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Banana Blossom Market

Growing demand for plant-based meat substitutes to Bolster the Growth in Demand for Banana Blossom Market: Opportunities Ahead

Banana Blossom Market by Type (Canned and Frozen), Canned Banana Blossom Market is projected to grow at a CAGR of over 6.6% during 2023 to 2033.

Global Banana Blossom Market Outlook (2023 to 2033)

Newly-released Banana Blossom Market analysis report by Persistence Market Research reveals that global sales of Banana Blossom in 2022 were held at US$ 162 Million. With 6.7% projected growth from 2023 to 2033, the market is expected to reach a valuation of US$ 333 Million by the end of the forecast period. Canned banana blossom is expected to be the highest revenue-generating segment, projected to grow at a CAGR of over 6.6% during 2023 to 2033.

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Details

Banana Blossom Market Size Value In 2022

US$ 162 Million

Banana Blossom Market Size Value in End of Forecast (2033)

US$ 333 Million

Banana Blossom Market CAGR (2023 to 2033)

6.7%

U.S. Banana Blossom Market CAGR (2023 to 2033)

6.4%

Key Companies Covered

  • Theppadungporn Coconut Co., Ltd.
  • Thai Agri Foods Public Company Ltd.
  • Asco Foods
  • Ceres Organics
  • Cooks&Co
  • Biona Organic, Inc.
  • FreshPoint Inc.
  • EcoTokari
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Revenue of Banana Blossom Market from 2018 to 2022 Compared to Demand Outlook for 2023 to 2033

As per the research of Banana Blossom Market by Persistence Market Research - a market research and competitive intelligence provider, historically, from 2018 to 2022, the value of the market increased at around 7.6% CAGR. With an absolute dollar opportunity of US$ 159 Million, the market is projected to reach a valuation of US$ 333 Million by 2033.

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What are the Key Drivers Influencing Banana Blossom Market's Expansion?

The key driver influencing Banana Blossom Market is its variety of uses. Banana blossom has a meaty texture which provides an excellent plant-based substitute for fish. Canned and frozen banana blossom can be directly consumed or used in many cuisines such as salads, curries, desserts, noodles, and soups.

In 2020, the global sales of plant-based dairy and meat sales were held at over US$ 29 billion and are expected to grow steadily in the future. With this growth, the demand for alternative plant-based meat products is also increasing. Banana blossom is expected to gain demand in the future as it can be used as a fish substitute. For instance, a restaurant called Suttons and Sons is using banana blossom to make British classic fish and chips in London. Many more restaurants are expected to pick up on this trend and gain demand in the future.

Consumers' preference for organic foods has significantly increased as in 2021, the sales of organic foods have reached nearly US$ 58 Billion in the U.S. accounting for 4% of total food sales. This demand for organic food is likely to fuel demand for organic canned banana blossoms available in the market.

Besides being used in cuisines, banana blossoms are also known to be a superfood that is rich in antioxidants and has significant health benefits to support menstrual wellness, control diabetes and help the digestive system. For instance, the International Journal of Health Science & Research published a research paper in 2019 about the development of banana blossom powder to be beneficial for anemia patients.

The companies are producing canned and frozen versions of banana blossoms so they can be utilized for a longer period. Besides, the inclusion of various recipes on their websites to popularize their use as a meat substitute and make a wide variety of cuisines from around the world. This strategy can help gain popularity for use of banana blossom in cuisine which can result in its demand.

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Which Region is Projected to Offer the Largest growth in the Banana Blossom Market?

Asia Pacific is a prominent shareholder of the Banana Blossom Market with a market size of US$ 82 Million in 2022 and US$ 88 Million in 2023. It is projected that Asia Pacific will have a market worth US$ 168.5 Million in 2033.

Banana blossoms are traditionally used in Asian cooking due to their higher cultivations, for instance, India produced around 30.5 million tons of bananas in 2019 and it grew to 31.5 million tons of banana production in 2021.

With the growth in banana production year on year, naturally, banana blossom production is also increasing. This significant growth is resulting in the export of banana blossoms from India to countries like the U.K., Japan, and Qatar. India is one of the top exporters of banana blossom in the world with 3.4 thousand banana blossom shipments in 2022.

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Country-Wise Analysis:

United States Banana Blossom Market Analysis:

The market in the country is expected to grow to be worth US$ 56.9 Million with an absolute dollar growth of US$ 26.3 Million from 2023 to 2033. The market in the United States has grown at a CAGR of 4.5% from 2018 to 2022 and is expected to grow at a CAGR of 6.4% from the year 2023 to 2033.

Plant-based food is a new trend in the U.S. According to the U.S. retail data the sales for plant-based food grew by 6% in 2021, generating revenues of around US$ 7.4 Billion. Plant-based meat in this category had grown by around 45% in 2020 and has been steadily growing since. This trend can be beneficial for banana blossom sales as banana blossoms have a texture that can be used as a vegan fish substitute.

United Kingdom Banana Blossom Market Analysis:

The market in the United Kingdom is expected to grow to be worth US$ 8.5 Million with an absolute dollar growth of US$ 3.3 Million from 2023 to 2033. The market in the country has grown at a CAGR of 3.1% from 2018 to 2022 and is expected to grow at a CAGR of 5.1% from 2023 to 2033.

