Banana Powder Market Driven by Top Major Drivers – A Review
Banana powder is obtained by processing of bananas. Banana powder having high essence of banana, is one of the major source of carbohydrate and calories. It is also beneficial in treating indigestion, preventing dehydration, improving absorption of nutrients, and preventing ageing effects. Banana powder helps in stimulating the growth of intestinal bacteria and produce digestive enzymes. Processing of banana into banana powder prolongs its shelf life. Banana powder has found wide use in cosmetic application owing to its moisturizing properties. It also relieve skin itching and irritation. Owing to the high health consciousness among consumers with increasing awareness regarding the health benefits of banana powder, it is expected that its market will grow at a rapid pace during the forecast period.
Market Dynamics of Banana Powder:
Banana powder market is expected to witness high growth owing to its high medicinal and nutritional characteristics. Development of ingredients with high health and wellness functionality is one of positive trend supporting the growth of banana powder market. Rapid urbanization along with the changing lifestyle and dietary habits plays a significant role in increasing the demand for banana powder. Consumers are becoming highly health conscious, hence prefer more of natural food ingredients to support a healthy life style. Other factors escalating the demand for banana powder includes continuous new product developments and improved distribution channel that supports the wide availability of banana powder in the market. Food technologist and companies in the banana powder market also carry out research & development activities to increase the utility of banana powder in various application.
Market Segmentation of Banana Powder:
Banana powder market is segmented on the basis of application and geography. Based upon application, banana powder market is segmented into food, pharmaceuticals, animal feed, and cosmetics. Food application can be further sub-segmented on the basis of puffed food, infant food, seasonings, instant food, and others. Food is expected to attain relatively higher market share in the banana powder market. Food application is followed by animal feed segment owing to the increasing consumption of banana powder in cattle feed and pet feed. Pharmaceutical segment is expected to grow at relatively high CAGR during the forecast period. This is expected to be driven by the increasing contribution of banana powder in effectively treating colon diseases, carbohydrate intolerance among children, and many others. It also plays a vital role in treating the intestinal disorder among adults.
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Regional Outlook of Banana Powder:
Based on geography, banana powder market is segmented into seven different regions namely Asia-Pacific, Middle East and Africa, Latin America, Western Europe, Eastern Europe, North America, and Japan. Asia-Pacific region is expected to attain relatively higher revenue share in the global banana powder market. Higher revenue share of the region can be attributed to the wide availability coupled with the growing awareness regarding the benefits of banana powder in the region. Countries such as China and India witness high demand for banana powder for various applications such as food, pharmaceuticals etc., hence expected to contribute significantly in increasing the market revenue of the region. The Western Europe region is expected to offer high growth opportunities, owing to significant increase in the use of banana powder in cosmetics application.
Key Market Players in Banana Powder:
Some of the key players in the banana powder market include Chiquita Brands International, Inc., Mevive International, Safety Foods Pvt Ltd, Taj Agro International, Cool Milling Ventures Corporation, Perennial Lifesciences Private Limited, and Banatone Industries among others. Banana powder market is a fragmented market with large number of organized and unorganized players competing to develop an edge over others. Leading manufacturers in the banana powder market are keen to expand their product portfolio to strength their position in the market.
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