August 7, 2022
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Food & Beverages

Banana Powder Market Size to Grow at a CAGR of 5.1% During the Forecast Period 2021–2026

Banana Powder Market

Banana Powder Market size was estimated at $936.7 million in 2020, projected to grow at a CAGR of 5.1% during the forecast period 2021-2026. The Banana Powder industry has witnessed huge demand. Bananas are high in potassium, proteins, and vitamins, making them suitable for a balanced diet. They’re high in vital nutrients and can help with digestion, heart health, and weight loss. It contains dietary riboflavin also known as vitamin B2 and antioxidants. They are also a very easy snack food, rich in carbohydrates in addition to being very nutritious. To prolong the shelf life of raw bananas, the water content is removed. Banana powder is made from bananas that have been processed. It’s a natural food ingredient and is commonly used in milkshakes and baby foods. It’s also used in the production of a variety of cakes and cookies. Because of its features and health benefits, it is commonly used in various end-use industries such as cosmetics, food and beverages, and so on. Banana powder aids in bone strength, digestion, nutrient absorption, and vision, as well as preventing dehydration, regulating blood pressure, and relaxing muscles. The banana powder contains dietary Riboflavin that is essential for the growth, development, and function of body cells. It also aids in the conversion of the food into the energy needs. Bananas, like other fruits and vegetables, are a healthy source of dietary antioxidants. Two types of strong antioxidants present in them are dopamine and catechins. Antioxidants have been linked to a number of health benefits, such as a reduced risk of heart failure and degenerative diseases. It’s also very simple to use, with little to no product waste and residue. It can also be substituted for bananas in a number of recipes because it restores all of the essential nutrients and properties of the raw fruit. It also extends the shelf life and consumption of bananas thus lowering post-harvest losses. Aside from that, clinical trials are being carried out to see whether banana powder can be used in the pharmaceutical industry. However, as it is a natural food ingredient the market’s growth is being hampered by the high maintenance requirements for its storage.

Key Takeaways

  • Bananas are rich in antioxidants that help minimize free radical damage and reduce the risk of certain diseases.
  • Its application in a variety of industries, from food and cosmetics to pharmaceuticals and feed, has prompted its development all over the world.
  • Owing to the rising consumer awareness of the health benefits of bananas and high banana production and consumption, Asia Pacific dominated the Banana Powder Market in 2020.
  • The market for banana powder is increasing owing to increasing demand in the cosmetics industry and rising customer health consciousness.

Banana Powder Market Segment Analysis – By Application

Based on Application, Banana Powder Market is segmented into Beverages, Feed Industry, Pet Food, Cosmetics, Household, and Food Industry. Food Industry segment is accounted for the largest revenue market share in 2020. This is majorly attributed to the widespread use of banana powder in drinks and baby food. Furthermore, since it is high in potassium and other essential nutrients, banana powder aids in the development of immunity in babies, which is contributing to the segment’s growth. Their fiber and antioxidant content, among other things, helps to improve digestive and cardiovascular health. They also help you lose weight because they’re low in calories and high in nutrients. The bananas are almost entirely made from water and carbohydrates, each having just about 105 calories. There is very little protein in bananas and almost no fat. The green unripe bananas contain mostly starch and resistant starch, but the starch transforms into sugar when the banana ripens (glucose, fructose and sucrose).Cosmetics segment predicted to grow with the fastest CAGR of 5.6% in the forecast period 2021-2026. The moisturizing properties, such as skin nourishment and relief from itching and irritation, have made it popular in the cosmetics industry. It is used to color correct and give the skin a warm glow, as well as to reduce shine, absorb excess oil, set makeup for longer wear, and minimize fine lines.

