Banana Flour Market to Garner at a 4.40% CAGR Upcoming Years

July, 2023 - Market Research Future has Published a Research Report on the Global Banana Flour Market

Market Overview

Market Research Future (MRFR) reports the Global Banana Flour Market size is expected to be worth USD 0.81 billion by 2030 garnering a compound annual growth rate of 4.40% during the forecast period of 2023-2030.

Prepared of unripe banana the banana flour proffers several health benefits. It has a high content of minerals, one of which is manganese that contributes to maintaining skin health, strengthening collagen of the body. It is an effective gluten free, a prebiotic fiber that boosts digestion and ensures proper defecation. Substantial content of potassium in banana flour, when incorporated in the daily diet helps eliminate cardiac morbidity. Banana flour is also a good substitute for flour and adds excellent taste to bakery products. The mentioned benefits of banana flour can resolve issues like cardiac problems, obesity, celiac disease, and skin disorders which are increasing at an escalated rate among the world’s population. Hence, rise in the number of vegans, increase in adoption of the paleo diet, and the huge supply of unripe banana are the market drivers anticipate to shoot up the global banana flour growth curve in the forecast time of 2023-2030.

Segmental Analysis

The segmental analysis of the global banana flour market by MRFR provides a detailed market outlook. The global banana flour market study has been segmented by source, packaging type, end use, and distribution channel.

On the basis of source, organic and conventional are the two global banana flour market segments. By source, the market is segmented into conventional and organic. The conventional segment accounted for the highest market share in 2022. But the organic segment is predicted to exhibit a robust CAGR over the review period. In the nearing years, the organic segment is anticipated to muster a robust compound annual growth rate, predicts MRFR.

On the basis of packaging type, pouches, boxes, and others are the global banana flour market segments.

On the basis of end use, feed industry, pet food industry, confectionery, and others are the global banana flour market segments. The confectionery segment is expected to register a significant CAGR by 2030. Owing to the fact that banana flour is a suitable milk substitute for calves which indeed make it an important element in animal feed, a decline in the maintenance cost slab, for livestock, is evident. These are factors expected to propel the end use segment of the banana flour market.

On the basis of distribution channel, store-based and non-store-based are the global banana flour market segments. The store-based segment has been further narrowed down to supermarkets and hypermarkets, convenience stores, and others. Increase in the number of vegans leading to an increase in the number of vegan shops is anticipated to hold the credit for the distribution channels segment acclivity. The non-store-based segment envisaged to register the highest CAGR during 2023-2030.

Prominent Companies

MRFR profiled Pereg Gourmet Spices (US), Natural Evolution (Australia), Stawi Foods and Fruits Limited (Kenya), M-Pak (South Africa), International Agriculture Group (US), Ceres Organics (New Zealand), Diana Group (France), Paradise Fruits Solutions GmbH & Co.KG (Germany), Kanegrade Ltd (UK), and WILD Flavors and Specialty Ingredients (US) as the key vendors operating in the global banana flour market.

Demographic Insights

The regional analysis of the banana market has been segmented into North America, Asia Pacific (APAC), Europe, and Rest-of-the-World (RoW).

The Asia Pacific region is reckoned to witness a substantial CAGR during the assessments period of 2023-2030. Existence of a large number of raw banana producers in the region creating an opportunity for launching innovative food products is expected to bolster the regional market in the upcoming years.

The growing number of vegans and increase in adoption of the paleo diet in Europe is anticipated to drive the European banana flour market in the forthcoming year.