Banana Powder Market Size was valued at USD 1.6 Billion in 2023. The Banana Powder industry is projected to grow from USD 1.72 Billion in 2024 to USD 3.17 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 7.90% during the forecast period (2024 - 2032). The rise in consumption in the cosmetics industry and the increase in the need for banana flavor from the food industry are the key market drivers enhancing market growth.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
In the Banana Powder Market, a significant trend is the increasing consumer preference for natural and organic products. As health consciousness rises, consumers are seeking clean-label options devoid of artificial additives and preservatives. Banana powder, derived from ripe bananas, aligns with this trend, being a natural ingredient with minimal processing. Manufacturers are responding by offering organic banana powder variants, capitalizing on the rising demand for wholesome and clean food choices. This factor drives the market CAGR.
Additionally, the Banana Powder Market is experiencing a trend towards diversification in applications beyond traditional uses. Originally recognized for its role in infant nutrition and the food industry, banana powder is now finding its way into cosmetics, pharmaceuticals, and the beverage sector. Its versatility and natural sweetness make it a desirable ingredient for a variety of products. This expansion into different industries is opening up new avenues for growth and innovation, driving manufacturers to explore and capitalize on the diverse applications of banana powder.
Sustainability is emerging as a crucial factor in the Banana Powder Market. Consumers are increasingly conscious of the environmental impact of their food choices, prompting companies to adopt sustainable sourcing and production practices. This includes responsible farming methods, waste reduction strategies, and eco-friendly packaging. Brands that prioritize sustainability are gaining a competitive edge as environmentally conscious consumers actively seek products with a lower ecological footprint. As a result, the Banana Powder Market is witnessing a shift towards more sustainable and ethical practices throughout the supply chain. For instance, in February 2021, Del Monte International, a division of Florida-based Fresh Del Monte Produce Inc., partnered with Queensland University of Technology in Brisbane, Australia, to expand the market for banana powder and develop new techniques for growing bananas that are resistant to disease. Thus, driving the Banana Powder Market revenue.
The Banana Powder Market segmentation, based on Process, includes Freeze Dried, Spray Dried, Sun Dried, and Others. The spray dried stands out as the dominant category, owing to its efficiency in preserving the natural flavor, color, and nutritional content of bananas. The spray-dried method involves transforming liquid banana puree into powder through rapid drying, ensuring a fine and uniform texture. This efficiency in retaining the desirable qualities of bananas, coupled with cost-effectiveness and scalability, positions spray drying as the dominant Process in the market. On the other hand, freeze-dried emerges as the fastest-growing category, as it preserves the fruit's attributes through a gentler process, appealing to consumers seeking minimally processed and premium quality products, aligning with the growing demand for natural and high-quality ingredients in the food industry.
Figure 1: Banana Powder Market, by Process, 2022 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
The Banana Powder Market segmentation, based on Source, includes Organic and conventional. The conventional category dominates the market. The dominance of the conventional category is primarily attributed to factors such as larger production volumes, cost-effectiveness, and widespread availability of conventional farming practices. However, the fastest-growing category is organic banana powder, driven by the increasing consumer demand for clean and environmentally sustainable products.
The Banana Powder Market segmentation, based on Application, includes Food, Cosmetics, Pharmaceuticals, Animal Feed, and Others. The dominant category is food, driven by the widespread incorporation of banana powder in the food industry for its versatility and natural sweetness. The use of banana powder in various food products, such as baby food, bakery items, and smoothie blends, contributes to its significant market share. Simultaneously, the fastest-growing category is pharmaceuticals, as banana powder gains recognition for its potential health benefits and nutritional value.
The Banana Powder Market segmentation, based on the Distribution Channel, includes Direct Sales and Indirect Sales. Indirect sales dominate the landscape. Indirect sales involve the distribution of banana powder through various intermediaries such as retailers, supermarkets, and online platforms, providing widespread accessibility to consumers. However, the fastest-growing category is direct sales, with producers increasingly opting for direct-to-consumer models, leveraging e-commerce platforms and company-owned stores.
By region, the study provides the market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The North American Banana Powder Market area will dominate this market, owing to the well-established food and beverage industry with a growing demand for natural and versatile ingredients, which will boost market growth in this region.
Further, the major countries studied in the market report are the US, Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2: BANANA POWDER MARKET SHARE BY REGION 2022 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe's Banana Powder Market accounts for the second-largest market share due to growing interest in incorporating natural and innovative ingredients. Further, the German Banana Powder Market held the largest market share, and the UK Banana Powder Market was the fastest-growing market in the European region.
