Banana Flour Market size is estimated to be $63 Million in 2020, growing at a CAGR of 4.4% during the forecast period 2021-2026. Banana flour is made from green bananas and has a mild flavor of raw bananas. When cooked banana flour losses the fruit flavor and hence used as a healthier alternative to white or processed wheat flours. Growing elderly population and the increasing demand of banana flours among adults as it is rich in resistant starch which helps diabetes patients improve insulin sensitivity and maintain blood sugar levels. In addition, the presence of potassium in banana flour provides multiple health benefits such as maintaining heart health and helping one deal with anxiety and stress. It also enhances muscle strength and boosts metabolism. Therefore, increasing health benefits associated with the consumption of banana flour is a vital factor contributing to its market growth. Apart from this, the use of Banana Flour in various food industry including bakery & confectionary, Infant Food, Soups & Sauces and others is also fueling its market growth in the upcoming years.
Banana Flour Market Segment Analysis – By Source
By Source, the Banana Flour Market is segmented into Organic and Conventional. Organic segment held the largest market share in the year 2020 owing to the increasing demand of gluten-free foods. Organic Banana flour is a novel and healthier option for gluten-free and wheat-free foods. In addition, it is made from fresh, green or unripe bananas grown from organic agriculture in which insecticides and fungicides are not used. The banana is cleaned, peeled, crushed, de-seeded, pasteurized, dehydrated and ground into a fine powder. Furthermore, organic banana flour provides various health benefits including improves negative effects on metabolic syndrome, promotes a healthy colon, reduce insulin sensitivity, weight loss and reduces cholesterol levels. Therefore, the increasing health benefits associated with its consumption is a vital factor up surging its market growth. Also, conventional segment is projected to witness growth at fastest CAGR of 4.6% in forecast period 2021-2026 owing its wide usage of banana flour in the production of gluten-free bread.
Banana Flour Market Segment Analysis – By Application
By Application the Banana Flour Market is segmented into Bakery & Confectionary, Infant Foods, Soups and Sauces and Others. Bakery & Confectionary segment held the largest market share in the year 2020 owing to the wide usage of Banana Flour in cakes and breads. Moreover, banana flour is high in potassium and RS2 resistant starch, in which the gluten-free flour works well as wheat flour replacement or partial replacement in a wide range of applications from smoothies and baked goods to desserts, pancakes, stir fry and waffles. Also, infant food segment is projected to witness growth at fastest CAGR of 4.9% in forecast period 2021-2026 owing to the wide usage of banana flour in infant food products. Moreover, banana flour helps in building immunity in babies as it is power-packaged with potassium and other vital nutrients. In addition, it is easy to digest and promotes healthy brain function for baby and kids. Therefore, the rising benefits associated with its consumption in baby’s food product is a vital factor contributing to its segmental revenue.
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Banana Flour Market Segment Analysis – By Geography
APAC contributed to the largest market share of 43% in 2020 owing to the large-scale production of banana flour in that region. For instance, in India banana ranks first in production and third in area among fruit crops. It accounts for 13% of the total area and 33% of the production of fruits, production is highest in Maharashtra (39241.1 thousand tons) followed by Tamil Nadu. North America Banana Flour market is another dominant market owing to the increasing awareness among consumers regarding the health benefits associated with its consumption.
Banana Flour Market Drivers
Increasing Health Benefits Associated with Banana Flour Consumption
Increasing health benefits associated with banana flour consumption is a significant factor driving the Banana Flour market during the forecast period 2021-2026. Moreover, banana flour is an excellent source of potassium which helps to control the electric activity of the heart and also helps lower cholesterol and aids muscle and nerve activity. Therefore, these are the key benefits propelling the demand of the Banana Flour in the future.
Increasing Use of Banana Flour in Bakery Industry
Increasing use of Banana Flour in bakery industry is a major driving the Banana Flour Market during the forecast period 2021-2026. Moreover, Let’s Do Organic Green Flour, cost $5.99 is a gluten-free flour imparting a smooth texture and subtle flavors to cakes, pastries and more. Therefore, increasing health benefits offered by Banana Flour coupled with the rising use of Banana Flour in bakery industry is driving its market growth in the upcoming years.
Banana Flour Market Challenges
High Cost of Banana Flour
High Cost of Banana Flour serves as a major setback for the growth of the Banana Flour Market during the forecast period 2021-2026. Owing to its high cost the consumers are unable to purchase it which in turn is restraining its market during the forecast period 2021-2026.
Banana Flour Market Industry Outlook
Product Launches, Merger & Acquisition, joint ventures and R&D activities are key strategies adopted by the players in Banana Flour Market. Banana Flour Market top 10 are Zuvii, Nunatural Inc., Diana Foods, Paradisefrucht Gmbh, Now Health Group Inc., Kanegrade Ltd, ADM Wild Europe Gmbh & Co. KG, Stawi Foods, Fruits Limited and International Agriculture Group.
Banana Flour Market Developments:
September 2017: International Agriculture Group launched green banana flour containing 65 percent resistant starch.
Key Takeaways
Organic segment held the largest market share in the year 2020 owing to the increasing demand of gluten-free foods.
Bakery & Confectionary segment held the largest market share in the year 2019 owing to the wide usage of Banana Flour in cakes and breads.
APAC contributed to the largest market share of 43% in 2020 owing to the large-scale production of banana flour in that region.
Increasing health benefits associated with banana flour consumption is a significant factor driving the Banana Flour market during the forecast period 2021-2026.
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