The size of the global Banana Flakes market was estimated to be $682 million in 2020, and it is anticipated to grow at a compound annual growth rate (CAGR) of 4.5% during the period of forecast from 2020 to 2030.Over the next ten years, demand for banana flakes is anticipated to be driven by rising demand for organic products, gluten-free products, and nutritional products. The global market for banana flakes is being significantly influenced by the growing interest in organic products that is being shown not only by developed countries but also by developing nations. As people all over the world become more health conscious, there is a corresponding rise in the demand for foods that are healthier for them.As a result of the fact that banana flakes are utilised in the manufacturing process of cereals and various other foods that are fruit-based, it is anticipated that demand will increase over the next few years. Customers are becoming increasingly concerned about organic food production practises all over the world as the trend of consuming organic food items continues to spread across the globe. It is anticipated that over the course of the next decade, demand for gluten-free products, organic foods, and nutritional foods will drive growth in the market for banana flakes.
As a result of the numerous positive effects that banana flakes have on one's health, there has been a substantial increase in the rate at which this product's demand is expanding across the global market. Banana is cultivated in more than 120 countries. The Food and Agriculture Organization of the United Nations estimates that the total annual production of bananas was 114 million tonnes all over the world in 2017. Countries leading in the banana cultivation are India, China, Philippines, Ecuador, Brazil, Mexico, Costa Rica, Colombia, and Thailand. After wheat, rice, and corn, banana is one of the most important crops for human consumption. In addition, an increase in the population's awareness of the importance of maintaining a healthy lifestyle is driving an increase in demand for bananas and the products made from them in numerous regions, including North America and Europe. The major banana-producing countries have increased the amount of land available for harvesting in order to keep up with the rising demand for food all over the world.
As a consequence of the factors discussed above, it is anticipated that the international market for banana flakes will amass substantial revenues over the course of the coming years. Banana flakes are made from bananas that have been allowed to ripen naturally or organically, and they contain a high concentration of important minerals such as calcium, zinc, potassium, and magnesium. In the coming years, it is also anticipated that this factor will contribute to the expansion of the global market for banana flakes. Because they are so low in fat, many people who are concerned about their health choose to eat banana flakes as an evening snack. In addition, banana flakes do not contain gluten, which has led to an increase in their popularity among patients who suffer from cardiovascular diseases. In light of the factors that have been discussed thus far, it is anticipated that the revenue index of the global market for banana flakes will continue to show signs of expansion in the years to come.
Positive effects of banana flakes on health boosts market growth for banana flakes
The naturally ripened bananas that are used to make banana flakes are an excellent source of numerous nutrients, including vitamins A, B, B6, C, and E as well as iron, potassium, calcium, zinc, and magnesium. In addition to this, banana flakes contain high concentrations of a variety of trace elements. As a result of the numerous positive effects that banana flakes have on one's health, there has been a substantial increase in the rate at which this product's demand is expanding across the global market. The widespread cultivation of bananas across a number of different geographic pockets has led to an increase in the production of goods that are derived from bananas. In addition, the fact that the general public has shown a preference for these products has pressured the companies that make them to produce more of them.
Banana flakes are so low in fat, that many people who are concerned about their health choose to eat banana flakes as an evening snack. In addition, banana flakes do not contain gluten, which has led to an increase in their popularity among patients who suffer from cardiovascular diseases.In light of the factors that have been discussed thus far, it is anticipated that the revenue index of the global market for banana flakes will continue to show signs of expansion in the years to come.
Tilt towards organic products increases demand for banana flakes
The global market for banana flakes is being significantly influenced by the growing interest in organic products that is being shown not only by developed countries but also by developing nations. As people all over the world become more health conscious, there is a corresponding rise in the demand for foods that are healthier for them.Over the next ten years, demand for banana flakes is anticipated to be driven by rising demand for organic products, gluten-free products, and nutritional products.
Surge in demand for banana flakes in US, Europe and Australia
Developed regions are expected to make a significant contribution to the expansion of the banana flakes market.The highest volume sales of banana flakes are recorded in countries such as India, Australia, North America, and the European Union. Organic goods are becoming increasingly well-liked in North America, the market for banana flakes has been experiencing a significant surge in demand, and this trend is expected to continue for the foreseeable future. The demand for the product is being driven upward by the significant increase in the quantity of banana flakes used as a raw material in European industries such as the bakery and dairy sectors.Because the vast majority of these businesses are headquartered in the developed nations that make up the North American and European markets, the availability of banana flakes has increased.
