Banana Flour Market
Global Industry Analysis (2017-2020) – Growth Trends and Market Forecast (2021-2025)
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Health-conscious Consumers Recognize Wide Benefits of Banana Flour
Banana flour is extremely rich in resistant starch, which helps to improve insulin sensitivity and maintain blood sugar levels. It is also an excellent source of potassium and prebiotic fibre, enabling a healthy gut. These health benefits have given banana flour the status of a functional food ingredient, catapulting its demand amongst health-conscious consumers. The keen interest in including fortified food with natural functional ingredients in daily diets is expected to drive the global banana flour market between 2021 and 2025.
According to The Food and Agriculture Organization (FAO), the global banana and plantain combined production was 155 million metric tons in 2018. Banana is largely consumed as a fruit while banana powder, flakes, puree, and flour are consumed as by-products.
Higher Awareness of Celiac Diseases Fuels Consumption of Banana Flour
The high starch content in banana flour makes it a perfect choice for replacing wheat flour amongst food manufacturers. Flour derived from wheat grain consists of gluten, which is harmful to those suffering from celiac disease. Higher awareness and better diagnosis of gluten allergies have created a steady demand for alternative flours such as banana flour. In 2018, sales of gluten-free products alone in the U.K. was more than US$255 Mn and is anticipated to register an annual growth of nearly 8%. Banana flour is gluten-free and perceived as a healthy alternative to wheat flour. Thus, increased demand for gluten-free food products across different nations especially in the U.K and the U.S. is expected to fuel the banana flour market over the forecast period.
Yet another advantage of banana flour is that it is majorly derived from unripe banana, which makes the flour entirely sugar-free. Its ability to act as a natural thickening agent also makes it a suitable food product for making cookies, noodles, cakes, energy bars, and soup and sauces. Thus, banana flour is an excellent substitute with incredible versatility, which has been garnering the market significant attention.
Pricey but Nutritional Value Creates a Mixed Reaction for Banana Flour
The high price of banana flour has been its restraint. Moreover, the market is at its nascent stage due to lesser consumer awareness in developing nations. However, its high nutritional value offers food manufacturers the ability to make gluten-free and low-sugar products, which is likely to accelerate the market demand over the forecast period.
Banana Flour to Gain Traction from Bakery Industry
The global banana flour market is segmented on the basis of nature, application, sales channel, and region. Based on nature, the conventional segment is estimated to account for the largest value and volume share. On the other hand, the organic segment is estimated to show a speedy growth as increased the demand for organic food products remains high with its associated health benefits.
Based on application, the bakery segment is expected to surpass others with the highest incremental dollar opportunity over the forecast period. Increased usage of banana flour as a replacement of wheat flour in bakery products such as cookies, cakes, bread, and muffins is expected to fuel the segment’s growth during the forecast period.
“Free From” Movement is to Create Demand in Europe
Globally, Europe and North America are collectively expected to hold the largest value share as both the countries predominantly consume bakery products. In European countries, U.K. is expected to hold potential r banana flour with mushrooming bakery industry. Research indicates that in 2018, the U.K bakery products market was valued above US$ 10 Bn with predictions for it to show an incline in the coming years. The European market also stands to benefit with the increased number of health-conscious consumers who are opting for food products that fall under “free from” category. Thus, increased demand for gluten-free products coupled with high opportunity generated from the bakery industry is expected to fuel the market growth in the country.
Global Banana Flour Market: Key Players
Some of the major players in the research report about the global banana flour market are 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.