BROOKLYN, NY, USA, February 1, 2024 /EINPresswire.com/ — IMARC Group, a leading market research company, has recently released a report titled “Banana Powder Market Report by End Use (Food Industry, Feed Industry, and Others), and Region 2024-2032”. The study provides a detailed analysis of the industry, including the market share, size, trends, and growth forecast. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
How big is the banana powder market?
The global banana powder market size reached US$ 1,228.5 Million in 2023. Looking forward, IMARC Group expects the market to reach US$ 2,145.2 Million by 2032, exhibiting a growth rate (CAGR) of 6.2% during 2024-2032.
Global Banana Powder Market Trends:
The banana powder market is experiencing growth propelled by the increasing popularity of plant-based diets and the rising demand for gluten-free alternatives. In line with this, as consumers increasingly seek healthier options, banana powder emerges as a valuable ingredient, providing a natural, gluten-free solution for enhancing flavor and nutrition in a variety of F&B products, creating a positive outlook for market expansion. Furthermore, the expanding utilization of banana powder in the pharmaceutical industry as a functional and value-added ingredient in medicinal products due to its nutritional richness and potential health benefits is contributing to the market growth.
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Factors Affecting the Growth of the Banana Powder Industry:
The increasing consumer awareness about health benefits:
The growing consumer awareness about the health benefits of banana powder has significantly contributed to the market’s expansion. Bananas are rich in essential nutrients such as potassium, vitamins, and dietary fibers. Consumers are increasingly recognizing the nutritional value of bananas and are seeking convenient ways to incorporate them into their diets. Banana powder serves as a versatile and convenient option, allowing individuals to enjoy the health benefits of bananas in a concentrated form. The powder is used in various food products, smoothies, and nutritional supplements, providing consumers with an easily accessible and nutritious alternative. This increased awareness of the health benefits of banana powder is driving its demand among health-conscious consumers.
The expanding applications in the food and beverage (F&B) industry:
The expanding applications of banana powder in the food and beverage industry plays a crucial role in driving market growth. Banana powder is used as a flavoring agent, natural sweetener, and coloring agent in a wide range of food products. Its versatility makes it suitable for use in bakery products, confectioneries, baby food, and beverages. The powder enhances the flavor profile of the end products, adds natural sweetness, and imparts a desirable color. The F&B industry’s constant innovation and the incorporation of banana powder into new and diverse products contribute to the sustained demand for this ingredient.
The rising demand for natural and organic products:
The rising demand for natural and organic products is positively impacting the banana powder market. Consumers are increasingly seeking natural and organic alternatives, driven by concerns about the use of synthetic additives and preservatives in food products. Banana powder, being a natural ingredient derived from ripe bananas, aligns with this consumer trend. Manufacturers are responding to this demand by offering organic and clean-label banana powder options. The appeal of natural and organic products extends beyond the conventional F&B sector, influencing the personal care and cosmetic industries as well.
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
• Chiquita Brands International Sàrl
• Fresh Del Monte Produce Inc.
• Dole plc
• Fyffes plc (Sumitomo Corporation)
• GRUPO JUGAL Inc.
Banana Powder Market Report Segmentation:
By End Use:
• Food Industry
• Feed Industry
The food industry accounted for the largest market share due to the versatile applications of banana powder in various food products, including bakery items, confectioneries, baby food, and beverages.
• North America
• Asia Pacific
• South America
• Middle East and Africa
North America emerged as the leading market for banana powder, attributed to the region’s growing demand for natural and nutritious ingredients, coupled with the widespread incorporation of banana powder in diverse F&B applications.
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Key Highlights of the Report:
• Market Performance (2018-2023)
• Market Outlook (2024-2032)
• Market Trends
• Market Drivers and Success Factors
• Impact of COVID-19
• Value Chain Analysis
• Comprehensive mapping of the competitive landscape
If you require any specific information that is not covered currently within the scope of the report, we will provide the same as a part of the customization.
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