Demand and Trend Analysis of Banana Flour in Korea
Demand Forecast for Banana Flour in Korea, by Organic and Conventional Source, 2023 to 2033
Increasing Consumer Shift toward Healthy and Nutritious Food Items is Creating Profitable Prospects for Companies Providing Functional Food Products like Banana Flour in Korea
Analytical Study of Banana Flour in Korea from (2023 to 2033)
The consumption of banana flour in Korea is estimated to display a healthy CAGR of 7.1% through 2033. Sales of banana flour in Korea are expected to jump from US$ 5.58 million in 2023 to US$ 11.05 million by 2033.
In Korea, health-conscious consumers are seeking food varieties enriched with banana flour due to its better nutrient index. This flour adds a distinct flavor, aroma, and texture to the recipient dish. Banana flour makes its way into multiple dishes like pancakes, smoothies, and baked goods due to growing popularity of its mild taste among consumers in Korea. Running trend of gluten-free ingredients in the food industry is creating opportunities for leading manufacturers of banana flour. Moreover, shifting focus of Korean consumers, valuing nutrition from natural as well as high-quality food sources, is fueling the appetite for banana flour.
Banana flour additionally finds practical use among fitness-conscious consumers in Korea, especially among those attempting to lose weight. Additionally, significant health benefits of banana flour are contributing to its consumption among people with diseases like high cholesterol or heart disease.
Attributes
Details
Industry size of Banana Flour in Korea in 2023
US$ 5.58 million
Expected Industry Size of Banana Flour in Korea by 2033
US$ 11.05 million
Forecast CAGR between 2023 to 2033
7.1%
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Top Trends Influencing the Sales of Banana Flour in Korea
The increasing popularity of alternative flour varieties, such as banana flour, is driven by the gluten-free trend. This trend is rising in Korea on account of surging incidence of celiac diseases in the country.
Consumers in Korea are opting for organic food items, which is contributing to the organic category’s growth. This is expected to fuel sales of banana flour in the country.
The surging demand for functional food products that offer exceptional storage capacity is fueling the sales of banana flour in Korea. This can be credited to its ability to be stored in the pantry for up to a couple of years. Once the seal is opened on the banana flour packaging, it can be stored in the pantry for a period of 6 to 12 months.
The soaring utilization of banana flour in condiments, dressings, and sauces is anticipated to propel the sales of banana flour in Korea.
An increasing number of consumers in Korea are becoming aware of the rich potassium, magnesium, and manganese content of banana flour, as well as its cost-effectiveness. This is predicted to catalyze demand for banana flour in upcoming years.
The growing popularity of gluten-free noodles is anticipated to have a positive impact on the sales of banana flour. This has led to a large-scale production of gluten-free noodles, which, in turn, is expected to increase the adoption of banana flour by food establishments.
Comparative View of Adjacent Banana Flour in Key Markets
The following table gives a sneak peek into the dynamics of Korea banana flour industry in comparison to the one in Japan and the one which is global. The global industry wins on the basis of value generation, generating a total of US$ 630.84 million in 2023. Another notable point is the consumption patterns of banana flour in these geographies. As per the estimates, Korea showcases a higher consumption rate of banana flour, expanding at a CAGR of 7.1%.
Industry Analysis of Banana Flour in Korea:
Attributes
Industry Analysis of Banana Flour in Korea
Korea’s CAGR between 2023 to 2033
7.1%
Industry Size of Korea in 2023
US$ 5.58 million
Key Trends
Surging demand for gluten-free products
Industry Analysis of Banana Flour in Japan:
Attributes
Industry Analysis of Banana Flour in Japan
Japan’s CAGR between 2023 to 2033
6.0%
Industry Size of Japan in 2023
US$ 7.61 million
Key Trends
Rising demand for banana flour-enriched functional foods
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Segment-wise Insights
Conventional Banana Flour Holds Prominent Position in Korea’s Banana Flour Industry
Leading Source
Conventional
Value Share % (2023)
94.70%
The conventional source of banana flour accounts for a value share of 94.70% in 2023. This dominance can be attributed to its widespread availability both online and in physical stores. The sales of the conventional variant of banana flour are driven by critical factors such as its taste, accessibility, cost-effectiveness, and texture. Following factors are contributing to the sales of conventional banana flour:
Growing demand for mild-tasting banana flour is appealing to consumers in Korea, thus boosting its uptake.
