Banana Powder Market – By Source , By Drying Method, By Application , By Distribution Channel , By Geography - Opportunity Analysis & Industry Forecast, 2024-2030

Banana Powder Market Overview:

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. The banana pulp, which is processed using a colloidal mill, is taken into account for making banana powder. There are more than 1000 varieties of bananas across the globe, however, Musa acuminata and Musa balbisiana stand out. The inorganic compounds like sodium metabisulfite, commonly used as a preservative, are used to develop the yellow color of the paste obtained through processing. The presence of isoamyl acetate in the banana plant function as a flavoring agent and confer aroma to the powder. Following color enhancement, a drying technique, often drum drying, is used to convert the paste to powder form. The powder increases cell growth and rehabilitates the areas affected by ulcers. Moreover, it is used for curing dyspepsia. Bananas contain resistant starch which might play a noticeable role in the upgrading of insulin sensitivity in patients suffering from diabetes. In addition, the potassium-rich nature of bananas is beneficial for heart health. Furthermore, it is also used as a weight gain product. 

A major trend in the market is the demand for green banana powder. As per Seawind Foods, green banana flour has high resistant starch, type 2. It is also rich in fiber, potassium, magnesium and vitamin content. The flour also has little fat, making it very nutritious.   Additionally, consumers are becoming more health-conscious and are seeking natural ingredients which makes banana powder an attractive choice as it is free from artificial ingredients. According to the ATLAS 2023 survey by Ingredion, 42% of consumers look for clean label/natural ingredients before making a purchase. The demand for natural ingredients in food boosts the banana powder industry outlook during the forecast period.

Market Snapshot: 

Banana Powder Market - Report Coverage:

The “Banana Powder Market Report - Forecast (2024-2030)” by IndustryARC, covers an in-depth analysis of the following segments in the Banana Powder Market.

COVID-19 / Ukraine Crisis - Impact Analysis:  

• The COVID-19 pandemic drove up the sales of banana powder as there was a growing demand for baking. Being a gluten free product as well as substitute for wheat flour, there was a demand for banana powder. However, supply chain issues caused disruptions.
• Russia Ukraine impacted the banana powder market. As per FAO, food prices have increased 70% since the war. Additionally, supply chain disruptions and rising fuel prices have exacerbated the issue affecting the banana powder manufacturing supply chain.

Key Takeaways:

APAC is the Leading Region

APAC is the dominant region in the banana powder market. Banana being a tropical fruit is growing in almost all the Asian countries. According to the Ministry of Commerce & Industry, India is the world's largest banana producer and accounts for 26.45% of the world's banana production at 35.36 million Metric Ton (MMT). In the fiscal year 2022-23, India exported bananas worth US$176 million, equivalent to 0.36 MMT. Banana is a major horticultural crop grown in the states of Andhra Pradesh, Tamil Nadu, Maharashtra, Kerala, Maharashtra, Gujarat, Telangana, and Uttar Pradesh. Andhra Pradesh is the largest banana-producing state, followed by Maharashtra, Karnataka, Tamil Nadu and Uttar Pradesh. These five states collectively contribute around 67% to India's banana production in the fiscal year 2022-23. As a result of such a largest scale production of bananas, there is a demand for banana powder as by processing the fruit into flour, spoilage is reduced. 

Conventional is the Largest Segment

The conventional segment dominates the Banana Powders market. Conventional farming is practiced extensively by farmers of different countries across the world because of several reasons like high fruit yield, swift production, requirement of lesser funds, high revenue, more reliable option as it is a proven concept and efficient land use. Since conventional farming is practiced on a wide scale, the product of conventional descent has across-the-board availability. Typically, bananas are grown on large-scale monoculture plantations covering several hundred hectares each. This form of production uses high levels of chemical inputs to increase crop yield as bananas are highly susceptible to pest and insect attacks. For instance, Banana streak virus, Banana bract mosaic virus, Banana bunchy top virus, Cosmopolites sordidus, Fusarium oxysporum f. sp. Cubense, Pseudocercospora fijiensis etc. are some of the common plant pathogens that affect the banana growth. To combat these pathogens, farmers rely on chemical pesticides. Alao, the price of conventionally grown bananas are less which makes them an economic raw material for the production of banana powder. 

Offline is the Largest Segment

The offline segment held the largest share in 2023 owing to the high inclination of consumers toward offline stores because of their round the corner presence. Firstly, traditional grocery stores and local supermarkets are readily accessible to consumers, allowing for easy purchase and immediate consumption. Secondly, the ability to physically examine the product is crucial for many buyers, particularly in regions where food is often prepared and consumed at home. Additionally, offline retailers often offer personalized recommendations and assistance further influencing purchasing decisions. 

Growing Demand for Vegan Products to Boost the Market

The demand for plant-based products is surging and banana powder aligns with this demand for vegan products. Health-conscious consumer, driven by a desire for cleaner and more sustainable lifestyles are fueling this shift. As per an annual survey by finder.com, a personal finance comparison site, there are 2.5 million vegans in the UK, equivalent to 4.7% of the total population in 2023. With the growing number of vegans, there is also a growing demand for vegan products. Plant-derived vegan products are increasingly sought after for their perceived health advantages and alignment with ethical and environmental values. Consumers appreciate the use of natural ingredients, recognizing them for their potential health benefits. Thus, the growing demand for vegan products acts as a driver for the growth of the Banana Powder Market during the forecast period.

Availability of Alternatives to Hamper the growth

A major factor restraining the Banana Powder Market is the availability of alternatives. Almond flour, for instance, offers a gluten-free and high-protein option appealing to health-conscious consumers. Other fruit powders such as coconut flour and apple powder provide unique flavors and nutritional benefits. According to Miditer, coconut flour is a soft flour produced from dried coconut meat. It’s a by-product of coconut milk production, which ensures minimal waste in coconut processing.  These alternatives can potentially dampen banana powder sales especially among consumers seeking diverse dietary options.

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Key Market Players: 

Product/Service launches, approvals, patents and events, acquisitions, partnerships, and collaborations are key strategies adopted by players in the Banana Powder Market. The top 10 companies in this industry are listed below:

1. Fresh Del Monte Produce Inc.
2. Chiquita Brands International Sàrl
3. Dole plc
4. Taj Agro International
5. Kanegrade Limited
6. Vinayak Ingredients Pvt. Ltd.
7. Mevive International
8. Naturalin Bio-Resources Co. Ltd.
9. Nutraceuticals International Group
10. NuNaturals Inc.

Scope of the Report: 

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