Banana Powder Market to reach $1.8 Billion by 2030; Growing demand for vegan food products, demand for natural ingredients in baby food, demand for gluten free baked goods and increasing demand for paleo diet are driving the demand for Banana Powder.

The Banana Powder Market size is estimated to reach $1.8 Billion by 2030, growing at a CAGR of 3.9% during the forecast period 2024-2030, according to a recent report published by IndustryARC, titled, “Banana Powder Market – By Source (Organic, Conventional), By Drying Method (Freeze Dry, Drum Dry, Sundry, Spray Dry), By Application (Food and Beverages, Dietary Supplements, Cosmetics, Animal Feed, Others), By Distribution Channel (Online, Offline), By Geography - Opportunity Analysis & Industry Forecast, 2024-2030”

The increasing popularity of Banana Powder is due to growing demand for vegan food products. The adoption of natural ingredients in baby food is further fueled by the demand of natural ingredients in baby food in the infant nutrition segment. Furthermore, the rising trend in the demand for gluten free bakery goods is creating new opportunities for Banana Powder in bakery industry. Additionally, the rising need for paleo diets is additionally encouraging the use of Banana Powders as a versatile and health-conscious ingredient are fueling the growth of the Banana Powder industry during the forecast period.

The Banana Powder Market is dominated by Asia-Pacific because of its position as a leading region in banana production. Second to that, is China, with production of around 11.99 million tons of bananas each year. In all, this amounts to 8.6 kilograms per person per year, and a massive 358,924 hectares of banana cultivation. Indonesia is the third largest banana producer in the world, outputting 7.28 million tons per year. Indonesia produces 27.47 kilograms of bananas per year per capita. The production volumes of these bananas are substantial so that there is a continuous supply of raw materials available for manufacturing banana powder. Further, the large population base of the region along with growing demand for natural and functional food ingredients, further enhances the market position of the region. Asia-Pacific is the largest region in the Banana Powder Market due to the large banana cultivation and increased focus on processed banana products to meet domestic and international demand.

Growing demand for natural ingredients in baby food is a major factor driving the Banana Powder Market as more parents want healthy and convenient options for their babies. The St. Louis Fed reported that women’s employment levels returned to pre pandemic levels by January 2023, with prime age labour force participation reaching 77.1% by the end of 2023, and busy working parents are increasingly opting for quick, yet nutritious food solutions for their babies. The changing workforce necessitates easy to use wholesome products, which has helped to fuel the rise in popularity for natural baby food options. As a clean label ingredient that also provides nutritional benefits and natural sweetness, Banana Powder fits right in with this trend and is perfectly suited for parents seeking to offer the best for their children without use of artificial additives or preservatives.

Growth in the Banana Powder Market is driven significantly by the growing demand for organic food, where more and more consumers are looking for healthy, nutrient dense choices that work with their priorities for wellness and nutrition. With the known health benefits such as better immunity and a lowered risk of exposure to cancer causing substances, organic foods are gaining popularity as these foods contain no harmful pesticides, synthetic fertilizers and artificial additives. The organic food sector in India has grown tremendously and the country has reached the fifth position globally in terms of cultivation of organic food over a massive 2.6 million hectares of land. An expansion of this is highlighted by a 145.1% increase in organic farming land in just the past decade alone. Besides, India has the highest number of organic farmers in the world with 4.43 million. Banana powder is another example of an organic ingredient that has found more use as a result of the boom in organic product demand in recent times, contributing to its rising popularity among consumers looking for natural nutrition from their diets. The growing market of organic ingredients, along with the ongoing rise in organic food consumption, is supporting the growth of products such as banana powder. 

Key companies profiled in the Banana Powder Market are Fresh Del Monte Produce Inc., Chiquita Brands International Sàrl, Dole plc, Taj Agro International, Kanegrade Limited, Vinayak Ingredients Pvt. Ltd., Mevive International, Naturalin Bio-Resources Co. Ltd., Nutraceuticals International Group, NuNaturals Inc. and others.

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