Food and Beverages

Banana Flour Market

Global Industry Analysis and Forecast 2024-2031

Pages : 120

Base Year : 2023

Released Year : April 2024

Format :Pdf Ppt Xls

Report ID:KR616

Author : Priyanka V.

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Base Year

2023

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Forecast Year

2024-2031

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Historical Years

2019-2022

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Market Value (2023)

USD 792.9 Million

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Forecasted Value (2031)

USD 1128.6 Million

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CAGR (2024 - 2031)

4.5%

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Fastest Growing Region (2024 - 2031)

Asia Pacific

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Largest Region

North America

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By Type

Conventional, Organic

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By Application

Food and Beverages, Dietary Supplements, Pharmaceutical Industry, Cosmetic & Personal Care Industry, Animal Feed, Ohers


Banana Flour Market Size

The global Banana Flour Market was valued at USD 792.9 million in 2023 and is projected to reach USD 1128.6 million by 2031, growing at a CAGR of 4.5% from 2024 to 2031. The banana flour market has witnessed consistent expansion driven by a surge in the demand for gluten-free and natural food products. With consumers increasingly prioritizing health and nutrition, there is a notable shift toward alternative flours that offer nutritional advantages. The use of banana flour across diverse culinary applications has further fueled its acceptance among both amateur and professional culinary enthusiasts.

Additionally, surging consumer awareness about its health benefits and applications in a broad spectrum of culinary uses is bolstering product demand. This flour is gaining traction as an alternative to conventional wheat flour across a diverse dietary spectrum, including gluten-free and paleolithic, due to its application from pastries to smoothies. Moreover, market growth is driven by its nutritional benefits, changing consumer preferences, advancements in food processing technologies, and the evolving regulatory landscape for food labeling and safety. Moreover, the market demand for banana flour is expanding beyond its conventional strongholds in tropical regions to encompass a broader range of market in North America, Europe, and the Asia-Pacific region, driven by a surge in consumer preference for natural and organic foods. This shift is further supported by the rising adoption of plant-based diets and eco-conscious food sourcing, which is presenting market participants with opportunities to innovate and carve out a distinct presence in a competitive environment.

Banana flour is made from dried and ground green bananas. It is a gluten-free ingredient with various applications in the food industry. It offers several nutritional benefits and can be used as a healthy alternative to wheat flour. It meets safety standards and has potential uses in pharmaceuticals, cosmetics, and sustainable packaging materials. Due to its versatility, it is likely to experience growth in various applications across the food sector.

Analyst’s Review 

The banana flour market is growing considerably due to escalating demand for gluten-free and health-conscious alternatives to conventional flours. In order to capitalize on this growing trend, manufacturers are intensifying their efforts in product innovation and broadening their offerings to appeal to the expanding consumer demographic. Additionally, forging strategic alliances and partnerships with retailers and distributors is becoming increasingly vital for enhancing market penetration and elevating brand recognition.

Furthermore, entities within the banana flour sector are adopting strategies, such as investing in research and development activities, which is enabling the creation of innovative product lines that cater to diverse consumer preferences. They are also incorporating unique flavors, textures, and visually appealing packaging to distinguish their offerings from competitors and attract a larger customer base. Additionally, companies are focusing on building strong partnerships with local agricultural producers and suppliers to ensure a consistent supply of high-quality raw materials.

Banana Flour Market Growth Factors

Growing consumer awareness about the significance of maintaining a healthy diet and lifestyle has led to an increased demand for natural and nutritious food products. Banana flour, known for its abundant fiber and resistant starch content, has emerged as a versatile ingredient that can be incorporated into a wide range of recipes. Rising health consciousness among consumers has propelled the growth of the banana flour market, as more individuals seek alternatives to traditional wheat flour. Moreover, the gluten-free and paleo-friendly characteristics of banana flour have augmented its appeal among those with dietary restrictions or preferences. food manufacturers and retailers are capitalizing on this escalating demand by integrating banana flour into their product offerings, which is propelling market expansion. Furthermore, banana flour is utilized extensively in baked goods such as breads, cakes, and muffins as well as in savory dishes such as soups, sauces, and batter for frying. Its subtle banana flavor offers a distinctive twist to recipes, making it a favored choice among both amateur and professional chefs. Due to the nutritional benefits and culinary versatility, banana flour has become a staple in numerous households worldwide. 

