According to the latest report by IMARC Group, titled "Banana Powder Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global banana powder market size reached US$ 1,070 Million in 2021. Banana powder is obtained by removing the moisture content present in raw bananas in order to extend the shelf life of the processed product. This aids in minimizing post-harvest losses as well as retaining the nutritive value of fresh bananas. Characterized by low starch and high sugar content, it is a rich source of dietary fibers, resistant starch, protein, potassium and vitamins. As a result, its consumption is widely associated with promoting the growth of good bacteria in the gut while assisting in weight loss. It is also used to improve colon health, prevent the occurrence of osteoporosis and minimize the chances of malnutrition among children. It finds extensive applications across diverse industrial segments, including the animal feed, cosmetics, pharmaceutical, and food and beverage sectors.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Banana Powder Market Trends:
The global market is primarily driven by the growing application of banana powder in the food and beverage sector. It is used in the preparation of numerous beverages, such as milkshakes and smoothies that are widely preferred by the youth and working populations, who are inclined toward on-the-go and quick, nutritious drinks. It is also used for preparing numerous bakery products as a healthier substitute to wheat flour due to its excellent taste, texture and quality as well as chemical- and antibiotic-free nature. Apart from this, banana powder forms an essential ingredient in the formulation of multiple skincare products. It aids in absorbing the excess oil present on the skin while enhancing the skin texture and rendering a flattering yellow or golden tint to the user’s face. In line with this, the escalating demand for natural and organic skincare products and cosmetics is creating a positive outlook for the market. Furthermore, the growing utilization of banana powder in the production of animal feed for improving the gut health of cattle and pets is acting as a major growth-inducing factor. The introduction of organically-sourced product variants is further contributing to the market growth. On account of the aforementioned factors, the market is anticipated to grow at a CAGR of 7.3% during the forecast period (2022-2027).
- On the basis of the end-use, the market has been divided into the food, feed and other industries. Among these, the food industry accounts for majority of the total global market.
- On the geographical front, North America holds the leading position in the market. Other major markets include Asia Pacific, Europe, South America, and Middle East and Africa.
- The competitive landscape of the market has been examined in the report with the detailed profiles of the key players. Some of the banana processing and trading companies include Chiquita Brands International Sàrl, Fresh Del Monte Produce, Inc., Dole Food Company, Inc., Fyffes plc, and Grupo Jugal, Inc.
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