Banana Flakes Market Report- Industry Size and Forecast 2027

[Research Report] The banana flakes market was valued at US$ 941.74 million in 2019 and is projected to reach US$ 1,323.37 million by 2027; it is expected to grow at a CAGR of 4.5% from 2020 to 2027.

The demand for banana flakes in the food and beverage industry is drastically increasing owing to its application in ice creams, juices, desserts, breakfast cereals, salads, yogurt, and many others. The consumers demand banana flakes in the aforementioned food products owing to their health benefits. For the last few years, there has been a significant demand for banana flakes from bakery sector in developed and emerging countries. The sweet and snacks industry is also exploiting banana flakes for the production of healthy bars and sweets.

In 2019, Asia Pacific dominated the market in terms of revenue and is also expected to be the fastest-growing region over the forecast period. The largest market share of the country is primarily attributable to the rapid rise in population demanding more of healthy products. Further, increase in the disposable income coupled with shift in focus towards consumption of health promoting food is also driving the growth of the banana flakes in global market. Moreover, the growing demand of banana flakes among the food and beverage industry provides a lucrative opportunity for the banana flakes market players operating in the market. The growth of food and beverage, dairy and other end use industries is also expected to stimulate the demand of banana flakes in the country. The on-going shift towards organic farm products is expected to have a positive impact on the banana flakes market. The Asia Pacific market is characterized by the strong presence of players such as A Natural Farm, J and C Tropicals, Miami Fruit and Moonland Produce among others.

The COVID-19 pandemic originated in Wuhan (China) in December 2019, and since then, it has spread across the globeat a fast pace. The US, Brazil,India, Russia, Italy, China, Spain, France, and Germany are among the worst-affected countries in terms of confirmed cases and reported deaths as of June 2020. The pandemic has affectedeconomies and industries due to enforced lockdowns, travel bans, and business shutdowns. Food &Beverage is one of the world’s major industries facing serious disruptions such as supply chain breaks, technology events cancellations, and office shutdowns as a result of this outbreak.The global economic break down due to COVID-19 is also affecting the growth of the banana flakes market due to shutting down of factories and obstacles in supply chain.

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Banana Flakes Market: Strategic Insights

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Market Insights

Rising usage of banana flakes by food and beverage sector

The demand for banana flakes in the food and beverage industry is drastically increasing owing to its application in ice creams, juices, desserts, breakfast cereals, salads, yogurt, and many others. The consumers demand banana flakes in the aforementioned food products owing to their health benefits. For the last few years, there has been a significant demand for banana flakes from bakery sector in developed and emerging countries. The sweet and snacks industry is also exploiting banana flakes for the production of healthy bars and sweets. For instance, in 2018, Diana Foods, a subsidiary of Symrise Group headquartered in Germany, introduced a raw bar made with banana flakes in the ProSweets Cologne trade fair. Companies are also combining banana flakes with other fruits, such as dates to create outstanding flavors. The high nutritional value and unique texture of these fruits attract consumer attention. Moreover, banana flakes are used in the production of nutritional bars. Nowadays, consumers are replacing meals with nutritional bars owing to obesity, coupled with changing food habits. This is also anticipated to create opportunities for the growth of the banana flakes market. Furthermore, increasing usage of banana flakes by infant nutrition sector is also projected to offer ample opportunities for the market in the coming years.

Nature-Based Insights

Based on nature, the banana flakes market is segmented into organic and conventional. In 2019, the conventional segment dominated the banana flakes market; however, the organic segment is expected to grow at a higher CAGR during the forecast period. Organic banana flakes refer to flakes that are derived from organically grown bananas without the application of nitrogen-based fertilizers, fungicides, or pesticides. They are mainly derived from red bananas that are allowed to wine ripen under completely organic conditions. Later they are handpicked and air-dried. The organic banana flakes have the same flavor characteristics of freshly peeled bananas. They are very suitable for fruit preparations, powdered drinks, and cake mixes. The organic banana flakes are grown without the use of GMOs or additives. They are gluten-free and are derived from 100% naturally ripened dried bananas. They are rich in vitamin C & B6, dietary fibers, and other minerals such as manganese & potassium. They can easily be stored in a cool, dark place in an airtight container. They are used in the preparation of smoothies, elixirs, baby food, ice cream, and yogurt. Sometimes, the organic banana flakes also act as a rejuvenating face mask. The organic banana flakes prove beneficial on consumption as it is free from the harmful chemicals that are used in pesticides and fungicides. They support the production of hemoglobin, healthy blood pressure levels owing to high potassium content, and low salt levels. The consumption of organic banana flakes also helps in healthy bowels because of the high amounts of fiber content. They also soothe heartburn and helps to avoid morning sickness. The organic banana flakes are 100% natural & minimally processed. The taste, smell & texture may vary from batch to batch. For instance, companies such as Z Natural Foods, LLC offers organic sweet banana flakes which finds application in prepration of smoothies, desserts and other food items.