Banana Powder Market Segment Analysis – By Source:

Based on Source, Banana Powder Market is segmented into Organic, conventional. Conventional segment has accounted for the largest revenue market share in 2020. Organic bananas are one of the most commonly consumed crops on the planet. More than half of the bananas consumed in the United States come from Ecuador, India, or China. Organic methods depend solely on natural methods to promote plant growth and eradicate predatory insects, while conventional methods use synthetic fertilizers and pesticides. Although some people believe that organic bananas are more nutritious and contains good amount of dietary riboflavin and taste better than conventional bananas. A deficiency of dietary riboflavin can cause skin disturbance, sores in your mouth’s corner, swollen and cracked lip, hair loss, sore throat and liver problems. Conventional segment is anticipated to grow with the fastest CAGR of 5.9% in the forecast period 2021-2026 owing to low cost and easily availability in the market. But Conventional bananas are sprayed with synthetic fertilizer, herbicides and a large number of other hazardous substances. This has a lasting impact on the product as it hits the market, but it also affects employees and the communities that surround the farms dramatically and often fatally. They are exposed directly to toxic chemicals and as a result, many cases of skin diseases and renal insufficiency have occurred.

Banana Powder Market Segment Analysis – By Geography

Based on Geography, Asia-Pacific Banana Powder Market accounted for the 40% revenue share in 2020. This is majorly attributed to the countries such as India, Australia and China are highly producing and eating banana fruits. For example, India is the largest banana producer followed by China, according to FAO documentation. The UN Food and Agriculture Organisation. Furthermore, between 2010 and 2017, India produced about 29 million tons each year, while China produced about 11 million tons each year. In the next few years, the European banana powder market is expected to represent a significant consumer share. North America is poised to grow with the fastest CAGR in the forecast period 2021-2026. As bakery products are highly consumed and the market for banana powder to produce baking products increases. Increased understanding of banana fruit’s health benefits owing to its properties such as rich in fiber, antioxidants, carbohydrates, dietary riboflavin and increased demand for banana powder from the local cosmetics and care industry.

Banana Powder Market Segment Analysis – Drivers

  • Increasing Demand of Banana Powder in Cosmetics Industry:

A major contributor to this segment’s growing demand for banana powder in the cosmetic industry. In addition, for all skin types banana can be used. A face mask will gently feed, purify, exfoliate and moisturize aging, skin acne aging, dry, and ordinary and mixed skin, with anti-aging and antioxidant properties. Bananas, also known as natural botoxes, have super-wrinkle nutrients which help to fade age spots and avoid developing fine lines and wrinkles. These are therefore the major advantages that will drive future banana powder demand, which increase banana powder market growth.

Banana Powder Market Segment Analysis-Challenges

  • Allergic Reactions by Banana:

The market growth is challenged by high maintenance requirements for storage. In addition, constant changes in raw material prices and additional banana powder calories leading to undesirable weights further limit its market development. Though it is a natural food ingredient, some individuals, however, may be allergic to banana use, and this, coupled with some product recalls, may impede the global demand for the powder of bananas. Most people consider bananas to be one of the first solid foods that a baby can feed. Some people may like, however, completely to avoid bananas. Banana allergies are also associated with an allergy to latex. It is due to the known allergy of some proteins in the rubber trees which make latex, and to proteins found in some nuts and fruit such as bananas. This condition, or latex fruit allergy, is known as latex-food syndrome.

Banana Powder Market Segment Landscape:

Product launches, mergers and acquisitions, joint ventures and geographical expansions are key strategies adopted by players in the Banana Powder Market. Banana Powder Market top 10 companies are Mevive International, Naturalin Bio-Resources Co. Ltd, Fyffes, Banana Link, Banatone Industries, Del Monte Fresh, Santhosh Food Products, Aarkay Food Products Ltd, NuNaturals Inc, Urban Platter, Babyvita India Food Products, Royal Nut Company.

Acquisitions/Product Launches:

  • In February, 2021, Fresh Del Monte Produce Inc announced a partnership with the Queensland Technology University (QUT) based in Brisbane, Australia, through its subsidiary Del Monte International GmbH to drive research towards developing disease-resistant bananas. This collaboration will aid in identifying new methods of cultivating Bananas, also known as Fusarium or Panama Disease, less vulnerable to Tropical Race 4 (TR4) and more sustainable to our food supply.