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Banana Flakes Market Segmented By Organic Banana Flakes, Conventional Banana Flakes for Processing Industry, Nutraceuticals, Retail/Household, Foodservice Industry
The market for banana flakes can be expected to expand at a value based CAGR of 5.1% and show an increase in revenue from US$ 515.2 Mn to around US$ 850.6 Mn by 2033.
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Banana Flakes Market Size (2023E) |
US$ 515.2 Mn |
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Projected Sales of Banana Flakes (2033F) |
US$ 850.6 Mn |
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Value CAGR (2023-2033) |
5.1% |
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Value Share of Top 4 Countries (2022E) |
55% |
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The global banana flakes market has witnessed significant growth in the historical period registering a CAGR of 3.6% in the historical period and was valued at US$ 515.2 Mn in 2023. The market is expected to grow steadily with increasing awareness and benefits about applications of banana flakes.
Global players anticipate an increase in demand for banana flakes, primarily from the food processing and nutraceutical industries. Countries with less banana production, less availability of fresh fruits, and fresh product import/export challenges present enormous opportunities for banana flakes manufacturers. Key players are expected to continue expanding their production capacities and improving capabilities by incorporating cutting-edge technologies. Furthermore, they are pursuing various certifications such as Vegan, Organic, Non-GMO, and clean label regulatory bodies in order to gain a competitive advantage and expand their customer base through new product development and frequent launches of new product lines.
As the health and nutrition factor would continue to dominate consumer food preferences, rising banana flakes consumption is expected to drive the market over the coming years. The global market for banana flakes is estimated to reach an approximate valuation of US$ 850.6 Mn in the forecast period.
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Get a Customized Version“Growing Consumer Preference for Organic Products”
Global demand for organic food products has inclined since the last decade, which shows the change in consumer behaviour towards organic food. Organic food relates to consumer health, which impacts the food and beverage market.
Nowadays, customers are becoming more apprehensive with how food is being processed and prepared, and are seeking healthy food, which reflects in the demand for organic and sustainable food processing. The trend of consuming healthy and being fit is rising, which drives consumers toward organic foods. Demand for organic food shows potential growth for organically processed banana flakes.
“Impact of Increased Demand for Nutritional Products”
The nutraceutical segment is anticipated to expand at a value CAGR of around 6.4%. Banana flakes carry an ample amount of nutritional value such as vitamins.
Rich in nutritional value makes banana flakes the recommended product for consumers who are health concerned. Comprised values in banana flakes such as minerals, potassium, magnesium, and nutrients such as A, B, B6, B9 make them a highly demanded food product.
“Banana Flakes-based Sweeteners Witnessing Increase in Demand”
Consumers are inclining more toward natural food products these days. Increased incidence of celiac diseases and irritable bowel syndrome (IBS) is anticipated to drive demand for gluten-free products, especially in developing regions.
Banana flakes, being a gluten-free product, may witness growth owing to their health benefits such as reduction in chronic inflammation and benefits in digestive health. With rising numbers of diet-conscious customers worldwide, demand for gluten-free products will grow over the coming years.
“Challenges Faced by Manufacturers of Banana Flakes”
Ready-to-eat cereal-based food products such as oats, corn, rice, and wheat flakes have excellent nutritional values and properties, which are essential for the proper working of the body. For instances, corn, wheat, and other flakes are rich in iron and vitamin. Oat flakes have soluble fiber, antioxidants, and carbohydrates. These products are acting as substitutes to banana flakes and are gaining popularity among consumers. Moreover, easy availability of these alternate flakes in the market may slow down demand for banana flakes and restrain overall market growth.
Bananas and by-products of bananas provide an excessive source of potassium and other nutrients. Greater amount of nutrients may affect the balance in the human body. Higher consumption of banana flakes may lead to infections and. Existence of Salmonella bacteria in banana products can result in fatal infections, especially in elder people and young children. Furthermore, excess use of banana products in the diet is related to typhoid and gastroenteritis, which may restraint the growing market of banana flakes.
Why Does Germany Hold a Significant Share for Banana Flakes in the European Market?
