Banana Flour Market

Global Banana Flour Market Forecast

• The approximately US$561.3 Mn market for banana flour (2023) poised to reach US$748.6 Mn by 2030
• Banana flour market size projected to expand at a CAGR of 4.2% during 2023-2030

Quick Report Digest

1. The rising influence of Asian, and African cuisine are the key trends anticipated to fuel the banana flour market growth. Furthermore, an increasing number of people worldwide are discovering and embracing new culinary experiences, and banana flour, a mainstay in various Asian, and African cuisines, is one among them. Due to this trend, an increasing number of recipes and meals worldwide use banana flour.
2. Another major market trend expected to fuel the growth of banana flour is the rapidly growing adoption of vegan and plant-based products. Moreover, the demand for plant ingredients has increased due to the popularity of plant-based and vegan diets. Because of its natural source, banana flour is recommended for vegan and plant-based food and drink products.
3. In 2023, the spray/drum-dried category dominated the industry. The need for banana flour that has been spray- or drum-dried may be impacted by how economical these processing techniques are. Making decisions may involve considerations of things like production scalability and energy efficiency.
4. Regarding market share for banana flour globally, the organic segment is anticipated to dominate. Social and ethical responsibilities are linked to the desire for organic products. Customers who value soil health, biodiversity, and farmers' well-being can support agricultural methods by purchasing organic banana flour.
5. In 2023, the food industry category controlled the market. Granola, and flakes are among the breakfast cereals made using banana flour. Cereal products benefit from their enhanced nutritious value and distinctive flavour.
6. The direct sales segment is the largest market share. Direct sales to farm visitors are possible for farmers with on-site facilities by setting up a farm stand or store. Customers get an original and genuine experience as a result.
7. The Asia Pacific region is anticipated to account for the largest share of the global banana flour market, owing to many Asia Pacific nations having seen a change in consumer buying habits due to rising disposable income. Banana flour is expanding in the market because consumers are eager to try and invest in niche and health-focused food products.
8. The market for banana flour is expanding in North America due to product innovation, a well-known attribute of food companies in the region. Its market expansion is driven by using banana flour in cutting-edge food and drink items such as plant-based substitutes, health bars, and gluten-free snacks.

A Look Back and a Look Forward - Comparative Analysis

Green or underripe bananas that might otherwise go to waste are frequently used to make banana flour. Producers support sustainable practices by using these bananas to help reduce food waste. Biodegradable or compostable materials are examples of sustainable packaging solutions that are becoming increasingly significant. Manufacturers who prioritise environmentally friendly packaging solutions improve the product's overall sustainability.

The market witnessed staggered growth during the historical period 2018 – 2023. Governments encouraged the expansion of the banana flour market by securing advantageous trade agreements and terms on a national and international level. The market for banana flour expanded internationally with the help of lowered trade barriers.

Governments used to support projects involving the production and research of banana flour. The creation of new goods based on banana flour, product innovation, and processing technology developments were all aided by this financial backing.

Instant mixes for pancakes, waffles, and other morning foods include banana flour, which makes it convenient for customers looking for quick and simple meal alternatives in the coming years. Additionally, producers are creating prepackaged snacks made of banana flour, such as energy bars or chips, to provide consumers with quick and wholesome options when they're on the go. Furthermore, introducing artisanal or premium banana flour types with different qualities or sourcing techniques can draw in customers seeking unique and superior-quality products in the next five years.

Key Growth Determinants

• Rising Demand for Gluten-Free Products

Growing awareness of the adverse effects of gluten ingestion is a result of the rising prevalence of celiac disease and gluten sensitivity. For those who must avoid gluten, banana flour is a good substitute because it is naturally gluten-free. Consumers are actively searching for foods that support their wellness objectives as they become more health-conscious.

Due to its nutritional value and gluten-free status, banana flour is becoming increasingly popular as it fits in with larger wellness and health trends. The high resistant starch content of banana flour helps with weight management and digestive health. The need for gluten-free products with added health advantages grows as people become more conscious of their food choices.

• Rising Health Consciousness

Rich in potassium, vitamins, and minerals, banana flour is a great source of important nutrients. Health-conscious consumers have higher expectations for food goods and are increasing demand for banana flour. One of the most well-known characteristics of banana flour is its resistance to starch. Improved gut health and better blood sugar regulation are only two health advantages linked to resistant starch.

Products with these kinds of practical benefits appeal to health-conscious buyers. Those concerned about their blood sugar levels might consider banana flour because of its low glycemic index. Interest in low-glycemic foods, such as banana flour, is rising as people become more conscious of how diet decisions affect blood sugar regulation.

• Skyrocketing Prospects of F&B

Various food and beverage products, such as baked goods, snacks, cereals, smoothies, and more, can be made with banana flour because of its adaptability. It is an important component for food producers who want to innovate because of its various uses. People's interest in nutritionally rich ingredients like banana flour has increased due to the growing demand for better-for-you and functional food options.

Food and beverage firms are adding banana flour to improve the nutritional value of their goods. Manufacturers can diversify their products and cater to changing consumer tastes by including banana flour in food and beverage items, as consumers are always looking for new and unusual eating experiences.

Major Growth Barriers

• Limited Banana Supply Chain Stability

Extreme weather events like storms, hurricanes, and droughts can significantly impact banana agriculture. These occurrences could damage and disturb the banana supply chain, impacting the availability of raw materials needed to produce banana flour.

Black Sigatoka, and Panama disease are only two of the many pests and illnesses that can harm bananas. Reduced banana yields from outbreaks of these problems may affect the stability of the supply chain and the reliable availability of high-quality bananas for flour production.

• Fluctuations in Raw Material Prices

The price of bananas, which can vary depending on weather, supply and demand, and market forces, is closely correlated with the cost of producing banana flour. The cost of producing banana flour may rise with any notable increase in banana prices.

The price of raw bananas affects the costs of producing banana flour, affecting the manufacturers' overall profitability. Labour, transportation, and agricultural input price changes may exacerbate this volatility.

Key Trends and Opportunities to Look at

1. Expanding Use in Baby Food and Infant Nutrition

Complementary foods that are easy to digest and high in nutrients are needed as babies start eating solid foods. Because of its healthy nutrients and mild flavour, banana flour is a great component when creating baby-friendly food products.

Due to its sweetness, banana flour appeals to babies' palates. Because of its pleasant character, it can be introduced to infant food formulations more easily and without requiring a lot of extra sugar or artificial sweeteners.

2. Growing Interest in Resistant Starch for Gut Health

The growth of probiotics is aided by resistant starch, which maintains a thriving gut flora. Short-chain fatty acids are created in the colon by fermenting resistant starch, which is good for your gut and general health.

Blood sugar levels have been demonstrated to benefit from resistant starch. Resistant starch slowly breaks down and releases glucose gradually, which aids with blood sugar management. This feature makes banana flour appealing to people watching their blood sugar levels.

3. Growing Integration with Fitness and Protein Supplements

The building blocks of proteins and amino acids are abundant in banana flour. Its amino acid profile attracts customers looking for well-rounded, plant-based protein sources by adding to the nutritional fullness of fitness and protein supplements.

Because it is naturally low in fat, banana flour is a popular choice for people searching for lean protein sources. Fitness enthusiasts and those concerned about weight management frequently seek low-fat protein supplements.

How Does the Regulatory Scenario Shape this Industry?

Over the last three years, the FDA has created and upheld laws about food safety and labeling in the US. Producers of banana flour who wish to sell their products in the US must adhere to FDA regulations. The FDA ensures that products containing banana flour comply with all labeling regulations, including nutritional data, allergen disclosures, and health claims.

In the European Union (EU), EFSA offers risk assessments and scientific recommendations on food safety. To ensure their goods fulfill safety and quality standards, banana flour companies operating within EU member states must abide by EFSA guidelines and regulations. The NHFPC is in charge of establishing guidelines and standards for food safety in China. To enter and do business in the Chinese market, makers of banana flour must adhere to food safety regulations in China.

The regulatory agency in India that oversees food safety and standards is called FSSAI. To guarantee the security and caliber of their goods, Indian producers of banana flour must abide by FSSAI rules. Food standards for both Australia, and New Zealand are created and upheld by FSANZ. It creates standards for labeling, safety, and ingredients. Producers of banana flour in these nations must abide by FSANZ laws to guarantee that their goods fulfill the required standards.

Fairfield’s Ranking Board

Top Segments

1. Spray/Drum Dried Flour Surges Ahead of Sun-Dried Counterpart

The spray/drum-dried segment dominated the market in 2023. Spray drying involves atomizing liquid banana extract or puree into tiny droplets to turn it into powder. After quickly drying with hot air, these droplets are turned into powdered banana flour.

Additionally, drum drying involves putting a thin coating of banana puree on a revolving drum. The water content evaporates when heat is applied, leaving behind a dried film ground into banana flour.

Furthermore, the sun-dried category is projected to experience the fastest market growth. The demand from consumers for natural and minimally processed food products is met by sun-dried processing. Sun drying satisfies consumers' desire for clean-label products with minimal ingredients and processing procedures.

Sun drying is usually considered a moderate drying technique that aids in keeping bananas' nutritional value. One reason for the demand for sun-dried banana flour could be to keep the vitamins, minerals, and flavours that come naturally with fresh bananas.

2. Demand for Organic Banana Flour Maximum

In 2023, the organic category dominated the industry. Because organic banana flour is made without artificial chemicals, it conforms to clean label trends. Customers worried about chemical residues in their meals are more likely to select organic items.

Certain customers link a higher level of nutritional quality to organic products. The idea that organic bananas result in a better and more nutrient-rich final product may impact the market for organic banana flour.

The conventional category is anticipated to grow substantially throughout the projected period. Compared to organic alternatives, conventional banana flour is frequently more affordable to make. Because of its cheaper production costs, ordinary banana flour may be more accessible to a wider range of customers, attracting budget-conscious buyers.

Conventional banana flour typically serves a broad market that may value affordability over certifications for organic and natural products. Consumers who are cost-conscious and look for affordable food options frequently have a greater demand for conventional banana flour.

3. Food Industry Records Dominant Consumption

The food industry segment dominated the market in 2023. Baking products like bread, muffins, pancakes, and cookies are made with banana flour. It enhances baked goods' flavour, texture, and ability to hold moisture. Manufacturers of snacks use banana flour in their crackers, chips, and extruded snack items. Snack formulations benefit from the flour's natural sweetness and nutritious content.

The retail/household category is expected to experience the fastest growth within the forecast time frame. Consumers frequently use banana flour to make homemade bread, muffins, and other baked items. It gives these foods a distinct flavour, and nutritional boost. Recipes for pancakes and waffles use banana flour, which offers a naturally sweetened, gluten-free substitute.

4. Direct Sales Continue to Present the Largest Revenue Contribution

The direct sales category dominated the market in 2022. The culinary, beverage, pet food and feed, nutraceutical, pharmaceutical, and other end-use industries have all found uses for banana flour. Manufacturers of food and beverages worldwide are starting to use banana flour as a gluten-free substitute.

The popular component of baked goods, confections, and desserts is banana flour. Flour is a component used by producers of food and drink items. Customers buy it in large numbers to utilise in various meals and drinks. Because of this, direct sales now account for a significant segment of the market.

The fastest growth is anticipated in the indirect sales (hypermarket/supermarket) category. Banana flour producers may introduce private-label products in partnership with supermarkets and hypermarkets. Supermarkets can assist producers and offer unique products due to this.

Regional Frontrunners

Asia Pacific Remains to Home to Banana Flour Sales

Asia Pacific is expected to dominate the market. Banana cultivation is a prominent industry in Asia Pacific, where many of the world's top producers are found. The market's expansion is facilitated by the quantity of bananas, which offer a steady and sufficient supply of raw materials to manufacture banana flour. Asian cuisines have traditionally used banana flour in their traditional recipes.

Demand for banana flour in the region is driven by its use in various traditional meals and recipes found in nations like Thailand, the Philippines, and India. Natural ingredients like banana flour are appreciated for their possible health advantages in nations like India, where traditional medicine techniques like Ayurveda play a prominent role. The region's widespread availability and preference for banana flour is significantly shaped by the cultural impact.

North America benefits from a Growing Appetite for Functional Ingredients

North America is expected to be the fastest-growing region. Consumers here are becoming increasingly interested in functional foods, and components that provide health advantages over simple sustenance. With its nutritional make-up and possible uses, banana flour fits very well with the tendencies toward functional foods and wellbeing.

A broad customer base can purchase banana flour thanks to its accessibility through various retail channels, such as supermarkets, health food stores, and internet platforms. This accessibility facilitates market expansion and adoption. Global food trends have an impact on North America.

Due to the consumers' openness in the region to investigating and accepting global food influences, the adoption of banana flour is facilitated by its integration into international cuisines and the absorption of varied flavours.

Fairfield’s Competitive Landscape Analysis

A few global companies control most of the banana flour market. The leading businesses are creating new products and enhancing their distribution systems to expand their worldwide footprint. Moreover, Fairfield Market Research expects more consolidation over the coming years.

Who are the Leaders in the Global Banana Flour Space?