Conventional banana flour is on the lower end of the spectrum, cost-wise, thus boosting its consumption in different applications.
Food Industry Holds Significant Appetite for Banana Flour
Leading Application
Food Industry
Value Share % (2023)
72.40%
Based on application, the food industry comprises 72.40% value share in the regional industry. Following factors are propelling the appetite for banana flour in the region’s food industry:
Growing demand for gluten-free alternatives to wheat flour, coupled with increasing cases of celiac disease and gluten intolerance, are propelling the consumption of banana flour by the food industry.
Surging demand for foods replete with dietary fiber that assists in regulating blood sugar levels, promotes gut health, and improves digestion, is catalyzing the popularity of banana flour.
The increasing use of this flour in a multitude of dishes like smoothies, pasta, pancakes, and baked goods is contributing to this segment’s growth.
Top Strategies of Key Providers of Banana Flour in Korea
Key players are developing new banana flour products to cater to the shifting demands of consumers. For instance, certain manufacturers are producing banana flour products that specifically cater to people with dietary restrictions like vegan or gluten-free diets. Additionally, companies are making substantial investments in brand-building activities to spread awareness about their product offerings and to establish a strong brand image in the minds of consumers.
Players are partnering with distribution channels such as eCommerce platforms and new retailers to increase the reach of their food products. Moreover, competitors in the industry are employing various pricing strategies to attract and retain customers. For example, certain companies are offering discounts on their banana flour products to build customer loyalty.
Profiling of Leading Players of Banana Flour in Korea
Company Name
Company Details
Olam International
The company holds a leading position in the food and agri-business industry and has a solid presence in Korea. The firm provides a broad range of services and products, including banana flour. The banana flour offered by the company is made from high-quality bananas. The product is used by several food manufacturers in Korea to create new varieties of products like pancakes, baked goods, and more.
CJ CheilJedang
The company holds a prominent position in the food and beverage industry in Korea. The company utilizes state-of-the-art technology for better product output.
Dongwon Food
The company is a leader in the food processing industry in Korea. It offers a wide variety of food products, including banana flour, to be used in various applications such as beverages, pet food, soups, sauces, and more.
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Key Players Providing Banana Flour in Korea
Olam International
CJ CheilJedang
Dongwon Food
SK Food
Glico Korea
Scope of Korea Banana Flour Industry Report
Attribute
Details
Estimated Industry Size of Banana Flour in Korea (2023)
US$ 5.58 million
Projected Industry Size in 2033
US$ 11.05 million
Anticipated CAGR between 2023 to 2033
7.1% CAGR
Historical Analysis of Demand for Banana Flour in Korea
2019 to 2023
Demand Forecast for Banana Flour in Korea
2023 to 2033
Process:
Sun-dried
Freeze-dried
Spray-dried
Others
Application:
Beverages
Pet Food and Feed Industry
Household
Food Industry
Bakery and Snacks
Infant Foods
Filling and Dressings
Soups and Sauces
Others
Source:
Organic
Conventional
Sales Channel
Direct Sales
Indirect Sales
Modern Trade
Convenience Store
Specialty Store
E-retailers
Other retail formats
Report Coverage
Industry Size, Industry Trends, Analysis of Key Factors Influencing Banana Flour Consumption in Korea, Insights on Korea Players and their Industry Strategy in Korea, Ecosystem Analysis of Local and Regional Korea Providers
Key Cities Analyzed
South Gyeongsang
North Jeolla
South Jeolla
Jeju
Key Companies Profiled
Olam International
CJ CheilJedang
Dongwon Food
SK Food
Glico Korea
Industry Segments Covered in Korea Banana Flour Industry Analysis
Process:
Sun-dried
Freeze-dried
Spray-dried
Others
Application:
Beverages
Pet Food and Feed Industry
Household
Food Industry
Bakery and Snacks
Infant Foods
Filling and Dressings
Soups and Sauces
Others
Source:
Organic
Conventional
Sales Channel:
Direct Sales
Indirect Sales
Modern Trade
Convenience Store
Specialty Store
E-retailers
Other retail formats
By Cities:
South Gyeongsang
North Jeolla
South Jeolla
Jeju
Frequently Asked Questions
At What Rate is the Banana Flour Industry Growing in Korea?
