Banana Powder Market - Forecast(2023 - 2028)

Key Takeaways

• Geographically, the Asia-Pacific Banana Powder Market accounted for the highest revenue share in 2021. The growth is owing to undisturbed supply because of high banana production in Asian countries, rising disposable incomes of people, colossal population, growth stunting of youth, and bettering retail network.
• Increasing demand for carbs rich food, escalating popularity of RTD beverages and confectionery items, enlarging quality of life in low-income countries like China, Indonesia, and India, growing internet penetration in impoverished areas, hike in the number of smartphone users, and innovative marketing strategies are said to be preeminent driver driving the growth of Banana Powder Market. A plethora of alternatives, rising cost of living, startling unemployment post-covid-19, and environmental calamities are said to reduce the market growth.
• Detailed analysis of the Strength, Weaknesses, and Opportunities of the prominent players operating in the market will be provided in the Banana Powder Market report.

Banana Powder Market Segment Analysis-By Nature

The Banana Powder Market based on nature can be further segmented into conventional and natural. The conventional segment held the largest share in 2021. Conventional farming is practiced extensively by farmers of different countries across the world because of several reasons like high fruit yield, swift production, the requirement of lesser funds, high revenue, more reliable option as it is a proven concept, and efficient land use. Since conventional farming is practiced on a wide scale, the product of conventional descent has across-the-board availability. Additionally, the lower price of conventional natured products is a notable trigger that drives consumers toward such products. Furthermore, the natural segment is estimated to be the fastest-growing with a CAGR of 5.4% over the forecast period 2022-2027. The jaw-dropping swell in carbon footprints, growing campaigns like “Save Soil” aimed at revitalizing the organic content of soil by curbing the use of pesticides and fertilizers, and surging health consciousness among consumers across the globe are preeminent factors behind bettering demand for naturally grown food items.

Banana Powder Market Segment Analysis-By Distribution Channel

The Banana Powder Market based on distribution channels can be further segmented into offline and online. The offline segment held the largest share in 2021. The growth is owing to the high inclination of consumers toward offline stores because of their round the corner presence. Conveniences like guarantee, easy return, bulk buying, bargaining, proper quality check, and instantaneous buying are prime and most common answers to questions like “Why majority of sales occur through offline platforms?” According to a report published in 2021, online shopping accounted for only 13 percent of sales in the US; whereas, the rest 90 percent transpired through offline mediums. In addition to that, the growing existence of modern outlets like supermarkets not only in developed countries but in developing countries also is attracting the attention of people because of their discount offers and one-stop solution options. Nevertheless, online is estimated to be the fastest-growing segment with a CAGR of 4.7% over the forecast period 2022-2027. Technological breakthroughs and advancements like high-speed internet, 3D mapping, and payment through mobiles have revolutionized the retail industry and completely altered the buying behaviors of consumers, especially millennials. Moreover, covid restrictions, an astounding swell in smartphone users, and the growing size of tech-friendly populations are other factors propelling the growth.

Banana Powder Market Segment Analysis-By Geography

The Banana Powder Market based on Geography can be further segmented into North America, Europe, Asia-Pacific, South America, and the Rest of the World. Asia-Pacific held the largest share with 41% of the overall market in 2021. The growth in this segment is owing to the factors such as fascinating banana production in Asian countries. With more than 30 million tonnes of annual production (around 26 percent of the total world’s production), India is the leading banana producer in the world. After India, Indonesia and China hold the 2nd and 3rd spots with approximately 18 million tonnes of collective annual production. The high production of the fruit unequivocally supplements the supply chain and drives the market. Nevertheless, Asia-Pacific is expected to be the fastest-growing segment over the forecast period 2022-2027. This growth is owing to augmenting usage of bananas in confectionery (Banana burfi, Kele ka halwa, Gulgulas, and many others), horrendous size of the population, surging complication of growth stunting of youths especially in Southeast Asian countries like India, growing purchasing power supplemented by rising economic prosperity, proliferating demand for banana assisted protein powders and dietary supplements.

Banana Powder Market Drivers

Owing to their fiber-rich nature and low GI index bananas are an appropriate choice for diabetic patients because they play a significant role in reducing sugar spikes. Therefore, swelling cases of diabetes are likely to enhance the demand for the banana powder market. According to a report, around 12 percent of adults worldwide are anticipated to develop diabetes by the year 2045. The figure is whirling around 10.5 to 11 percent as of 2022. Moreover, bananas are home to minerals and amino acids like potassium and tryptophan that are vital for the formation of serotonin and melatonin (hormones responsible for feeling good and decent sleep); therefore, bananas are also supportive in pacifying the mind by curing stress. Also, the augmenting complication of nutrient deficiency among youth in developing countries is likely to stimulate market growth.

Overwhelming penetration of the internet in rural areas has completely revolutionized the retail industry in the last decade. E-commerce platforms are all set to overtake conventional distribution channels of retail. As of 2022, nearly 60 percent of the total world population (more than 4.6 billion people) is vigorously using the internet. The number is projected to reach 7.5 billion by the year 2030. The growth in any market depends upon purchasing power of consumers; whereas, the purchasing power of consumers in a geographical location is directly proportional to economic prosperity. Therefore, the proliferating economic affluence of developing countries is a primary driver driving the aforementioned market. For example, from $5,624 in 2020, South Africa's GDP per capita income reached $6,861 in 2021; nevertheless, the figure is anticipated to reach $7,081 in 2022. Other developing nations like India, China, and Indonesia are too witnessing a slight surge in per capita incomes. Besides, extensive use of bananas in baby formula and various cosmetics products has spiked the pace of growth.

Banana Powder Market Challenges

In March 2022, India witnessed 17 months' highest CPI inflation rate of 6.95 percent. The extensive surge in prices is putting extra pressure on consumers’ pockets. In addition to that, overwhelming inflation fueled by the Russia-Ukraine war has soared the cost of living across Europe. According to the Statistical Office of the European Union, in march 2022, annual inflation rates in the euro area soared to 7.4 percent from 5.9 percent in February. In addition to that, the availability of a plethora of alternatives that can easily substitute bananas, the changed duration of seasons, loss of agricultural land because of soil erosion, deforestation, and vanishing organic content are some crucial factors posing severe challenges to the growth of banana powder market.

Banana Powder Industry Outlook:

Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in the aforementioned Market. Banana Powder market top 10 companies include-

• NuNaturals Inc
• Aarkay Food Products Ltd.
• Mevive International
• Naturalin Bio-Resources Co Ltd.
• Banatone Food Industries Kochuveli
• Royal Nut Company
• Saipro Biotech Pvt Ltd.
• Taj Agro International
• Varmora Food Pvt Ltd.
• National Food ‘n’ Spices

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