% during the forecast period 2021-2026. The Banana Powder industry has witnessed huge demand. Bananas are high in potassium, proteins, and vitamins, making them suitable for a balanced diet. They're high in vital nutrients and can help with digestion, heart health, and weight loss. It contains dietary riboflavin also known as vitamin B2 and antioxidants. They are also a very easy snack food, rich in carbohydrates in addition to being very nutritious. To prolong the shelf life of raw bananas, the water content is removed. Banana powder is made from bananas that have been processed. It's a natural food ingredient and is commonly used in milkshakes and baby foods.Banana Powder Market Segment Analysis – By Application
Based on Application, Banana Powder Market is segmented into Beverages, Feed Industry, Pet Food, Cosmetics, Household, and Food Industry. Food Industry segment is accounted for the largest revenue market share in 2020. This is majorly attributed to the widespread use of banana powder in drinks and baby food. Furthermore, since it is high in potassium and other essential nutrients, banana powder aids in the development of immunity in babies, which is contributing to the segment's growth. The green unripe bananas contain mostly starch and resistant starch, but the starch transforms into sugar when the banana ripens (glucose, fructose and sucrose).Cosmetics segment predicted to grow with the fastest CAGR of 5.6% in the forecast period 2021-2026.
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Banana Powder Market Segment Analysis – By Source:
Based on Source, Banana Powder Market is segmented into Organic, conventional. Conventional segment has accounted for the largest revenue market share in 2020. Organic bananas are one of the most commonly consumed crops on the planet. More than half of the bananas consumed in the United States come from Ecuador, India, or China. Organic methods depend solely on natural methods to promote plant growth and eradicate predatory insects, while conventional methods use synthetic fertilizers and pesticides. Although some people believe that organic bananas are more nutritious and contains good amount of dietary riboflavin and taste better than conventional bananas.
Banana Powder Market Segment Analysis – By Geography
Based on Geography, Asia-Pacific Banana Powder Market accounted for the 40% revenue share in 2020. This is majorly attributed to the countries such as India, Australia and China are highly producing and eating banana fruits. For example, India is the largest banana producer followed by China, according to FAO documentation. The UN Food and Agriculture Organisation. In the next few years, the European banana powder market is expected to represent a significant consumer share. North America is poised to grow with the fastest CAGR in the forecast period 2021-2026.
Banana Powder Market Segment Analysis - Drivers
Increasing Demand of Banana Powder in Cosmetics Industry:
A major contributor to this segment's growing demand for banana powder in the cosmetic industry. In addition, for all skin types banana can be used. A face mask will gently feed, purify, exfoliate and moisturize aging, skin acne aging, dry, and ordinary and mixed skin, with anti-aging and antioxidant properties. Bananas, also known as natural botoxes, have super-wrinkle nutrients which help to fade age spots and avoid developing fine lines and wrinkles. These are therefore the major advantages that will drive future banana powder demand, which increase banana powder market growth.
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Banana Powder Market Segment Analysis-Challenges
Allergic Reactions by Banana:
The market growth is challenged by high maintenance requirements for storage. In addition, constant changes in raw material prices and additional banana powder calories leading to undesirable weights further limit its market development. Though it is a natural food ingredient, some individuals, however, may be allergic to banana use, and this, coupled with some product recalls, may impede the global demand for the powder of bananas. Most people consider bananas to be one of the first solid foods that a baby can feed. Some people may like, however, completely to avoid bananas.
Banana Powder Market Segment Landscape:
Product launches, mergers and acquisitions, joint ventures and geographical expansions are key strategies adopted by players in the Banana Powder Market. Banana Powder Market top 10 companies are Mevive International, Naturalin Bio-Resources Co. Ltd, Fyffes, Banana Link, Banatone Industries, Del Monte Fresh, Santhosh Food Products, Aarkay Food Products Ltd, NuNaturals Inc, Urban Platter, Babyvita India Food Products, Royal Nut Company.
Acquisitions/Product Launches:
In February, 2021, Fresh Del Monte Produce Inc announced a partnership with the Queensland Technology University (QUT) based in Brisbane, Australia, through its subsidiary Del Monte International GmbH to drive research towards developing disease-resistant bananas. This collaboration will aid in identifying new methods of cultivating Bananas, also known as Fusarium or Panama Disease, less vulnerable to Tropical Race 4 (TR4) and more sustainable to our food supply.
Key Takeaways
Bananas are rich in antioxidants that help minimize free radical damage and reduce the risk of certain diseases.
Its application in a variety of industries, from food and cosmetics to pharmaceuticals and feed, has prompted its development all over the world.
Owing to the rising consumer awareness of the health benefits of bananas and high banana production and consumption, Asia Pacific dominated the Banana Powder Market in 2020.
The market for banana powder is increasing owing to increasing demand in the cosmetics industry and rising customer health consciousness.
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