Fish and chips are a classic staple food of Britain. However, to keep up with the growing demand for vegan, plant-based, and cruelty-free food many restaurants in the U.K. are using plant-based fish substitutes for making classic fish and chips. As banana blossom provides a good substitute for fish, restaurants like Suttons and Sons opened in 2018 are using banana blossom to make fish and chips. This is expected to increase its demand during the projected period.

China Banana Blossom Market Analysis:

China's Banana Blossom Market is expected to grow to be worth US$ 87.6 Million with an absolute dollar growth of US$ 47.6 Million from 2023 to 2033. The market has grown at a CAGR of 9.7% from 2018 to 2022 and is expected to grow at a CAGR of 8.1% from the year 2023 to 2033.

China is one of the largest producers of bananas around the world with a production of 11.7 metric tons in 2021, it is also one of the top exporters of banana blossoms globally with over 1.9 thousand shipments shipped to countries like Vietnam, India, and the U.S. in 2022.

In 2022, about 5% of China’s total population was vegan and the plant-based protein industry was worth around US$ 1.4 billion. This adoption of veganism and the availability of banana blossoms as a plant-based meat option can result in the growth of banana blossom usage.

South Korea Banana Blossom Market Analysis:

The market in South Korea is expected to grow to be worth US$ 21.1 Million with an absolute dollar growth of US$ 10.5 Million. The market has grown at a CAGR of 9% from 2018 to 2022 and is expected to grow at a CAGR of 7.1% from 2023 to 2033.

South Korea is one of the highest consumers of fish and seafood per capita. For instance, in 2019 over 57 kg of fish were consumed per capita in South Korea. But along with that people are also adapting to vegan foods as plant-based meat generated over US$ 111 in revenues in 2019. This is expected to create an opportunity for banana blossom demand as an ideal substitute for fish with similar texture and taste.

Category-Wise Insights

Which Type of Banana Blossom Market Is Projected to Witness the Fastest Growth?

The market for Canned Banana Blossom is projected to witness significant growth, with a CAGR of 7.4% from 2018 to 2022, and is expected to grow at a CAGR of 6.6% from 2023 to 2033.

Banana blossoms are canned or frozen with the intent of increased shelf life to ensure export to countries that don’t produce them. Frozen banana blossom needs to be preserved and kept frozen hence their texture and cooking time might be different. But canned banana blossoms soaked in brine are mostly used as they have limited cooking time and can be directly used from the can. This advantage and convenience of canned banana blossoms are expected to gain more demand in the market.

Which Application of the Banana Blossom Market Is Projected to Witness the Fastest Growth?

Banana Blossom in Snack/Dessert Products is projected to witness the fastest growth as it has grown at a CAGR of 7.2% from 2018 to 2022 and is expected to grow at a CAGR of 6.5% from 2023 to 2033.

Canned Banana blossoms have high antioxidants and are rich in various vitamins which makes them a healthy snack and can be consumed directly without processing. Banana blossom is also used in desserts, for instance, in Brazil traditionally banana blossom is used as filling in pastries, pies, and quiches. This variety of users can is likely to gain demand for banana blossoms as snacks.

Competitive Analysis:

Key players in the Banana Blossom Market are Theppadungporn Coconut Co., Ltd., Thai Agri Foods Public Company Ltd., Asco Foods, Ceres Organics, Cooks&Co, Biona Organic, FreshPoint Inc., EcoTokari and Upton’s Naturals.

The companies are promoting the use of banana blossom in various cuisines through their recipes section on their websites, restaurants are using banana blossom as a fish substitute to keep up with the plant-based protein trend.

Some of the recent developments in Banana Blossom Market are:

  • In May 2021, Upton’s Naturals launched USDA-certified organic, kosher meat alternative banana blossom filets to prepare U.K. classic fish & chips.
  • In April 2021, U.S.-based vegan food brand Upton’s Naturals partnered with Dot Foods to increase the customer reach of the brand’s 100% vegan meat alternatives through distributors, food services, and restaurants.

Segmentation of the Banana Blossom Market:

By Type:

  • Canned
  • Frozen

By Application:

  • Meat Products
  • Snacks/Dessert Products

By Sales Channel:

  • Supermarkets/Hypermarkets
  • Convenience Stores
  • Specialty Stores
  • Online Sales

By End User:

  • Retail Sales
  • HoReCa

By Region:

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa

- Companies Covered in This Report -

  • Theppadungporn Coconut Co., Ltd.
  • Thai Agri Foods Public Company Ltd.
  • Asco Foods
  • Ceres Organics
  • Cooks&Co
  • Biona Organic
  • FreshPoint Inc.
  • EcoTokari

- Frequently Asked Questions -

The global market is estimated to be valued at US$ 174 Million in 2023.

The market was reported at US$ 162 Million in 2022.

The market is expected to reach a valuation of US$ 333 Million in 2033.

The market registered a CAGR of 7.6% over the last 4 years.

The market is projected to witness a CAGR of 6.7% from 2023 to 2033.

The market through canned Banana Blossom is projected to witness significant demand throughout the projection period at CAGR of 6.6% by 2033.

Snack/Dessert Products application of Banana Blossom is projected to witness the highest demand till 2033 and is expected to grow at a CAGR of 6.5%.

The United States is projected to witness a market size of US$ 56.9 Million and is expected to grow at a 6.4% CAGR till 2033.

Key players in the Banana Blossom Market are Theppadungporn Coconut Co., Ltd., Thai Agri Foods Public Company Ltd., Asco Foods, Ceres Organics, Cooks&Co, Biona Organic, FreshPoint Inc. and EcoTokari.

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