However, volatility in supply chain is hindering the growth of the banana flour market. the unpredictability in transportation, storage, and distribution of raw materials has led to delays in production and increased costs for manufacturers. This has affected the availability of banana flour in the market and is impacting the quality and consistency of the product. To that end, companies are investing in building more stable and resilient supply chains to ensure a consistent flow of raw materials and a reliable production process. 

Banana Flour Market Trends

The banana flour market is currently being influenced by the growing demand for gluten-free and natural food products, driven by consumers' increasing health consciousness and need for alternative flours for baking and cooking. Banana flour has gained popularity in this context due to its nutritional benefits and versatility, positioning it as a favored choice. This trend is expected to persist in the forecast period as more individuals adopt gluten-free diets and seek healthier substitutes for conventional wheat flour.

Furthermore, the rising popularity of plant-based diets is projected to impact the banana flour market over the forecast period. As more consumers adopt vegetarian or vegan lifestyles, the demand for plant-based ingredients such as banana flour is expected to rise. This trend is motivated by concerns surrounding sustainability, animal welfare, and personal health. The market is likely to witness sizable growth as more individuals seek plant-based alternatives to traditional ingredients. Moreover, the increasing awareness of food allergies and intolerances will contribute to the surge in the demand for banana flour. With more individuals being diagnosed with allergies to wheat, gluten, and other common ingredients, the use of alternative flours such as banana flour is increasing.

Segmentation Analysis

The global banana flour market is segmented based on type, application, and geography.

By Type

Based on type, the market is segmented into organic and conventional. The conventional segment led the market in 2023, reaching a valuation of USD 360.03 billion, due to its widespread availability and familiarity, which make it a convenient and accessible choice for consumers. Consumers are purchasing conventional banana flour from local grocery stores or online retailers, which is contributing to its popularity. In addition to this companies operating in the banana flour market are prioritizing the expansion of their conventional product lines to meet the increasing demand and maintain a competitive advantage in the industry. For instance, in June 2021, Edward & Sons Trading Co., Inc. launched Let's Do Organic® Green Banana Flour. This flour is made from unripe organic bananas before their sugar content has developed peaks, which are then dried at low temperatures to retain the nutrients and resistant starch.

By Application

Based on application, the market is bifurcated into food and beverages, dietary supplements, pharmaceutical industry, cosmetic & personal care industry, animal feed, and others. The food & beverage segment secured the largest revenue share of 44.7% in 2023, due to the increasing consumer demand for gluten-free and healthy alternatives in consumer’s diet. Additionally, this versatile ingredient is utilized in various recipes, ranging from baked goods to smoothies, which is fueling product demand. The nutritional benefits of banana flour, such as its high resistant starch and fiber content, have also contributed to its appeal among health-conscious consumers. Furthermore, the growing trend of plant-based diets has further amplified the demand for banana flour as a sustainable and environmentally friendly substitute for traditional wheat flour. To capitalize on this trend, food and beverage companies are incorporating banana flour into their products to meet the evolving preferences of consumers. For instance, in October 2021, the ICAR-National Research Centre for Banana (NRCB) in Trichy signed a memorandum of understanding (MoU) with Cake Bee, one of India's top bakeries. The ICAR's low-cost innovative method of foam mat drying may be a viable alternative for producing cost-effective banana powders from ripe or market-rejected bananas.

Banana Flour Market Regional Analysis

Based on region, the global banana flour market is classified into North America, Europe, Asia-Pacific, MEA, and Latin America.

