Global Banana Powder Market Overview 2018: Size, Growth, Share, Trends and Forecast to 2023
This can be attributed to the diverse applications of banana powder in the food, healthcare, animal feed and cosmetic industries.
Banana is one of the most widely consumed fruits and is grown across various countries. The majority of the bananas produced worldwide are consumed directly, while a small part is processed into banana powder, which helps in expanding its shelf-life. Banana powder is mainly used for producing milkshakes, protein powder, baby food, etc. Further, it finds applications in various food products such as cakes, instant foods, beverages, seasonings, etc. A new research report by IMARC Group, titled “Banana Powder Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023”, estimates that the market reached a volume of around 234,000 Tons in 2017. The report further anticipates the market to reach a volume of 310,000 Tons by 2023, at a projected CAGR of nearly 5% over the forecast period.
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The several health benefits associated with banana powder stimulate its demand across the globe. Banana powder strengthens bones, enables quicker digestion and nutrition absorption, improves vision, prevents dehydration, regulates blood pressure, treats depression and relaxes muscles.
Banana powder finds numerous applications in the food as well as non-food industries. Moreover, it is employed in the skincare and cosmetic sector, owing to its several skin benefits; and in the feed industry, for feeding animals such as pig, fish, shrimp, etc.
Some of the other factors that proliferate the demand for banana powder include its longer shelf-life, convenience and portability. Moreover, increasing global population and inflating income levels are proactive in maintaining the growth of the market.
However, there are several factors that hamper the market growth. Bananas are endowed with extra calories that may gradually lead to unwanted weight gain. Apart from this, fluctuations in the prices of the raw material acts as another major deterrent.
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Based on end-use, the food industry currently represents the largest end-use segment of banana powder. It is majorly used in the production of cakes, instant food products, solid beverages, etc. Food industry is followed by feed industry, wherein it is used in pet food and cattle feed.
On a geographical front, North America enjoys a leading position in the global banana powder market. The flourishing food and beverage industry has stimulated the demand for banana powder in the region. North America is followed by Asia Pacific, Europe, South America, and Middle East and Africa.
The market is fragmented with the presence of numerous small manufacturers who compete in terms of quality and prices. There is a strong competition in the market which makes it difficult for small players to survive. Some of the leading players operating in the market are:
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