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Banana Powder Market size will experience a dynamic growth between 2023 and 2032, driven by increasing demand for natural and organic products, together with wide applicability in a broad range of applications. Moreover, the abundance of raw materials for mass production is also likely to accelerate the market growth.
The global population growth pace and expansion of the food and beverage industry are among the chief drivers of the banana powder market. It is extensively used in baby foods to help gain muscles and weight in infants. Likewise, growing fitness and gym trends are elevating the demand for banana powder for energy drinks and shake that enable instant energy and longer stamina in people. Banana powder has a longer shelf life and offers nutritional benefits such as fiber and potassium.
Recently, during the Russian-Ukrainian war, the supply and demand chain disruptions slightly influenced the import & export of bananas. It affected the Eastern Europe market severely due to the sanctions imposed on Russia by the U.S., UK, Australia, EU, Canada, and Japan governments. In August 2022, Acorbanec, an Ecuadorian banana marketing organization, stated that the importers forced the prices of banana boxes down and resulting in high inflation in conflict-hit regions.
The limited availability of high-quality bananas may hamper the banana powder market revenue. Also, the accessibility to more affordable and alternative fruits with nutrient-rich qualities is posing a grave threat to the product adoption rate. Bananas are extremely reactive to the skin and can harm the surface with inadequate use of knowledge. However, continuous research in the field and health-consumer awareness is estimated to overcome these issues.
In terms of the distribution channel, the online stores segment is poised to grow at a significant CAGR through 2032, attributed to the increasing prevalence of e-commerce and the popularity of online shopping. The improved convenience in online shopping and easy availability of a variety of product brands is set to uplift product demand. Also, access to correct product information is boosting the online stores segment progression.
The banana powder market size from the cosmetics application segment is foreseen to garner a substantial revenue share by 2032, impelled by its natural properties suitable for all skin types. As bananas are rich in vitamins A-C-E and potassium, many cosmetic companies are replacing artificial ingredients with banana powder. To cite an instance, in July 2022, Ole Henriksen, published a press release on their new and improved Banana Bright+ Eye Crème, inspired by beauty artists stating that it contains banana powder and is 70% more moisturizing than their original Eye Crème with daylong whitening effect.
The North America banana powder market will gain remarkable momentum during the forecast timeline, as a result of the booming food & beverage industry in the region. Moreover, innovative alterations and ongoing research by end-users are poised to fuel the market share. In February 2021, Del Monte International, a division of Florida-based Fresh Del Monte Produce Inc., partnered with Queensland University of Technology in Brisbane, Australia to expand the market for banana powder and develop new techniques for growing bananas that are resistant to disease.
Some of the leading companies involved in the banana powder market are Mevive International, Banatone Industries, Santosh Food Products, Naturalin Bio-Resources Co. Ltd, Chiquita Brands International, Inc., Vinayak Ingredients Pvt. Ltd, National Food N Spices, Aarkay Food Products Ltd, Safety Foods Pvt Ltd, Saipro, and Perennial Lifesciences Private Limited. These companies majorly focus on portfolio diversification, R&D initiatives, and mergers & acquisitions to propel market standing in the upcoming years.