Banana Powder Market Outlook 2022-2027:

The global banana powder market reached a value of US$ 1,070 Million in 2021. Looking forward, IMARC Group expects the market to reach US$ 1,651 Million by 2027, exhibiting at a CAGR of 7.3% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use industries. These insights are included in the report as a major market contributor.

Bananas represent the world’s most consumed fresh fruit and the fourth most important food crop in terms of the gross value of production. Unlike raw bananas, banana powder has a shelf-life of almost two years when stored in a cold storage facility in the absence of oxygen. It finds applications in various industries ranging from cosmetics and food to pharmaceutical and feed industries, which has encouraged its production across the globe.

Banana powder helps to strengthen bones, improve digestion, nutrition absorption and vision, prevent dehydration, regulate blood pressure and relax muscles. In addition, it is highly convenient to use, which leads to low to no product wastage and residue after usage. Moreover, as it restores all the essential nutrients and properties of the raw fruit, it is employed in various recipes in place of bananas. It also helps in increasing the shelf life and utilization of bananas and reduces post-harvesting losses. Apart from this, clinical trials are being conducted to establish the usage of banana powder in the pharmaceutical industry.

Key Market Segmentation: 

IMARC Group provides an analysis of the key trends in each sub-segment of the global banana powder market, along with forecasts at the global and regional level from 2022-2027. Our report has categorized the market based on end use.

Breakup by End Use:

• Food Industry
• Feed Industry
• Others

Based on the end use, the report finds that the food industry represents the largest segment as banana powder is widely used in the food industry to prepare infant, puffed and cold/frozen food products, seasonings, solid beverages and cakes.

Regional Insights:

• North America
• Asia Pacific
• Europe
• South America
• Middle East and Africa

Region-wise, North America enjoys the leading position in the market. As the climatic conditions are not favorable and the local production does not meet the domestic demand, the region imports large quantities of bananas from South American countries to produce banana powder.

Competitive Landscape:

The market is highly fragmented with the presence of a large number of small and large players who compete in terms of prices and quality. Some of the leading players operating in the market are:

• Chiquita Brands International Sàrl
• Fresh Del Monte Produce Inc.
• Dole Food Company, Inc.
• Fyffes plc
• Grupo Noboa S.A.
   

Report Coverage: