Banana Flour Market Size, Share & Trends Analysis Report By Type (Conventional, Organic), By Application (Beverages, Food, Animal Feed), By Region (Europe, APAC, North America), And Segment Forecasts, 2021 - 2028

Report Overview

The global banana flour market size was valued at USD 1.24 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 3.5% from 2021 to 2028. The rising consumption of organic and gluten-free food products across the globe is one of the major factors that propel market growth. Moreover, the growing prevalence of celiac diseases further enhanced the adoption of banana flour. In addition, the growing production of bananas across the globe, rising awareness regarding the significant health benefits, and growing processing of bananas in developed economies, such as the U.S., the U.K., and Germany, are the other factors contributing to the growth of the market.

As per the Food and Agriculture Association of the United Nations, global banana production rose from 69 million tonnes in 2000-2002 to 115 million tonnes in 2017-2019. As per the FAO, around USD 13.5 billion per year revenue was generated by the global banana export industry and nearly 18% of banana was traded across the globe.

During the COVID-19 pandemic, governments across the globe had imposed restrictions and lockdowns asprecautionary measures. As an immediate effect of the COVID-19 pandemic, net imports of bananas by the European Union, the U.S., and Japan declined in 2020 compared to 2019.

Thus, the market experienced a shortfall in product sales as a result of restricted production, disturbed supply chains, and reduced demand. Despite this overall short slackin market revenue, it is expected that the sector will soon witness healthy growth in the coming years.

Application Insights

Based on application the market is further classified into food, beverages, and animal feed. The food segment contributed to the largest revenue share of around 70% in 2020. Rising product application scope in healthy bakery products, such as breads & cookies, and the rapid expansion of the bakery industry contributed to the segment’s high share. Moreover, significant demand for organic and gluten-free food products coupled with the rising awareness regarding the health benefits of banana flour-based food products will further propel the market growth over the forecast period.

The animal feed segment is estimated to register a faster CAGR of 4.1% from 2021 to 2028. The growing product usage in the processing of animal feed owing to the high contents of carbohydrates and sugars, mainly sucrose, glucose, & fructose. Moreover, the growing adoption of companion animals in developed countries is expected to drive the animal feed segment.

Type Insights

Based on type, the global market is bifurcated into organic and conventional. The conventional segment dominated the market and accounted for the largest revenue share of more than 75.0% in 2020 and is expected to grow at a steady CAGR from 2021 to 2028. A huge amount of production of traditional green bananas leads to significant usage for flour processing across the globe, which is further projected to contribute to the segment growth.

The organic segment is expected to register the fastest CAGR of 3.9% from 2021 to 2028. Organic banana flour may improve the adverse effects of metabolic syndrome and can reduce cholesterol levels. Therefore, the growing inclination of consumers towards organic banana flour-based food products for various health benefits is projected to propel the segment growth. Moreover, the introduction of different organic banana flour-based food products by the companies is projected to support the segment growth over the forecast period.

Regional Insights

Asia Pacific is expected to grow at the fastest CAGR of 4.5% from 2021 to 2028. China, Japan, and India are positively contributing to the growth of the regional market. With the growing population and the increasing consumption of healthy and gluten-free food products, the region is witnessing high product demand. The region offers lucrative growth opportunities to market players due to the rapidly expanding food processing industry coupled with the availability of low-cost raw materials. The projected growth is primarily driven by the increasing product demand in India, China, and the Philippines.

Europe accounted for a revenue share of more than 30% in 2020. Well-developed countries, such as Germany, the U.K., and France, are the major contributors to the regional market revenue. High import of bananas coupled with the significant presence of banana processing plants, higher per capita income, and increasing demand for organic foods are the major factors contributing to the market growth. As per the FAO, European Union is the largest importer of bananas, which accounted for an annual average of 32% of total global imports between 2010 and 2017, followed by the U.S. (25%). In Europe, the U.K. is the largest importer of organic bananas that further significantly contributes to the growth of the regional market.

Key Companies & Market Share Insights

The market is characterized by the presence of various well-established players and several small- and medium-scale players. Vendors are focusing on product launches to meet consumers’ expectations. In addition, companies are focusing on business expansion strategies to increase their market share and customer base. Some of the prominent players in the global banana flour market include:

• Woodland Foods
• Kadac Pty. Ltd.
• Natural Evolution (Europe) Ltd
• Edward & Sons Trading Co.
• Pereg Natural Foods & Spices
• Ceres Enterprises Ltd.
• Kokos Natural
• Hearthy Foods
• Seawind International LLC
• Terova, Inc

Banana flour Market Report Scope

Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2028. For the purpose of this study, Million Insights has segmented the global banana flour market report on the basis of type, application, and region:

• Type Outlook (Revenue, USD Million, 2017 - 2028)
  • Organic
  • Conventional
• Application Outlook (Revenue, USD Million, 2017 - 2028)
  • Food
  • Beverages
  • Animal Feed
• Regional Outlook (Revenue, USD Million, 2017 - 2028)
  • North America
    • U.S.
  • Europe
    • Germany
    • France
    • U.K.
  • Asia Pacific
    • China
    • India
  • Central & South America
    • Brazil
  • Middle East & Africa
    • South Africa