Banana Flour Market

Global Banana Flour Market Size (2024 to 2032)

The size of the global banana flour market is expected to be worth USD 806.51 million in 2024 and grow at a CAGR of 6.40% from 2024 to 2032 to achieve USD 1.32 billion by 2032.

The banana flour is a powder that is obtained by drying unripe green bananas and grinding them into a fine powder. It is gluten-free, primal, and paleo-friendly and is considered a versatile alternative to other flours. Banana flour is nutritious as it is rich in fiber, vitamins, minerals, etc. Hence it offers many health benefits. It is commonly used as a gluten-free replacement for wheat flour. It is widely used in various food products like pancakes, waffles, bread, confectionery, snacks, infant food, and many more, and it is also used to thicken soups and smoothies. It has a low glycemic index, so it can help with blood sugar control. Banana flour is frequently used in livestock feeds. Due to its overall benefits, it is widely used in various products throughout the world.

REPORT COVERAGE

Market Drivers

The growing awareness of health and wellness among consumers is majorly propelling the banana flour market growth. Recently, people are becoming more health conscious, and so they are seeking healthier and more nutritious food alternatives. Banana flour is one of the best alternatives for this demand as it is rich in vitamins, minerals, fibers, etc., and numerous nutrients make it an attractive food choice for health-conscious consumers. Naturally, banana flour is gluten-free, so it is suitable for those consumers with gluten sensitivity or celiac disease. Additionally, it follows the primal and paleo diet trends that are boosting the demand for banana flour among health consumers. Banana flour is widely used in various recipes, including bakery, dairy, and confectionery products. This makes banana flour a complete and maintained diet for health-conscious consumers. Hence, the growing trend of a healthy lifestyle is inducing an increased demand for banana flour globally.

Also, the rising demand for gluten-free products is majorly driving the market growth. As more people are becoming health-conscious, they opt for gluten-free diets, and hence the demand for alternative flour is growing among these consumers. Banana flour is a naturally gluten-free food product option that can perfectly fit into this growing gluten-free product trend. Also, it is nutritionally very rich due to the presence of various fibers, vitamins, and minerals in it, so banana flour is used in numerous food products as a nutritious and gluten-free ingredient. This can fulfill the demand of consumers who want healthy and gluten-free food products. Therefore, this attribute is contributing to an expansion in the market size.

Market Restraints

One of the major restraints on the banana flour market demand is the lack of awareness about the benefits and uses of banana flour. Though there is an increasing demand for gluten-free and healthy food products like banana flour, many people are not aware of this flour alternative. Many consumers may not know about its nutritional benefits and widespread use in the food and beverage industry, which leads to prefer other flour over banana flour. Hence, this lack of awareness about banana flour among consumers is restraining the market size expansion.

Another restraint to the market growth is the lack of raw material availability. As the production of banana flour mainly depends on green and unripe bananas, several factors can impact the availability of this raw material. Some factors like climate conditions and agricultural practices can impact the production and yield of bananas. Also, this fluctuation in the availability of raw materials can pose challenges related to the price of banana flour. With less availability of unripe bananas, there is an increase in the price of the final product, which is banana flour, and vice versa. Overall, this fluctuation in the availability of raw materials and related pricing in the production of banana flour can limit market growth.

Market Opportunities

A significant opportunity for the banana flour market growth is offered by the growing trend of vegan and plant-based diets. Nowadays, many people have become vegan and vegetarian, so they mostly prefer plant-based food products over animal-based food products. Hence, these people are majorly adopting nutritious and plant-based products, including banana flour, in their diets. Therefore banana flour is positioning itself as a vegan-friendly and healthy plant-based food ingredient which is boosting its demand in the market.

However, another opportunity for the banana flour market growth is presented by the innovative and diversified product offerings with the use of banana flour. Banana flour is a versatile ingredient that is added to a wide range of food products like bakery products, dairy products, and also in confectionery products. Mainly it is used to make tasty and innovative food products like muffins, snacks, and beverages like smoothies, and also used in baby foods. Other than this, banana flour is used in livestock feed to boost their growth and overall health. Hence, exploring innovative and diversified food products and extending various applications are helping the banana market attract more consumer base towards it and can contribute to a boost in the market demand.

