December 9, 2023

Banana Flour Market Share and Size: Analyzing Market Dynamics

Banana flour has emerged as a nutritional powerhouse, captivating the attention of health-conscious consumers worldwide. Boasting an abundance of resistant starch, banana flour is hailed for its ability to enhance insulin sensitivity, regulate blood sugar levels, and promote gut health through its prebiotic fiber content. As a result, this versatile ingredient has earned its status as a functional food ingredient, igniting a surge in demand from individuals seeking to prioritize their well-being. The global banana flour market is poised for robust growth between 2021 and 2025, according to industry experts.

The Food and Agriculture Organization (FAO) reported a combined global production of 155 million metric tons of bananas and plantains in 2018. While bananas are commonly enjoyed as a fruit, banana flour has gained popularity as a valuable by-product, used in various culinary applications.

Rising Awareness of Celiac Disease Drives Adoption of Banana Flour

Banana flour’s high starch content makes it an ideal substitute for wheat flour in food manufacturing. Traditional wheat flour contains gluten, which can be detrimental to individuals with celiac disease or gluten allergies. As awareness and diagnosis of gluten-related issues increase, there is a growing demand for alternative flours like banana flour. In 2018, the UK alone witnessed sales of gluten-free products exceeding US$255 million, with an expected annual growth rate of nearly 8%. Banana flour, being gluten-free and perceived as a healthier alternative, is poised to benefit from the rising demand for gluten-free food products, particularly in the UK and the US.

Furthermore, banana flour’s sugar-free nature, derived primarily from unripe bananas, makes it an attractive choice for health-conscious consumers. Its natural thickening properties also position it as an excellent ingredient for making cookies, noodles, cakes, energy bars, soups, and sauces, further enhancing its versatility and market appeal.

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Mixed Reaction to Banana Flour’s Price and Nutritional Value

While the high price of banana flour has presented a challenge, its exceptional nutritional value has captured the attention of food manufacturers looking to create gluten-free and low-sugar products. As consumer awareness grows, particularly in developing nations, it is expected to propel the demand for banana flour in the coming years.

Banana Flour Finds Favor in the Bakery Industry

The global banana flour market is segmented based on nature, application, sales channel, and region. The conventional segment is anticipated to hold the largest share in terms of value and volume, while the organic segment is projected to experience rapid growth due to the ongoing demand for organic food products and their associated health benefits.

In terms of application, the bakery segment is expected to outpace others in incremental dollar opportunities during the forecast period. Banana flour’s increased usage as a substitute for wheat flour in bakery products, including cookies, cakes, bread, and muffins, is set to drive significant growth in this segment.

Europe and North America are poised to collectively dominate the global market, primarily due to their substantial consumption of bakery products. The UK, in particular, is expected to exhibit significant potential for banana flour, benefiting from its thriving bakery industry, which was valued at over US$10 billion in 2018 and is poised for continued growth. The “free from” movement in Europe, driven by health-conscious consumers seeking gluten-free products, is also expected to contribute to market expansion.

Key Players in the Global Banana Flour Market

Several prominent players in the global banana flour market include Symrise (Diana Food), International Agriculture Group, KADAC Pty Ltd, Woodland Foods, NuNatural Inc., Hearthy Foods, Edward & Sons Trading Co (Let’s Do Organic), Paradisefrucht GmbH, Ceres Organics, and Seawind International LLC.

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Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 – By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa)

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This press release first seen on Brilad