The anticipated CAGR for banana flour in Korea through 2033 is 7.1%.
How Big will the Banana Flour Industry be in Korea?
Demand for banana flour in Korea is expected to be US$ 11.05 million by 2033.
What is the Key Strategy that Providers in Korea Adopting?
New innovations in the industry are the go-to strategy of industry players in Korea.
Which Source is Highly Preferred for Banana Flour in Korea?
Conventional source is gaining prominence in the banana flour industry in Korea.
Which Application Takes up Significant Share of the Banana Flour Industry in Korea?
Food industry is a significant consumer of banana flour in Korea.
Table of Content
1. Executive Summary
1.1. Korea Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.1.1. Drivers
3.1.2. Restraints
3.1.3. Opportunity
3.1.4. Trends
3.2. Scenario Forecast
3.2.1. Demand in Optimistic Scenario
3.2.2. Demand in Likely Scenario
3.2.3. Demand in Conservative Scenario
3.3. Opportunity Map Analysis
3.4. Product Life Cycle Analysis
3.5. Supply Chain Analysis
3.5.1. Supply Side Participants and their Roles
3.5.1.1. Producers
3.5.1.2. Mid-Level Participants (Traders/ Agents/ Brokers)
3.5.1.3. Wholesalers and Distributors
3.5.2. Value Added and Value Created at Node in the Supply Chain
3.5.3. List of Raw Material Suppliers
3.5.4. List of Existing and Potential Buyer’s
3.6. Investment Feasibility Matrix
3.7. Value Chain Analysis
3.7.1. Profit Margin Analysis
3.7.2. Wholesalers and Distributors
3.7.3. Retailers
3.8. PESTLE and Porter’s Analysis
3.9. Regulatory Landscape
3.9.1. By Key Regions
3.9.2. By Key Countries
3.10. Regional Parent Market Outlook
3.11. Production and Consumption Statistics
3.12. Import and Export Statistics
4. Korea Industry Analysis and Outlook 2018 to 2022 and Forecast, 2023 to 2033
4.1. Historical Market Size Value (US$ Million) & Volume (Tons) Analysis, 2018 to 2022
4.2. Current and Future Market Size Value (US$ Million) & Volume (Tons) Projections, 2023 to 2033
4.2.1. Y-o-Y Growth Trend Analysis
4.2.2. Absolute $ Opportunity Analysis
5. Korea Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033, By Source
5.1. Introduction / Key Findings
5.2. Historical Market Size Value (US$ Million) & Volume (Tons) Analysis By Source, 2018 to 2022
5.3. Current and Future Market Size Value (US$ Million) & Volume (Tons) Analysis and Forecast By Source, 2023 to 2033
5.3.1. Organic
5.3.2. Conventional
5.4. Y-o-Y Growth Trend Analysis By Source, 2018 to 2022
5.5. Absolute $ Opportunity Analysis By Source, 2023 to 2033
6. Korea Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033, By Application
6.1. Introduction / Key Findings
6.2. Historical Market Size Value (US$ Million) & Volume (Tons) Analysis By Application, 2018 to 2022
6.3. Current and Future Market Size Value (US$ Million) & Volume (Tons) Analysis and Forecast By Application, 2023 to 2033
6.3.1. Beverages
6.3.2. Pet Food and Feed Industry
6.3.3. Household
6.3.4. Food Industry
6.3.4.1. Bakery & Snacks
6.3.4.2. Infant Food
6.3.4.3. Fillings & Dressings
6.3.4.4. Soups and Sauces
6.3.4.5. Others
6.4. Y-o-Y Growth Trend Analysis By Application, 2018 to 2022
6.5. Absolute $ Opportunity Analysis By Application, 2023 to 2033
7. Korea Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033, By Distribution Channel
7.1. Introduction / Key Findings
7.2. Historical Market Size Value (US$ Million) & Volume (Tons) Analysis By Distribution Channel, 2018 to 2022
7.3. Current and Future Market Size Value (US$ Million) & Volume (Tons) Analysis and Forecast By Distribution Channel, 2023 to 2033