The market growth for banana flakes is expected to improve as a direct result of the increasing demand for nutritious food brought about by increased public awareness of health issues. The increased production of cereals and bakery goods is the primary factor driving growth in the banana flakes market. The growing interest in organic goods is acting as a primary driver behind the expansion of the banana flakes market. The fact that banana flakes are their own unique source of fibre and can help prevent diarrhoea is the primary factor driving the expansion of the banana flakes market. The expansion of the market for banana flakes is being driven in large part by the growing production of banana-based products.
Households to drive growth of the banana flakes market
In the global market for banana flakes, it is anticipated that the household segment will generate the highest CAGR over the period covered by the forecast. Due to the fact that online retailing provides more discounts and wider options to purchase, and the fact that the online platform becomes popular due to the fact that it provides the delivery of products to the doorstep by order of products, the online store is estimated to hold the largest share in the banana flakes market during the forecast period. This is because online retailing provides more discounts and wider options to purchase. In addition to this, the expanding use of the internet and mobile devices like smartphones is driving the expansion of the banana flakes market.
Organic category is expected to grow at the highest rate
During the period of projection, 2020-2030, the organic category is expected to grow at the highest rate of the two in terms of value, with a compound annual growth rate of 6.5%. This is despite the fact that conventional is the largest source in terms of the number of units that are consumed. In terms of volume, it is anticipated that the organic source sector will have a better performance than the conventional source sector.
A rising awareness of the importance of health and wellness among consumers is driving up demand for nutritionally superior food products such as banana flakes. Because they do not contain gluten, banana flakes have become increasingly popular among patients who are undergoing treatment for cardiovascular diseases as well as people who have gluten allergies. The market as a whole has shown growth in the segment of infant nutrition, which can be attributed to the increased emphasis placed by parents on the importance of feeding their children food that is high in nutrients. The worldwide movement toward organic food consumption is gaining momentum, which is contributing significantly to the industry's explosive expansion at the present time. In addition, the widespread cultivation of bananas across a number of different regions has led to an increase in the quantity of these products that are produced. These factors are providing a significant boost to the growth of the market.
Developed regions are expected to make a significant contribution to the expansion of the banana flakes market
The highest volume sales of banana flakes are recorded in countries such as India, Australia, North America, and the European Union. As more people become interested in eating organic food, there has been a rapid increase in the demand for organic banana flakes. The demand for the product is being driven upward by the significant increase in the quantity of banana flakes used as a raw material in European industries such as the bakery and dairy sectors. Because organic goods are becoming increasingly well-liked in North America, the market for banana flakes has been experiencing a significant surge in demand, and this trend is expected to continue for the foreseeable future. In addition, numerous organisations and entities have been promoting fruit-based products, which is also anticipated to bring in greater revenues within this market.
Dissemination of knowledge and information on friendly practises in the organic banana sector boosts companies’ sales in the developed regions
The World Banana Forum and the IDH-Sustainable Trade Initiative worked together to launch an online portal on sustainable farming practises in the organic banana sector. This portal encourages the dissemination of knowledge and information regarding the adoption of environmentally friendly practises in the organic banana sector, contributing to the growth of the industry in Europe as a result. In addition, an increase in the public's awareness of the importance of maintaining a healthy lifestyle has contributed to an increase in the demand for bananas and products derived from bananas in a number of countries, including Germany, France, the United Kingdom, Italy, Russia, and the rest of Europe. As a result, organic banana flakes are becoming increasingly popular among customers in a variety of regions, which presents market players operating in the European region with opportunities for future growth and expansion. The expansion of the Banana Flakes market is being helped along by this factor.
Companies such as Nestle and Danone use banana flakes extensively in their products
Significant manufacturers of breakfast cereals and infant food, such as Nestle and Danone, are significant users of the product.They find significant use in these applications. Because the vast majority of these businesses are headquartered in the developed nations that make up the North American and European markets, the availability of banana flakes has increased. Additionally, the presence of well-developed distribution channels in these countries is driving the market forward and contributing to its growth.
Historical & Forecast Period
This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.
The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.
Research Methodology
The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Banana Flakes market are as follows:
Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.
| ATTRIBUTE | DETAILS |
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| Research Period | 2022-2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Year | 2022 |
| Unit | USD Million |
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Region Segment (2022-2032; US$ Million)
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Key questions answered in this report
