Banana Flour Market Worth $1.63 Billion By 2028 | CAGR 3.5%

Banana Flour Market Growth & Trends

The global banana flour market size is estimated to reach USD 1.63 billion by 2028, registering a CAGR of 3.5% from 2021 to 2028, according to a new report by Million Insights. The key factor driving the market growth includes the rising inclination of consumers towards gluten-free and organic food products across the globe. In addition, the growing usage of banana flour in infant foods for healthy nutrition and diets further provides ample growth opportunities to the market players. Moreover, the rising consumption of banana flour-based products coupled with the growing trade across the globeis projected to drive the market during the forecast period.

During COVID-19 pandemic, governments across the globe had imposed restrictions and lockdownsas precautionary measures. As an immediate effect of the pandemic, net imports of bananas by the European Union, the U.S., and Japan declined in 2020 compared to 2019. Due to this, the market experienced a shortfall in product sales due to restricted production, disturbed supply chains, and reduced demand. Despite this overall short slack in market revenue, it is expected that the sector will soon witness healthy growth in the upcoming years. The organic type segment is expected to grow at the fastest CAGR from 2021 to 2028.

Asia Pacific is expected to be the fastest-growing regional market from 2021 to 2028. China, Japan, and India are positively contributing to the growth of this 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.

The report “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” is available now to Million Insights.

Banana Flour Market Report Highlights

• North America is expected to register the second-fastest CAGR of 3.8% from 2021 to 2028 due to the high product consumption and presence of well-established food manufacturers
• The organic type segment is expected to register the fastest CAGR of 3.9% from 2021 to 2028 due to the rising awareness about healthy & organic food products in developed economies
• Moreover, the introduction of different organic banana flour-based products by key companies is projected to fuel the segment growth over the forecast period
• The animal feed application segment is estimated to register the fastest CAGR from 2021 to 2028 due to the increasing product usage in the processing of animal feed owing to its high contents of carbohydrates and sugars, mainly sucrose, glucose, and fructose
• In addition, the growing adoption of companion animals in developed countries will support the animal feed industry, thus, contributing to the segment growth

Banana Flour Market Segmentation

Million Insights has segmented the global banana flour market on the basis of type, application, and region:

• Banana Flour Type Outlook (Revenue, USD Million, 2017 - 2028)
  • Organic
  • Conventional
• Banana Flour Application Outlook (Revenue, USD Million, 2017 - 2028)
  • Food
  • Beverages
  • Animal Feed
• Banana Flour 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

List of Key Players of Banana Flour Market

• 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.