7.3.1. Direct
7.3.2. Indirect
7.3.2.1. Modern Trade
7.3.2.2. Convenience Store
7.3.2.3. Speciality Store
7.3.2.4. E-Retailers
7.3.2.5. Other retail format
7.4. Y-o-Y Growth Trend Analysis By Distribution Channel, 2018 to 2022
7.5. Absolute $ Opportunity Analysis By Distribution Channel, 2023 to 2033
8. Korea Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033, By Region
8.1. Introduction
8.2. Historical Market Size Value (US$ Million) & Volume (Tons) Analysis By Region, 2018 to 2022
8.3. Current Market Size Value (US$ Million) & Volume (Tons) Analysis and Forecast By Region, 2023 to 2033
8.3.1. South Gyeongsang
8.3.2. North Jeolla
8.3.3. South Jeolla
8.3.4. Jeju
8.3.5. Rest of Korea
8.4. Market Attractiveness Analysis By Region
9. South Gyeongsang Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033
9.1. Historical Market Size Value (US$ Million) & Volume (Tons) Trend Analysis By Market Taxonomy, 2018 to 2022
9.2. Market Size Value (US$ Million) & Volume (Tons) Forecast By Market Taxonomy, 2023 to 2033
9.2.1. By Source
9.2.2. By Application
9.2.3. By Distribution Channel
9.3. Market Attractiveness Analysis
9.3.1. By Source
9.3.2. By Application
9.3.3. By Distribution Channel
9.4. Key Takeaways
10. North Jeolla Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033
10.1. Historical Market Size Value (US$ Million) & Volume (Tons) Trend Analysis By Market Taxonomy, 2018 to 2022
10.2. Market Size Value (US$ Million) & Volume (Tons) Forecast By Market Taxonomy, 2023 to 2033
10.2.1. By Source
10.2.2. By Application
10.2.3. By Distribution Channel
10.3. Market Attractiveness Analysis
10.3.1. By Source
10.3.2. By Application
10.3.3. By Distribution Channel
10.4. Key Takeaways
11. South Jeolla Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033
11.1. Historical Market Size Value (US$ Million) & Volume (Tons) Trend Analysis By Market Taxonomy, 2018 to 2022
11.2. Market Size Value (US$ Million) & Volume (Tons) Forecast By Market Taxonomy, 2023 to 2033
11.2.1. By Source
11.2.2. By Application
11.2.3. By Distribution Channel
11.3. Market Attractiveness Analysis
11.3.1. By Source
11.3.2. By Application
11.3.3. By Distribution Channel
11.4. Key Takeaways
12. Jeju Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033
12.1. Historical Market Size Value (US$ Million) & Volume (Tons) Trend Analysis By Market Taxonomy, 2018 to 2022
12.2. Market Size Value (US$ Million) & Volume (Tons) Forecast By Market Taxonomy, 2023 to 2033
12.2.1. By Source
12.2.2. By Application
12.2.3. By Distribution Channel
12.3. Market Attractiveness Analysis
12.3.1. By Source
12.3.2. By Application
12.3.3. By Distribution Channel
12.4. Key Takeaways
13. Rest of Korea Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033
13.1. Historical Market Size Value (US$ Million) & Volume (Tons) Trend Analysis By Market Taxonomy, 2018 to 2022
13.2. Market Size Value (US$ Million) & Volume (Tons) Forecast By Market Taxonomy, 2023 to 2033
13.2.1. By Source
13.2.2. By Application
13.2.3. By Distribution Channel
13.3. Market Attractiveness Analysis
13.3.1. By Source
13.3.2. By Application
13.3.3. By Distribution Channel
13.4. Key Takeaways
14. Market Structure Analysis
14.1. Competition Dashboard
14.2. Competition Benchmarking
14.3. Market Share Analysis of Top Players
14.3.1. By Regional
14.3.2. By Source
14.3.3. By Application
14.3.4. By Distribution Channel
15. Competition Analysis
15.1. Competition Deep Dive
15.1.1. Kaffa Int Co., Ltd.
15.1.1.1. Overview
15.1.1.2. Product Portfolio
15.1.1.3. Profitability by Market Segments
15.1.1.4. