Banana Powder Market
Banana Powder Market (Application - Beverages, Pet Food and Feed Industry, Household, Food Industry, Cosmetics; Source - Organic, Conventional; Process - Freeze Dried, Spray Dried, Sun Dried, Drum Dried, Others; Distribution Channel - Direct Sales, indirect Sales) - Global Industry, Size, Share, Growth, Trends, Forecast, 2019 - 2027
Press Release :
Banana Powder Market: Gains Driven by Consumer Spending on All-Natural and Organic Products
Banana powder has taken consumers by storm, in light of its status quo of being gluten-free and a cheaper alternative to wheat powder. Greater solubility remains a key selling proposition of banana powder, as food and beverage manufacturers move past banana flakes and puree for the preparation of baby food products and breakfast cereals. The value share of banana powder is relatively high as compared to other banana products - our recent report finds that banana powder sales grew at a CAGR of nearly 3.0% in the period, 2014 to 2018, and is estimated to close in on revenues worth US$ 550 Mn in 2019. However, the market scenario isn’t exactly as hunky dory as it seems, since the banana powder is less publicized and is in the requirement for proper marketing campaigns in order to flood the shelves of modern trade channels, and attain greater consumer appeal.
‘Organic’ being the buzzword in the food & beverage industry, banana powder manufacturers are taking measures for portfolio diversification to include organically-sourced banana powders. The rise in consumer demand for organic products is – backed by introduction of chemical-free, hormone and antibiotic-free, nutritious, and better quality food products, which are instrumental to marketing campaigns of banana powder manufacturers. However, at present, a significant chunk of banana powder is conventionally sourced, wherein manufacturers adhere to good manufacturing practices and add mixtures that promote health & wellness.
Banana Powder Market: Opportunities Abound with Widening Application Scope
Banana powder market functions at the intersection of pharmaceutical, pet food and feed, cosmetics industry, and food and beverages industry. Traditionally used wheat powders and flours in the F&B industry are being fast-replaced by banana powder as consumers with celiac diseases seek gluten-free and starch-resistant products. Hence, banana powder is catching the attention of bakers, as it is a suitable alternative to wheat, and has emerged as a beacon of baking innovation with least impact on non-negotiable preferences of consumers for taste, texture, quality, and food safety. As demand for ‘flavorful’ sauces, dressings, and condiments witnesses a consistent surge in parallel to the growing number of fast food chains and franchises, banana powder will continue to witness a significant demand.
As dual working households show marked preferences for premium food products, banana powder enriched formulas are picking up the pace with their high nutritional values in the nutraceutical industry. Jam-packed with health benefits, banana powder has been known to fight stomach ulcers, and is marking its territory in pharmaceutical applications by its general virtue of treating dyspepsia.
Applications of banana powder are tracing a diversified trajectory. Banana powder sales have surged in the feed industry, with the aim of improving the gut health of pets and cattle. Cosmetics industry contributes moderately to the banana powder market, however, the value share of the segment speaks highly of the sustained future opportunities for banana powder market. Applications of banana powder are significant in absorbing the excess oil present on the skin and improving the skin texture with flattering yellow or golden color. Widening application scope of banana powder will continue to bode well for growth of the banana powder market in the foreseeable future.
Banana Powder Manufacturers Vie to Expand their Global Footprint
The banana powder market continues to remain a competitive landscape, and with the food and beverage industry expected to remain the leading adopter of banana powder. Currently, MEA leads the global banana powder market, with the proliferation of sales through direct distribution channels. As the region embraces novel trends of digitization, e-retail remains the high-growth sales channel for banana powder manufacturers in the region.
The key players operating in the banana powder market are putting efforts on expanding their customer base by strengthening their distribution worldwide. These players are participating in international trade fairs for marketing their banana powder products in front of a larger pool of audience. For instance, in March 2016, a U.S. based player – Zuvii participated and showcased its product catalogue at ExpoWest, which is considered as the largest gathering of organic and natural product manufacturers. Another key player, NuNatural Inc. attended Natural Products Expo East 2018 to put forth the potential of its banana powder based product. However, the strategies of players operating in the subsequent tiers in the banana powder market are in contrast with that of the key players.