The Asia-Pacific Banana Powder Market is expected to grow at the fastest CAGR from 2023 to 2032. This is due to a robust and steady supply of raw materials for banana powder production. Moreover, China’s Banana Powder Market held the largest market share, and the Indian Banana Powder Market was the fastest-growing market in the Asia-Pacific region.
Leading market players are investing heavily in research and development in order to expand their product lines, which will help the Banana Powder Market grow even more. Market participants are also undertaking a variety of strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, the banana powder industry must offer cost-effective items.
Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the banana powder industry to benefit clients and increase the market sector. In recent years, the banana powder industry has offered some of the most significant advantages. Major players in the Banana Powder Market, including Chiquit, Del Monte Fresh, Dole Food Company, Inc., Fyffes, Banana Link, BANATONE FOOD INDUSTRIES, Mevive International Food Ingredients, Santosh Food Products., and others, are attempting to increase market demand by investing in research and development operations.
Edward & Sons Trading Co., Inc. was founded in 1978 by Joel Dee, and it is headquartered in Carpinteria, California. The company specializes in providing a range of vegetarian and vegan food products, including snacks, soups, broths, sauces, and other organic and non-GMO offerings. They are known for their commitment to sourcing high-quality ingredients and promoting sustainability in their business practices. One of their notable product lines is "Let's Do Organic," which includes items like organic coconut products, organic starches, and other pantry staples. The company has gained a reputation for catering to consumers with specific dietary preferences, such as those following vegetarian, vegan, or gluten-free diets. June 2021, Edward & Sons Trading Co., Inc. launched Let's Do Organic® Green Banana Flour. This is made from unripe organic bananas before their sugar content has fully developed, then dried at low temperatures to retain the benefits of their nutrients and resistant starch.
Kokos Natural is an export and retail house that specializes in selling natural & organic products. Kokos Natural provides a global platform for all Food& Wellness products through its intensive sourcing & supply chain capabilities. Kokos Natural aims to transform the food industry into a healthier and organic eating one. Patriotic to the core, they aspire to globalize our Indian products in the near future and bring in some much-needed diversity into healthy living. In March 2021, Kokos Natural launched NATIRÈL Banana flour, which is a powder traditionally made of green bananas that are often used as a gluten-free replacement to wheat flours or as a source of resistant starch, which has been promoted by certain dieting trends such as primal diets and paleo and by some recent nutritional research. This approval has further broadened the growth opportunity for the Banana Flour industry.
Banana Powder Industry Developments
October 2021: The Indian Council of Agricultural Research (ICAR)-National Research Centre for Banana, Tiruchi, signed a memorandum of understanding (MoU) with Cake Bee, a bakery chain, for the transfer of technology to use banana powder in the bakery sector.
June 2021: Edward & Sons Trading Co., Inc. launched Let's Do Organic® Green Banana Flour. This is made from unripe organic bananas before their sugar content has fully developed, then dried at low temperatures to retain the benefits of their nutrients and resistant starch.
| Report Attribute/Metric | Details |
| Market Size 2023 | USD 1.6 Billion |
| Market Size 2024 | USD 1.72 Billion |
| Market Size 2032 | USD 3.17 Billion |
| Compound Annual Growth Rate (CAGR) | 7.90% (2024-2032) |
| Base Year | 2023 |
| Market Forecast Period | 2024-2032 |
| Historical Data | 2018- 2022 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Process, Source, Application, Distribution Channel and Region |
| Geographies Covered | North America, Europe, AsiaPacific, and the Rest of the World |
| Countries Covered | The US, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | Chiquit, Del Monte Fresh, Dole Food Company, Inc., Fyffes, Banana Link, BANATONE FOOD INDUSTRIES, Mevive International Food Ingredients, and Santosh Food Products. |
| Key Market Opportunities | Rise in consumption in the cosmetics industries. |
| Key Market Dynamics | Increase in the need for banana flavor from the food industry. |
Frequently Asked Questions (FAQ) :
The Banana Powder Market size was valued at USD 1.6 Billion in 2023.
The global market is projected to grow at a CAGR of 7.90% during the forecast period, 2024-2032.
North America had the largest share in the global market
The key players in the market are Chiquit, Del Monte Fresh, Dole Food Company, Inc., Fyffes, Banana Link, BANATONE FOOD INDUSTRIES, Mevive International Food Ingredients, and Santosh Food Products.
The spray-dried category dominated the market in 2023.
The Conventional base had the largest share in the global market.
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