According to the latest report by IMARC Group, titled “Banana Powder Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” the global banana powder market size reached US$ 1,147.0 Million in 2022. Banana powder is a yellow product made from processed and dehydrated bananas. It is typically made by slicing ripe bananas and then drying them through various methods, such as sun-drying or using specialized drying machines. Banana powder is commonly utilized as a flavoring agent and additive in various food and beverage applications. It is often used in baking, smoothies, baby food and as a natural sweetener in some recipes. It is rich in nutrients, including vitamins, minerals, and dietary fiber, which help to strengthen bones, improve digestion, nutrition absorption, and vision, prevent dehydration, regulate blood pressure, and relax muscles. The powder retains much of the bananas' natural flavor and aroma, making it a convenient alternative when fresh bananas are unavailable or to enhance the banana flavor in dishes.
Global Banana Powder Market Trends:
The increasing utilization of banana powder in the food industry as a natural flavoring and ingredient in various food products such as bakery items, desserts, snacks, smoothies, and more is one of the major factors contributing to the market growth. Additionally, the rising product demand owing to its convenience and extended shelf life compared to fresh bananas, coupled with its easy storage, transportation, and utilization in various food applications without the risk of spoilage, is creating a positive outlook for market growth. In addition to this, the widespread utilization of banana powder among health-conscious consumers due to its essential vitamins, minerals, and dietary fiber as a natural alternative to artificial flavorings and additives is contributing to the market growth. Moreover, the growing popularity of banana powder as consumers become more health-conscious, seeking nutritious and wholesome food options, leading to increased use in health-oriented products like protein shakes, dietary supplements, and functional foods, is supporting the market growth. Besides this, the increasing product applications in the food and beverage (F&B) industry in sweet and savory dishes, catering to a wide range of consumer preferences, is positively impacting the market growth. Furthermore, the widespread utilization of banana powder in products like candies, chocolates, and flavored coatings, coupled with its consumption in baby food products as it provides a natural and nutritious flavor to complement the nutritional requirements of infants and young children, is favoring the market growth. Apart from this, the growing product popularity as a useful ingredient in vegan and plant-based recipes among consumers following strict diets is providing a considerable to the market growth. Looking forward, the market value is projected to reach US$ 1,731.1 Million by 2028, expanding at a CAGR of 6.9% during 2023-2028.
- Based on the end use, the market has been segmented into the food industry, feed industry and others. Among these, the food industry represents the largest market share.
- Region-wise, the market has been segmented into North America, Asia Pacific, Europe, South America, Middle East and Africa. Amongst these, North America is the leading market, accounting for the majority of the global share.
- The competitive landscape of the market has also been examined, with some of the key players being Chiquita Brands International Sàrl, Fresh Del Monte Produce Inc., Dole plc, Fyffes plc (Sumitomo Corporation), GRUPO JUGAL Inc., etc.
|Base Year of the Analysis
||US$ Million, ‘000 Tons
||End Use, Region
|| Asia Pacific, Europe, North America, South America, Middle East and Africa
||Chiquita Brands International Sàrl, Fresh Del Monte Produce Inc., Dole plc, Fyffes plc (Sumitomo Corporation) and GRUPO JUGAL Inc.
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