Regional players of the banana powder market strive to acquire a monopolistic status, by focusing more on export than domestic trade. Distribution partnerships, and acquisitions and merger activities are key strategies of emerging players in the banana powder market. For example, in 2017, NOW Health Group, Inc., shifted its distribution facility from Bloomingdale to Roselle, Illinois, where the 200,000 square-foot wide distribution facility is anticipated to serve as a growth instrumental for the company.
“All-in-all, the intensity of competition prevailing in the banana powder market is expected to increase, as more players focus on both organic and inorganic expansion strategies. Although the banana powder market is closing in on maturity, widening application scope of the product in line with the surging popularity of online sales in the consumer as well as the industrial goods space, continue to pave lucrative avenues of growth for banana powder manufacturers and vendors. The banana powder market is also likely to witness the foray of new entrants who vie to tap opportunities entailed by demand for all-natural and organic products. Applications of banana powder in the cosmetics industry, though moderate at present, will gain traction as ‘beauty-consciousness’ demographic continues to drift away from chemical-based products.” - opines a seasoned analyst of Transparency Market Research (TMR).
Transparency Market Research published a comprehensive study that offers a detailed outlook on the banana powder market for the forecast period 2019-2027. This in-depth study assesses crucial drivers determining the growth of banana powder market and analyzes untapped market opportunities for the stakeholders that include manufacturers, distributors, and suppliers.
Comprehensive information regarding the drivers, trends, restraints, opportunities, and challenges driving the future growth of the banana powder market are listed and explained in this study. Significant shifts in consumers’ preferences and emerging trends are also analyzed and discussed in this research report that helps the client make a well-informed decision and develop sustainable strategies to succeed in the banana powder market. Macroeconomic and microeconomic trends, which influences the banana powder market value are also studied in this detailed guide.
Key Questions Answered
- What are the significant growth opportunities regarding the adoption of banana powder in the future?
- What are the challenges encircling the banana powder market?
- Which end-use segment will highly contribute to the banana powder market?
- What are the sustainable strategies adopted by players operating in the banana powder market?
- Which is the key distribution channel facilitating the sales of banana powder?
- What are the notable developments in products offered by the players functioning in the banana powder market?
Banana Powder Market – Scope of the Report
The banana powder market report commences with an in-depth executive summary that sets the tone for the study. The market introduction has been included in the subsequent chapter to help the clients comprehend the basis of the banana powder market. The study lends insights into the significant macroeconomic factors that have relevance and impact on the banana powder market. The study further emphasizes on key dynamic factors, which affects the banana powder market during the forecast period. The report also features key challenges that remain in the banana powder market.
Value chain analysis to offer an outlook on the overall profitability right from the raw material supplier to the end user industry in the banana powder market is also included and explained in this research report. The research report presents the attractiveness of the banana powder market analysis by end-user industry, process, source, sales channel and region. Each segment of the market is analyzed and the statistics to which is included in the report.
To offer an incisive perception of the banana powder market, a competitive landscape consisting of significant market participants has been included in the research report. A competitive dashboard is presented in the study that offers a comprehensive comparison of the key manufacturers operating in the banana powder market along with their product portfolio, key strategies, total revenue, and developments.
Transparency Market Research (TMR) follows a systematic approach to obtain key insights into the banana powder market. To evaluate the market size of banana powder, average selling price of various products available across geographies were considered. Significant segments of the banana powder market are identified and their market share is considered to estimate the size of the banana powder market over the course of the forecast period. Additionally, the banana powder market segmentation is used as data points and key insights from primary respondents of the banana powder market are taken into consideration to evaluate the volume and value of the banana powder market. The secondary research includes the assessment of trade journals, press releases, company annual reports, paid resources, and other publications.
Pet food & feed