1. NOW Health Group Inc.
2. Divine Foods
3. Diana Foods
4. Miski Organics
5. Natural Evolution
6. Food Banatone
7. Woodland Foods
8. LiveKuna
9. Saipro Biotech Private Limited.
10. KADAC Pty Ltd
11. Edward & Sons Trading Co.
12. AIDP
13. Medikonda Nutrients
14. SV AGROFOOD

Significant Industry Developments

New Product Launch

• June 2021: Let's Do Organic® Green Banana Flour was introduced by Edward & Sons Trading Co., Inc. Their sugar content is not yet fully grown to preserve the nutrients and resistant starch in the unripe organic bananas. The bananas are then dried at low temperatures. It is finally ground into gluten-free flour with a nutritious and sweet flavour. When Let's Do Organic® Green Banana Flour is used in cooking bread, pancakes, pastries, pasta, and other dishes, it gets a smooth texture and a lovely, delicate flavour.
• March 2021: Kokos Natural introduced NATIRÈL banana flour. This powder is traditionally manufactured from green bananas and is frequently used as a source of resistant starch or as a gluten-free substitute for wheat flour. Compared to wheat flour, it requires 25% less volume and has a lighter texture. It can be used for rotis, baby food, Indian farsan, bakery and confectionary goods, smoothies, ice cream, and sweets. It can also be used to thicken sauces and soups. Additionally, current nutritional research and specific eating fads, such as paleo and primal diets, have pushed the use of banana flour.

Distribution Agreement

• February 2023: Fresh Del Monte and Talc Investment announced a banana collaboration in Somalia.
• October 2021: An agreement has been signed between the Indian Council of Agricultural Research (ICAR)-National Research Centre for Banana, Tiruchi, and Cake Bee, a chain of bakeries, regarding the transfer of technology for the use of banana powder in the bakery industry. One potential answer for creating affordable banana powders from ripe and rejected bananas at market prices is the low-cost innovative method known as foam mat drying, which the institute developed.

An Expert’s Eye

Demand and Future Growth

The appeal of banana flour has expanded throughout different countries as global culinary trends grow more interconnected. Globally, banana flour is becoming increasingly popular due to increased exposure to various cuisines and eating habits.

Furthermore, Exploring non-food uses opens up opportunities for market expansion and diversification. Examples include using banana flour to make biodegradable packaging or as an ingredient in cosmetics and personal hygiene products. However, the banana flour market is expected to face considerable challenges because of fluctuations in raw material prices.

Supply Side of the Market

According to our analysis, the world's top producers of bananas include China, India, the Philippines, and Indonesia, which is expected to fuel the expansion of the banana flour market. Australia, and India are two of the major consumer markets in the Asia Pacific region. Australia's biggest horticulture sector and best-selling supermarket item is bananas. The region's banana flour sector is expanding due to the enormous volume of bananas produced annually, particularly in India.

India is the world's leading producer of bananas. India produced 33.1 million tonnes of bananas as of 2021, which accounted for 26.40% of the global total, according to the Food and Agriculture Organisation (FAO). This element significantly contributes to the expansion of the local market. In addition, some of the top consumer markets are Australia and India. Due to its widespread usage in baby food production, banana flour is in high demand.

The product's increasing use in bakery goods, including pastries, cakes, and other items, has led to widespread use in the countries. Owing to the growing trend and necessity for physical fitness in the countries, there is a greater need for nutritious items like banana flour. Each of these elements is essential to boosting the expansion of the local market.

Global Banana Flour Market is Segmented as Below:

By Processing:

• Freeze Dried
• Spray/Drum Dried
• Sun Dried
• Others

By Nature:

• Organic
• Conventional

By End Users:

• Food Industry
• Beverages
• Retail/Household
• Others

By Distribution Channels:

• Direct Sales
• Indirect Sales
  • Hypermarket/Supermarket
  • Convenience Store
  • Specialty Store
  • Online Retail
  • Others

By Geographic Coverage:

• North America 
  • U.S. 
  • Canada 
• Europe 
  • Germany
  • U.K.
  • France
  • Italy
  • Turkey
  • Russia
  • Rest of Europe 
• Asia Pacific 
  • China
  • Japan
  • South Korea
  • India
  • Southeast Asia
  • Rest of Asia Pacific 
• Latin America 
  • Brazil 
  • Mexico 
  • Argentina
  • Rest of Latin America 
• Middle East & Africa  
  • GCC 
  • South Africa
  • Egypt
  • Nigeria
  • Rest of Middle East & Africa