Banana Flour Market Size & Share, By Region, 2024-2031

North America emerged as the leading region in the banana flour market in 2023, due to several key factors such as strong infrastructure and advanced technology that have enabled efficient production and distribution of banana flour products. This has allowed North American companies to meet the increasing demand for healthier, gluten-free alternatives in the market. Additionally, the growing consumer awareness & preference for natural and organic ingredients have further fueled the demand for banana flour in North America. Furthermore, the diverse food industry in the region and innovative culinary trends have also contributed to the popularity of banana flour in various food products, which is boosting regional market development.

Asia-Pacific is projected to register the highest CAGR of 5.5% over the forecast period due to several key factors such as the increasing awareness of the health benefits of banana flour and increased demand for natural and gluten-free alternatives to traditional flours. Additionally, the rise of vegan and plant-based diets in the region has further boosted the popularity of banana flour as a nutritious and sustainable option for baking and cooking. The abundance of ripe bananas in countries such as India, the Philippines, and Indonesia has also contributed to the growth of banana flour production in the region. Overall, the unique combination of health consciousness, dietary trends, and agricultural resources has positioned the Asia-Pacific as a prominentregion in the banana flour market.

Competitive Landscape

The global banana flour market report will provide valuable insight with an emphasis on the fragmented nature of the industry. Prominent players are focusing on several key business strategies such as partnerships, mergers and acquisitions, product innovations, and joint ventures to expand their product portfolio and increase their market shares across different regions. Strategic initiatives, including investments in R&D activities, the establishment of new manufacturing facilities, and supply chain optimization, could create new opportunities for market growth.

List of Key Companies in Banana Flour Market

  • Pereg Gourmet Spices
  • Food Banatone
  • Seawind Foods
  • Woodland Foods
  • Divine Foods
  • APKA Industries
  • Miski Organics
  • Saipro Biotech Private Limited
  • LiveKuna
  • Diana Foods

Key Industry Developments in Banana Flour Market

  • January 2022 (Agreement): The Federation of Indian Export Organization (FEO) inked an agreement with the Agricultural and Processed Food Products Export Development Authority (APEDA) and Directorate General of Foreign Trade to revolutionize overseas exports of Poovan variety of banana through an infusion of high-tech in cultivation processes.

 The global Banana Flour Market is segmented as:

By Type

  • Conventional
  • Organic

By Application

  • Food and Beverages
  • Dietary Supplements
  • Pharmaceutical Industry
  • Cosmetic & Personal Care Industry
  • Animal Feed
  • Ohers

By Region

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • France
    • U.K.
    • Spain
    • Germany
    • Italy
    • Russia
    • Rest of Europe
  • Asia-Pacific
    • China
    • Japan
    • India
    • South Korea
    • Rest of Asia-Pacific
  • Middle East & Africa
    • GCC
    • North Africa
    • South Africa
    • Rest of Middle East & Africa
  • Latin America
    • Brazil
    • Argentina
    • Rest of Latin America
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  • Check Icon Regional Market Dynamics
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  • Check Icon Historical Data Up to 5 Years
Frequently Asked Questions (FAQ's)
The global banana flour market is projected to reach USD 1128.6 million by 2031, growing at a CAGR of 4.5% from 2024 to 2031.
The global banana flour market was valued at USD 792.8 million in 2023.
The increasing consumer demand for healthier food alternatives is boosting the growth of banana flour market.
Top manufacturers of banana flour market are Pereg Gourmet Spices, Dr. Food Banatone, Seawind Foods, Woodland Foods, Divine Foods, APKA Industries, Miski Organics, Saipro Biotech Private Limited, LiveKuna, and Diana Foods, among others.
Asia-Pacific is the fastest growing region with the CAGR of 5.5% in the forecasted period (2024-2031) with the market value forecasted to reach at USD 271.4 million.
By type, conventional will hold the maximum share in the banana flour market with the revenue value of USD 516.2 million in 2031.
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