Market Overview
The Global Banana Flour Market size is poised to touch a valuation of USD 537.6 million by 2023, according to Market Research Future (MRFR). It stood at USD 398 million in 2017. It can expand at an impressive 4.20% CAGR from 2021 to 2027 (forecast period) owing to the wave of health-consciousness among consumers. The prominence of new diets popularized by celebrities such as paleo have evoked massive market demand in recent years.
The banana flour market is expected to gain high demand owing to its inclusion as a component in foods and beverages. Increasing demand for gluten-free products amid increasing cases of celiac disease is likely to propel the market growth exponentially. Use of banana flour to curb harmful addictions is anticipated to open up new avenues for the market to expand. This is exemplified by its demand in bakery items.
Market Segmentation
The Banana Flour Market size can be segmented on the basis of end-use, source, and distribution channel.
By end-use, the market caters to feed industry, pet food industry, confectionery, and others. The feed industry segment possesses the potential to contribute to market revenue till 2027. Use of banana flour as an ingredient in animal feeds as well as a suitable replacement for milk for calves can bode well for the segment in the coming years. It can exhibit a noteworthy CAGR over the forecast period. The confectionery segment had captured the highest share of the banana flour market in 2021 and will continue to dominate the market till 2027.
By source, the market is segmented into conventional and organic. The conventional segment accounted for the highest market share in 2021. But the organic segment is predicted to exhibit a robust CAGR over the review period.
Distribution channels to penetrate the market influence include store-based and non-store-based. The store-based segment had acquired the lion’s share of the banana flour market in 2021. This can be credited to the establishment of vegan shops and popularization of veganism to reduce the carbon footprint. But the non-store-based segment is likely to steer ahead at a rapid CAGR during the review period.
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Regional Analysis
Region-wise, the banana flour market spans North America, Asia Pacific (APAC), Europe, and Rest-of-the-World (RoW).
The APAC region is projected to expand at a robust CAGR during the review period owing to the presence of large producers of raw bananas such as India and Australia. The inclusion of banana flour to create new blends in bakery and snacks products is expected to bolster the regional banana flour market till 2023. Launch of new products can cement the region’s position in the global market.
The Europe banana flour market size can thrive owing to the establishment of various vegan shops in the region. For instance, companies are joining hands with retail chains in the Netherlands to expand their consumer base. The demand for meat-free products in the U.K. and other countries is expected to bode well for the market in the coming years.
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