Segmental Analysis

Global Banana Flour Market By Source

• Organic
• Conventional

By source, the organic segment is dominating the market share during the forecasted period. As this segment has banana flour that is produced from organically grown bananas without using synthetic fertilizers, pesticides, etc., making them a crucial dietary ingredient for consumers. This attribute is driving the demand for this segment. However, the conventional segment is expected to grow at the fastest growth during the projected period. Because conventional banana flour may be available widely and somewhat cheaper than pure organic banana flour, this factor is contributing to an increase in the demand for this segment among consumers.

Global Banana Flour Market By Process

• Sun-dried
• Freeze-dried
• Spray-dried

By process, the spray-dried segment is ruling the banana flour market during the anticipated period. As the spray-dried process is more controlled and quicker as compared to sun-drying, and it often has a fine texture and also offers extended shelf life, demand for this process is boosting. At the same time, the sun-dried segment is expected to grow significantly during the projected period. Because the sun-drying process involves minimal processing and maintains the natural flavor and original nutritional content of bananas in the banana flour, this attribute is majorly influencing the shares of the market.

Global Banana Flour Market By Application

• Food & Beverages
• Animal Feed
• Household
• Others

By application, the food and beverage segment is fueling the market growth during the anticipated period. Because banana flour is used as an ingredient in various food products and beverages, it is mainly used in making bakery, confectionery, and dairy food products. Also, it found applications in baby food and various beverages. As it is gluten-free and healthy, its demand among health-conscious consumers is increasing rapidly. This is boosting the demand for banana flour in the food and beverage industry globally. At the same time, the animal feed segment is expected to grow at a fast rate during the forecasted period. As banana flour contains fibers, vitamins, and minerals, when added to feed for poultry, livestock, etc. helps to enhance the health and well-being of animals. This attribute is boosting the market demand.

Regional Analysis

Asia Pacific region is ruling the banana flour market share during the projected period. Owing to the strong banana cultivation in this region and the long-run use of banana flour in traditional dishes. Also, the growing consumer demand for gluten-free and healthy food product alternatives is boosting the market demand in this region. However, the Middle East & Africa region is expected to grow at the fastest CAGR in the upcoming years. Because banana flour has been used as a cheaper alternative to wheat flour historically in Africa and Jamaica, also, this region is witnessing a boost in health consciousness, and this is leading to the growing demand for gluten-free and nutritional food products like banana flour. These factors are influencing the shares of the market.

Key Players in the Market

Major Key Players in the Global Banana Flour Market are

• KADAC Pty Ltd
• Natural Evolution
• AIDP
• Edward & Sons Trading Co.
• Symrise AS
• Pereg Gourmet Spices
• Dr. Food Banatone
• Seawind Foods
• Woodland Foods
• APKA Industries
• Miski Organics

Recent Developments in Banana Flour Industry

• In October 2021, A memorandum of understanding (MoU) was signed by Cake Bee, a bakery chain, and the Indian Council of Agricultural Research (ICAR)-National Research Centre for Banana, Tiruchi, for the transfer of technology to utilize banana powder in the bakery industry. Foam mat drying, a low-cost, new technology created by the institute, might be a feasible choice for making banana powder from ripe bananas that are rejected by the market.
• In June 2021, Let's Do Organic® Green Banana Flour was introduced by Edward & Sons Trading Co., Inc. This is prepared from organic, unripe bananas that are still not at the peak of their sugar content. To maintain the bananas' nutrients and resistant starch, they are subsequently dried at low temperatures. Finally, it is transformed into nutritious, somewhat sweet, gluten-free flour. Let's Do Organic® Green Banana Flour gives bread, pastries, pasta, and other food a smooth texture and a delicate, delicious flavor.