Report Overview

2023

Base Year

2018-2023

Historical Year

2024-2032

Forecast Year

Global Banana Powder Market Outlook

The global banana powder market stood at a value of more than USD 1,188.69 million in 2023 and expected to grow at a CAGR of 5.8% in the forecast period of 2024-2032.

Increased Use in the Food Industry to Support the Market Growth of Banana Powder

The market is currently being driven by the growing product demand in the food industry as banana powder is largely used in confectionery applications for the production of cakes, breads, pastries, and ice cream preparations, among others. In addition, banana powder also finds usage in infant food products, as it is easy to digest and is rich in potassium and other nutrients. Meanwhile, the demand for banana powder is also growing in animal feed preparations with the expanding livestock population worldwide.

Banana Powder Market

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The Asia Pacific to Provide Lucrative Growth  Opportunities for the Market  Expansion of Banana Powder

The Asia Pacific region is expected to account for a significant share of the global market for banana powder. This can be associated with the increased availability of bananas in the region, with India being the largest producer of bananas in the world, accounting for a total production volume of around 31.5 million tonnes in 2020. The increased demand for bananas across industry verticals is anticipated to support the market growth in the coming years. Meanwhile, the North America market for banana powder is anticipated to witness a considerable growth in the coming period, with the rising awareness regarding the availability and benefits of banana powder among consumers.

Market Segmentation

Banana powder is manufactured from fully ripened banana fruits either through drum drying or spray drying process. Processing of bananas into banana powder increases their shelf life to more than 6 months, provides the ease of transportation, and facilitates proper utilisation of bananas.

Banana Powder Market by Segments

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By source, the market is divided into:

  • Organic
  • Conventional

On the basis of process type, the industry can be categorised into:

  • Freeze Dried
  • Spray Dried
  • Others

Based on sales channel, the market can be bifurcated into:

  • Direct Sales
  • Indirect Sales

The market, on the basis of end use, can be segregated into:

  • Food Industry
  • Feed Industry
  • Others

The regional markets for the product include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Growing Consumer Demand for Healthy Food to Augment the Market Growth of Banana Powder

The market is being aided by the rising consumer focus on health enhancing food to improve digestion, immunity, and overall physical health. Banana powder is a rich source of carbohydrates, antioxidants, and essential vitamins. Further, banana powder is also used in place of bananas in various recipes due to its ease of use and convenience. Another major factor supporting the market growth is the improved shelf-life of the product and reduced post-harvest losses of bananas. In addition, the increased utilisation of banana powder to prepare cosmetic products is anticipated to propel the market growth in the forecast period. For instance, major cosmetics manufacturers such as Maybelline have launched banana-based setting powders, which help set the make-up effectively and also provide a matte finish. Furthermore, the growing research activities in analysing the use of banana powder in the pharmaceutical sector are expected to create lucrative growth opportunities for the market in the forecast period.

Banana Powder Market by Region

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Key Players in the Global Banana Powder Market

The report gives a detailed analysis of the key players in the global banana powder market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds.

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model and SWOT analysis.

Key Highlights of the Report

REPORT FEATURES DETAILS
Base Year 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Scope of the Report

Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:

  • Source
  • Process Type
  • Sales Channel
  • End Use
  • Region
Breakup by Source
  • Organic
  • Conventional
Breakup by Process Type
  • Freeze Dried
  • Spray Dried
  • Others
Breakup by Sales Channel
  • Direct sales
  • Indirect sales
Breakup by End Use
  • Food Industry
  • Feed Industry
  • Others
Breakup by Region
  • North America
    • United States of America 
    • Canada
  • Europe
    • United Kingdom
    • Germany
    • France
    • Italy
    • Others
  • Asia Pacific
    • China
    • Japan
    • India
    • ASEAN
    • Australia
    • Others
  • Latin America
    • Brazil
    • Argentina
    • Mexico
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • United Arab Emirates
    • Nigeria
    • South Africa
    • Others
Market Dynamics
  • SWOT Analysis
  • Porter's Five Forces Analysis 
  • Key Indicators for Demand
  • Key Indicators for Price
Competitive Landscape
  • Market Structure
  • Company Profiles
    • Company Overview
    • Product Portfolio
    • Demographic Reach and Achievements
    • Certifications
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*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*

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Key Questions Answered in the Report

The global banana powder market reached a value of USD 1,188.69 million in 2023.

The market is projected to grow at a CAGR of 5.8% during the forecast period of 2024-2032.

By 2032, the market is estimated to reach a value of USD 1,974.43 million.

The key drivers of the market include rising disposable incomes, increasing population, increasing adoption of the product due to its longer shelf life and ease of use, and rising consumption of processed foods.

The incorporation of banana power in various cosmetics items and the growing shift towards organic products are the major trends that are expected to influence the market growth positively.

Asia Pacific is the leading region in the global market. North America, Latin America, the Middle East and Africa, and Europe are the other major regions in the market.

The leading sources of the product in the market are organic and conventional sources.

The significant process types through which banana powder is produced include freeze and spray dried processes.

Direct and indirect sales are the most significant sales channels in the market. 

Food sector accounts for the largest share of the market, in terms of end-uses.

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