New report highlights the potential growth and applications for banana powder
A new report has highlighted the current scenario of the banana powder market and its demand and consumption in various applications, concluding that the market is expected to reach a market value of US$ 730 million by the end of 2027.
Banana flour is a powdered ingredient generally made from green banana or plantains and it is often used as a gluten-free ingredient and added in various baked goods. Predominantly driven by the gluten-free wave trending in the food and beverages industry, alternative flours such as banana flour are slated to witness steadily growing popularity over the next few years. In fact, according to the new report (Banana Flour Market by Future Market Insights) the global banana flour market is anticipated to witness growth at a CAGR of around 3.8% during the forecast period.
The global banana flour market’s growth is helped by the increase in production of green (cooking) bananas. Banana production has grown rapidly and has been up by +15% since 2008. Though dessert bananas account for 60% of the total production, the cooking banana sector has witnessed a steady production growth, indicating a rise in the demand for green bananas.
Due to the increasing awareness of banana flour as a gluten-free product, there will be a rise in the demand for gluten-free products in countries like the UK., Italy, U.S., Spain, Germany, Australia, Brazil, Canada, and India. In most of these countries, banana flour is being used as a gluten-free replacement for wheat flour.
The report broke down the banana powder market further to conclude that:
- The direct distribution channel segment is expected to reflect a higher contribution to the growth of the global market. The indirect channel segment is expected to register a relatively higher CAGR of 4.2% during the forecast period
- The food industry leads the market with high market value, with the pet food industry being projected to grow at a significant rate
- The conventional source segment has a higher market size and is expected to lead the global market during the forecast period. However, the organic source segment is projected to grow at a faster pace
- The Middle East and Africa are expected to dominate the market with an estimated market value of over US$ 300 million by the end of 2027. North America is expected to register the highest growth rate to register a value CAGR of 6.5% during the forecast period.
Furthermore, with increasing consumer awareness on the functional superiority of banana flour for resistant starch (which offers a wide range of benefits to gut health) over other sources of RS, green banana flour will continue to have a distinct edge over counterparts – boosting the demand for banana flour in the near future.