Application-BasedInsights

Based on application, the banana flakes market is segmented into household, food & beverages industry, and others.In 2019, Food and beverages segment held the largest share of the global banana flakesmarket; whereas, the household segment is expected to register the fastest CAGR during the forecast period. Owing to the increasing awareness about the low fat & gluten content along with health benefits offered by banana flakes, it is used in almost every household today. Banana flakes are mixed with cereals and consumed as breakfast in many households. They are also taken to be a healthy evening snack and are eaten regularly due to its low fat content. Homemade face masks are prepared using banana flakes to control acne problems. It also helps in strengthening the hair and reduce hair fall owing to the high potassium content. Banana flakes are also used in as sprinkler to enhance the taste of foods such as homemade custards, ice creams and cakes. Banana flakes in powdered form gets mixed with cereals, smoothies & yogurt and helps in adding flavors to dessert toppings, cakes, icing, purees and sauces made at home. It is applied as flavored dessert toppings along with cornflakes & oats for pie and puddings. Besides this, banana flakes are capable of thickening beverages and hot cereals. It act as a helpful ingredient in baking at home. Use of banana flakes in household cooking relives pain and burning symptoms of occasional heartburn. It also helps in stimulating appetite.

Distribution Channel-Based Insights

Based on distribution channel, the banana flakes market is segmented into supermarket/hypermarket, specialty stores, online, and others. In 2019, supermarket/hypermarket segment accounted for a major share of the global banana flakes market; whereas, the others segment is expected to register the fastest CAGR during the forecast period. Other distribution channels include small grocery stores, convenience stores, direct sales, and retailers. A small grocery store primarily stocks up and sells food products, including both fresh as well as packaged ones. It is a wholesaler or bulk seller of food. Several vendors choose to sell their products through retail stores, as the physical presence of the store strengthens the confidence of its customers and also helps in brand visibility. These stores serve the purpose of facilitating the customers with a feel of the real product and also provide them with enhanced services, such as tasting or trying before buying. Vendors select their distribution networks based on the factors that will affect the purchasing choice of customers. For instance, they consider the need of customers, characteristics of products, and trade practices in the local region.

Several strategies are commonly adopted by the companies to expand their footprint worldwide. Diana Group, JOHS. THOMS GmbH & Co. KG, Ingredient Inc., and Naturkostbar KG are among the key players in the global banana flakes market implementing these strategies including geographical expansion, product launches and others to enlarge the customer base and gain significant share, which in turn allows themto maintain their brand nameglobally.

Banana Flakes Market Regional Insights

The regional trends and factors influencing the Banana Flakes Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Banana Flakes Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.

Banana Flakes Market Report Scope

Market Players Density: Understanding Its Impact on Business Dynamics

The Banana Flakes Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.

Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.

Major Companies operating in the Banana Flakes Market are:

1. Bata Foods B.V
2. Diana Group
3. Futurcorp S.A
4. Ingredient Inc.
5. Naturkostbar KG

Disclaimer: The companies listed above are not ranked in any particular order.

Report Spotlights 

• Progressive industry trends in the banana flakesmarket help players develop effective long-term strategies
• Business growth strategies adopted by developed and developing markets
• Quantitative analysis of the banana flakesmarket from 2017 to 2027
• Estimation of banana flakesdemand across various industries
• PEST analysis to illustrate the efficacy of buyers and suppliers operating in the industry to predict market growth
• Recent developments to understand the competitive market scenario and banana flakesdemand
• Market trends and outlook coupled with factors driving and restraining the growth of the banana flakesmarket
• Understanding of strategies that underpin commercial interest with regard to the banana flakesmarket growth, which facilitates decision-making process for stakeholders
• Banana flakesmarket size at various nodes of market
• Detailed overview and segmentation of the banana flakesmarket, as well as its dynamics in the industry

GlobalBanana Flakes Market – by Nature

• Organic
• Conventional

Global Banana Flakes Market – by Application

• Food and Beverages Industry
• Household
• Others

Global Banana Flakes Market – by Distribution Channel

• Supermarkets/Hypermarkets
• Specialty Stores
• Online
• Others

Company Profiles

• Bata Food B.V.
• Diana Group
• Futurcorp S.A.
• Ingredient Inc.
• Naturkostbar KG
• JOHS. THOMS GmbH & Co. KG
• P&G Food Industries
• RabelerFruchtchipsGmbh
• Van Drunen Farms
• Z Natural Foods