Global Banana Powder Market Size, Share, Opportunities, COVID-19 Impact, And Trends By Nature (Organic, Conventional), By Process (Freeze Dried, Spray Dried, Drum Dried), By Applications (Food And Beverage, Cosmetics, Pharmaceuticals, Animal Feed, Others), By Distribution Channel (Offline, Online), And By Geography- Forecasts From 2022 To 2027

The global banana powder market is expected to grow at a compound annual growth rate of 7.05% over the forecast period to reach a market size of US$1,574.852 million by 2027 from US$977.622 million in 2020.

Banana Powder is formed from the banana pulp, then by the mechanical and hydraulic process, it is converted into a paste. Sodium metabisulfite is used for brightening the yellow colour of the banana paste. The paste is dried by spray, freeze, or drum drying process and then the powder is produced. The banana powder market will grow at a significant rate in the coming years. The surge in demand for natural and organic food products and the enhancement of Banana Powder flavours in food products, cosmetics, and personal care is imperative for the Banana Powder market growth.

Bananas are commonly used and are the most consumable fruit worldwide. It has rich sources of potassium, vitamins, carbohydrates, and proteins and is cheaper, which makes for a healthier and more affordable diet. Banana powder is most commonly used in the food and beverage, cosmetics, and animal feed industry. Banana powder has a significant and substantial global share in the food industry. India is the major exporter of bananas worldwide and accounts for the majority of the market here. China is also one of the major exporters of bananas worldwide.

Increasing Consumer Preferences

Banana powder has a substantial demand in the market. Banana powder's popularity will continue to soar among consumers because of its rich and healthy properties, also because it is affordable. Consumers are shifting away from processed and refined food products. There has been a substantial increase in the knowledge and awareness of consumers regarding the harmful effects of artificial preservatives, flavours, and colours.

Consumers are diversifying their purchasing options when it comes to food and beverage products. Technology has been playing an imperative role in enhancing awareness and knowledge among consumers. A consumer can now locate the source of the food to ensure the safety of the product. Consumer demands and preferences have been constantly changing with time. There are a lot of people that are suffering from various harmful diseases and are not comfortable with artificial Products. This has led to a surge in demand for Banana Powder. It has a plethora of properties that are beneficial for human growth. It has a substantial content of carbohydrates and calories. It is also consumed for its anti-oxidant properties, preventing ageing effects and dehydration. It also helps in reducing blood fluctuations and is beneficial in the growth of bones.  It is widely used in baby foods, which helps in the growth of the bones and weight gain in infants. It also helps in preventing and curing dehydration. It is becoming significant in the pharmaceutical industry as it has a substantial number of medical-related properties. It helps in digestion, and prevents, or treats ulcers in the stomach. There is a lot of demand for banana powder in the cosmetics and animal feed industries.

Enhancement in the Distribution Channel

Currently, store-based retail businesses have the majority of the market share in the global banana powder market. Supermarkets and convenience stores are boosting the retail growth of Banana Powder-based products. A lot of traction is also being gained by online retail. Online retail will significantly grow in the coming years due to a substantial number of internet users and a surge in smartphone demand. Banana powder is easily available in retail stores, so the offline retail business is expected to hold the majority of the share in the future. A significant number of banana powder cultivators are helping to expand the retail market.

Challenges in the global banana powder market

The coronavirus has had a significant impact on the global banana powder market. With governments worldwide imposing lockdowns to combat the pandemic and with the trade restrictions, the supply chain has been disrupted, which will hold up the expansion of the market for the next few months. To reduce the impact of the COVID-19 pandemic, companies and manufacturers have adopted contingency plans. As the banana powder is one of the most affordable products, a pandemic will not have a significant impact. There is a challenge in the processing of banana powder. Sometimes, a substantial number of artificial preservatives are added to brighten the yellow colour of the powder. It reduces the quality of the product.

The Asia Pacific will register a significant growth

Market share is dominated by the Asia Pacific, followed by North America and Europe. The major exporters of banana powder are India and China. Banana Powder has a significant and substantial share in the market due to the fact that India is a major banana producer. Due to the presence of major cosmetics, food and beverage, pharmaceutical, and animal feed companies in Europe, Europe, and North America are expected to grow significantly. The animal industry will aid in increasing revenue because animal feed banana products are less expensive, and most countries rely on livestock animal products.

Key Developments

• July 2022: Ole Henriksen’s new and upgraded Banana Bright+ Eye Crème, inspired by makeup artists, contains banana powder and is 70% more hydrating than their original Banana Bright Eye Crème as per the press release of July 2022 by Ole Henriksen company. It also gives an all-day brightening effect on the face.
• February 2021: Del Monte International, a subsidiary of Florida-based distributor of fresh-cut fruit "Fresh Del Monte Produce Inc," announced a successful partnership with Brisbane, Australia-based Queensland University of Technology in 2021. The collaboration aimed to pioneer new methods of cultivating disease-resistant bananas to increase the market for banana powder. It was mentioned in the 2022 annual report of the U.S. Securities and Exchange Commission (SEC).

Impact of COVID-19 on Banana Powder Market

Globally, the COVID-19 pandemic has impacted numerous agrosystems and livelihoods, and its impact is expected to continue in the coming years as well. Bananas, the world's most exported fruit, provide food and livelihood for producers across Asia, Africa, and Latin America. Banana value chains have been affected in all banana-producing countries under COVID-19 due to supply chain and production delays. Robust changes brought in by the pandemic in the banana powder supply chain and shifts in consumer behaviour have necessitated the business players to be more vigilant and forward-looking to stay ahead of the competition. The economic and social impact of COVID differs greatly across countries or markets. Banana Powder market players are creating country-specific strategies to help grow their businesses. The banana powder market is forecasted to grow in the future owing to awareness among people for opting to choose a healthy lifestyle.

Global Banana Powder Market Scope:

Segmentation:

• By Nature
  • Organic
  • Conventional
• By Process
  • Freeze Dried
  • Spray Dried
  • Drum Dried
• By Applications
  • Food and Beverage
  • Cosmetics
  • Pharmaceuticals
  • Animal Feed
  • Others
• By Distribution Channel
  • Online
  • Offline
• By Geography
  • North America
    • USA
    • Canada
    • Mexico
  • South America
    • Brazil
    • Argentina
    • Others
  • Europe
    • Germany
    • Spain
    • United Kingdom
    • France
    • Italy
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • South Africa
    • UAE
    • Others
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Taiwan
    • Thailand
    • Indonesia
    • Others

Frequently Asked Questions (FAQs)

Q1. What will be the banana powder market size by 2027?
A1. The global banana powder market is expected to reach a total market size of US$1.574.852 million in 2027. 

Q2. What are the growth prospects for the banana powder market?
A2. The construction films market is expected to grow at a CAGR of 7.05% during the forecast period. 

Q3. What is the size of the global banana powder market?
A3. Banana Powder Market was valued at US$977.622 million in 2020. 

Q4. What factors are anticipated to drive the banana powder market growth?
A4. The surge in demand for natural and organic food products and the enhancement of banana flavours in food products, cosmetics, and personal care is imperative for the banana powder market growth.

Q5. Which region holds the largest market share in the banana powder market?
A5. The Asia Pacific region is expected to hold a significant share in the banana powder market.