What Has Been the Growth of the Banana Powder Market So Far?
The banana powder market has seen considerable growth due to a variety of factors.
• The size of the banana powder market has seen robust growth in recent years. The market, which was valued at $1.22 billion in 2024, is projected to escalate to $1.31 billion in 2025, marking a compound annual growth rate (CAGR) of 7.8%.
Factors such as the increased demand for natural food items, prevalent rising trends of veganism and plant-based diets, as well as the surge in infant food products, significantly contributed to the growth experienced during the historic period.
What Are the Future Growth Projections for the Banana Powder Market?
The banana powder market is expected to maintain its strong growth trajectory in upcoming years.
• In the forthcoming years, the banana powder marketplace is projected to witness robust expansion. The market capitalization is anticipated to surge to $1.75 billion by 2029, maintaining a compound annual growth rate (CAGR) of 7.5%.
The augmentation in the projected period can be linked to growing health awareness, an increasing population embracing veganism, advancements in product creation, expansion in diverse end-use applications, and surging demand for functional nutriments. Key trends observed during this forecast period encompass the adoption of eco-friendly practices, utilization in functional foods and beverages sector, innovation in flavor, production of products with clear labeling, and functional snacking.
What Are The Core Factors Supporting Growth In The Banana Powder Market?
The banana powder market is projected to grow due to the expansion of the food and beverage industry. The food and beverage industry comprises all businesses involved in creating, processing, distributing, and selling consumable food and drinks. The increased demand in this sector is influenced by various factors, including pricing pressures from consumers, economic stability, and a greater demand for clarity in food sourcing. To attract health-focused consumers, food and beverage companies often tout the nutritional benefits of their products. Banana powder, rich in key elements like potassium, fiber, and vitamins, can serve as a natural alternative to artificial sweeteners and flavorings. For example, the U.S. Bureau of Labor Statistics (BLS), a federal agency based in the US, reported in September 2024 that food spending constituted 12.9% of all expenses, marking a significant rise of 6.9% from 2023. This followed a 12.7% increase in 2022. The overall growth of food spending was fueled by heightened costs in both home-purchased food, which rose by 6.1%, and food eaten outside the home, which jumped up 8.1%. Thus, the growth of the food and beverage sector is propelling the banana powder market.
What Are The Major Segments Within The Global Banana Powder Market?
The banana powder market covered in this report is segmented –
1) By Process: Freeze Dried, Spray Dried, Sun Dried, Drum Dried, Other Processes
2) By Distribution Channel: Super markets, Convenience Stores, Online Stores
3) By Application: Food Industry, Cosmetics, Beverages, Pet Food And Feed, Household
Subsegments:
1) By Freeze Dried: Vacuum Freeze Drying, Lyophilization (Traditional Freeze Drying)
2) By Spray Dried: Single-Stage Spray Drying, Multi-Stage Spray Drying
3) By Sun Dried: Natural Sun Drying, Solar-Assisted Sun Drying
4) By Drum Dried: Thin Film Drum Drying, Thick Film Drum Drying
5) By Other Processes: Hot Air Drying, Microwave Drying, Freeze Drying With Modified Techniques, Freeze Concentration
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How Are Emerging Trends Reshaping The Dynamics Of The Banana Powder Market?
Trend 1.
Text: Major players in the banana powder industry are prioritizing the creation of innovative products, such as eye creams enriched with banana powder, in order to provide health advantages to their customers. Banana flour, a powder derived from green bananas, is utilized in a variety of recipes. Eye creams are specialized skincare products tailored to the sensitive skin surrounding the eyes. These products are designed to be denser than standard facial lotions and contain a larger amount of oil and active ingredients targeted at common issues around the eyes. For example, in July 2022, Ole Henriksen Skincare, a Denmark-based skincare product manufacturer, launched Banana Bright+ Eye Crème!, an eye cream infused with pigments inspired by banana powder. The cream contains light-reflecting yellow mineral pigments sourced from banana powder, which quickly color-corrects and brightens the under-eye area for instant illumination and a renewed appearance. Ole Henriksen Skincare utilized the latest advancements in vitamin C technology and adjusted the formula for better and brighter results. Additionally, this new vegan, fragrance-free solution features three potent kinds of vitamin C, including a stable vitamin C compound with real gold for enhanced brightness and smoothness.
Advanced Introduction Of Gluten-Free Banana Flour By The Silver Banana Company
Major firms in the banana powder industry are concentrating on launching innovative items like gluten-free banana flour to establish a competitive edge. Gluten-free banana flour is a nutritious flour made from dried, unripe green bananas that provides high dietary fiber content and a mild banana taste, making it an appropriate option for those with gluten sensitivity. For instance, in July 2022, The Silver Banana Company Inc., a Democratic Republic of São Tomé and Príncipe-based company specializing in craft preserves, jellies, marmalades, and flour, introduced BANANADINE, a gluten-free banana flour produced from organically grown, unripe green bananas to minimize food waste by utilizing unwanted bananas and their peels. BANANADINE is USDA Organic, Non-GMO, Vegan, and Kosher certified and contains nearly 60% dietary fiber and no sugar, making it a wholesome alternative for baking. The flour has a subtle banana flavor and can be used in a variety of recipes, including pasta and pancakes.
Who Are the Key Players In The Banana Powder Market?
Major companies operating in the banana powder market are:
• Corteva Inc.
• Fresh Del Monte Produce Inc.
• Chiquita Brands International Sàrl
• Dole plc
• Taj Agro International
• Kanegrade Limited
• Vinayak Ingredients Pvt. Ltd.
• Santosh Food Products
• Nutraceuticals International Group
• National Food N Spices
• Naturalin Bio-Resources Co. Ltd.
• Safety Foods Pvt Ltd.
• NuNaturals Inc.
• Naturya
• Biovitals Ingredients
• AayurMed Biotech Pvt. Ltd.
• Coliman Group
• Mevive International
• Cool Milling Ventures Corporation
• Banatone Industries
• Aarkay Food Products Ltd.
• Saipro Biotech Pvt. Ltd.
• Perennial Lifesciences Private Limited
• Royal Nut Company
• Varmora Food Pvt Ltd.
• Sumitomo Corporation
• GRUPO JUGAL Inc.
What Is The Most Dominant Region In The Banana Powder Market?
North America was the largest region in the banana powder market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the banana powder market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
