Global Banana Powder Market size is likely to grow at a high CAGR by 2024. Numerous health benefits associated with banana powder will propel the market growth. Owing to the increasing awareness regarding the health benefits of banana powder, the market has bright growth prospects in near future.
Consumers have been preferring more of natural food ingredients to support a healthy life style. Other factors intensifying the demand for banana powder include the increasing research & development activities by food technologists and companies, continuous new product developments and improved distribution channel.
The product is a foremost source of calories & carbohydrates and is rich in antioxidants, vitamin C and magnesium. The other nutrients in banana are vitamin B6, protein, dietary riboflavin, fiber, iron, niacin, etc. It is beneficial in preventing dehydration, ageing effects; it improves nutrients absorption and cures indigestion (dyspepsia). It protects against the blood pressure fluctuations due to the potassium content in it. It also helps in treating depression as magnesium helps in relaxation of muscles. Other benefits of banana consumption include strengthening of bones, improvement of digestion, vision improvement, etc.
Banana powder market is segmented based on applications as food, cosmetics, pharmaceuticals and animal feed. The food application can be further sub-segmented as infant food, seasonings, puffed food and others (bakery products, confectioneries, etc.). Food is anticipated to attain higher share among others in the product market. This healthy banana powder helps in weight gain in babies and used as an essential component for production of baby foods. It is also used in baking industry for the preparation of fillings for cakes and biscuits. Health attributes of banana powder include stimulation of intestinal bacteria growth-producing digestive enzymes, treatment of ulcers, acidity reduction and more. It has found wide use in cosmetics industry for its moisturizing properties such as nourishment of skin and relieving skin from itching and irritation. In animal studies, banana powder was found to protect the lining of the stomach from acid. The shelf life of banana is prolonged on processing it into banana powder. Later the powder could be stored for up to a year commercially, which eases its transportation. Based on the distribution channel, the market is divided into supermarkets, convenience stores and online stores.
The regional segmentation of the product market is done into North America, Europe, Asia Pacific, Latin America (LATAM) and Middle East & Africa (MEA). Asia-Pacific region is likely to attain highest share in the global banana powder market. India has been the largest producer of bananas in the world with 23% share in global production and is expected to contribute significantly in driving the regional market demand. India, China, Philippines, Brazil, Ecuador and Indonesia together account for more than 62% of the total global production. Rapid urbanization and the changing lifestyle coupled with dietary habits plays a significant role in increasing the demand for banana powder.
Banana has been the fifth largest agricultural commodity in the world. The major advantage of the fruit is its availability round the year. With immense demand and applications, the product market bears high growth aspects. Some significant players in the market are Banatone Industries, Mevive International, Santosh Food Products, Chiquita Brands International, Inc., Naturalin Bio-Resources Co. Ltd, Vinayak Ingredients Pvt. Ltd, Aarkay Food Products Ltd, National Food N Spices, Safety Foods Pvt Ltd, Perennial Lifesciences Private Limited, Saipro, etc.