Banana Flour Market Research Future Insights:
Due to its use as a component in foods and beverages, the demand for banana flour is anticipated to increase significantly. The market is expected to grow exponentially due to rising celiac disease cases and rising demand for gluten-free products. It is anticipated that the use of banana flour to combat destructive addictions will create new opportunities for market growth. This is demonstrated by the popularity of bakery goods.
The size of the banana flour market was estimated at USD 0.6 billion in 2022. It is anticipated that the banana flour market will increase from USD 0.62 billion in 2023 to USD 0.81 billion in 2030, growing at a compound annual growth rate (CAGR) of 4.40% over the course of the forecast period (2023 - 2030).
Key Players:
Prominent players in the banana flour market comprise Ceres Organics (New Zealand), Pereg Gourmet Spices (U.S.), NuNaturals Inc. (U.S.), WILD Flavors and Specialty Ingredients (U.S.), International Agriculture Group (U.S.), Absolute Organic (Australia), Edward Sons Trading Co. (U.S.), Nutryttiva (U.S.), M-Pak (Serbia), Natural Evolution (Australia), Stawi Foods and Fruits Limited (Kenya), Kanegrade Ltd. (U.K.), Royal Nut Company (Australia), Diana Group (France), Paradise Fruits Solutions GmbH Co.KG (Germany), and others.
Market Segmentation:
The end-use, source, and distribution channel of the banana flour market research report can all be divided into several categories.
The market serves various end uses, including the feed, pet, and confectionary industries. Up until 2030, the feed industry segment has the potential to increase market revenue. In the upcoming years, the use of banana flour as an element in animal feeds and as a viable substitute for milk for calves could be good for the market. It may display a notable CAGR within the forecasted timeframe. In 2020, the market for banana flour was dominated by the confectionery category, and this dominance will last until 2030.
The market is divided into conventional and organic sources. In 2020, the traditional segment held the largest market share. However, it is anticipated that the organic segment will show a strong CAGR during the study period.
Store-based and non-store-based distribution methods are both used to sway the market. In 2020, the segment selling banana flour in stores held the majority of the market. This can be attributed to the opening of vegan businesses and the spread of veganism as a way to lessen one's carbon footprint. However, it is anticipated that the non-store-based segment will grow quickly during the review period.
Regional Analysis:
The banana flour market insights are regionally segmented into North America, Europe, Asia Pacific (APAC), and the Rest of the World (RoW).
Due to the presence of significant raw banana producers like India and Australia, the APAC region is anticipated to grow at a healthy CAGR during the study period. The regional banana flour market size is anticipated to grow until 2030 as a result of the addition of banana flour to new blends in bakery and snack products. The introduction of new goods can strengthen the region's position on the world market.
Due to the emergence of numerous vegan stores in the area, the banana flour market share in Europe can flourish. In the Netherlands, for instance, businesses are collaborating with retail chains to increase their customer base. In the upcoming years, the market is anticipated to do well thanks to the demand for meat-free products in the U.K. and other nations.
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