Germany is among the largest banana flake consuming country in Europe and accounts for almost 12% market share. Germany largely imports its bananas from major banana-producing countries for further processing into various banana-based products.
In Germany, banana flakes are largely utilized in the food processing industry along with the foodservice industry. Demand for banana flakes in the nutraceutical segment is anticipated to grow over the next decade. Market value in the year 2023 is expected to be around US$ 21 Mn, expanding at a value CAGR of more than 6%, owing to increased demand for nutraceutical products in the country.
Will India Be a Lucrative Market for Banana Flake Manufacturers?
Banana flake consumption is anticipated to expand at a value CAGR of around 8% in India. Sales are anticipated to grow prominently attributed to speedy growth of the food & beverage sector and demand for organic food in the country. Increasing demand for nutritional and healthy food products from health-concerned consumers is a major factor driving banana flake consumption in India.
Banana flake manufacturing companies in the country are also exporting to developed countries. Changing behaviour of consumers toward a healthy lifestyle by consuming healthy ingredients in the diet is anticipated to fuel demand for banana flakes over the next few years. Additionally, large population in the country is expected to drive demand for banana flakes with rising demand for infant food and organic food.
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How is Rising Demand for Bakery and Confectionery Products Increasing Sales Opportunities for Banana Flake Suppliers?
The use of banana flakes is in bakery and confectionery is expected to increase at a value CAGR of 4.7% globally. Dehydrated banana flakes, traditionally used in clinical settings, carry a six-month shelf-life, making them an excellent pantry staple. Banana flakes are an important ingredient for various fruit-based food products, as major players in the bakery industry are utilizing banana flakes for enhancing the flavor, texture, and taste of products.
The amount of starch and simple sugar present in banana flakes is ideal as a complete nutrient replacement for granulated sugar. Moreover, these properties are useful in creating a better base for pancakes, bread, pudding, and cheesecakes.
Will High Demand for Infant Nutrition Products Boost Sales of Banana Flakes?
The infant nutrition segment in the banana flakes market is expected to rise at a CAGR of 6.4% globally. There are several segments under the food and beverages industry that demand banana flakes, and one of them are infant nutrition food products. Bananas and their by-products are among the great foods for infants, due to the loaded essential nutritional values. Availability of good source fibers, vitamins, potassium, and manganese is a plus point.
Bananas consist of no fat and are low in calories with a high level of vitamin B6 and fiber, which is considered essential for a baby while growing. Bananas are the healthiest of all fruits, with a high level of antioxidants present, which protects children against all chronic diseases. With so many health benefits, banana flakes are widely used for making infant nutrition food products.
Manufacturers offering banana flakes are expected to witness demand majorly from South Asia and East Asia. They are focusing on increasing production capacity as well as research & development activities for the development of products to unveil the nutritional benefits of banana flakes. Companies such as Symrise, Van Duren Farms, Seawind International LLC, and others are focusing on offering high quality banana flakes for various end-use industries.
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Attribute |
Details |
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Forecast period |
2023-2033 |
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Historical data available for |
2018-2022 |
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Market analysis |
USD million for value |
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Key regions covered |
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Key countries covered |
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Key market segments covered |
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Key companies profiled |
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Report coverage |
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Customization & pricing |
Available upon request |
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The global market for banana flakes has a value of US$ 515.2 Mn in 2023.
The global market for banana flakes has a value CAGR of 3.6% from 2018-2022.
The global market for banana flakes has a value of US$ 850.6 Mn in 2033.
The global market for banana flakes has a value CAGR of 5.1% from 2023-2033.
Continuously rising demand for infant food products, which use banana flakes as an ingredient, is driving market expansion across regions.
Rising demand for gluten-free and organic products is an important factor catalysing the sales of banana flakes, worldwide.
Symrise, Orkla Group, Johs. Thoms GmbH & Co. KG, Agro America, and Dermasal are leading players offering organic and conventional banana flakes, and hold around 10% to 15% share of the global market.
Developing countries are mainly driving demand for banana flakes, such as India, Thailand, China, Indonesia, and South Africa.
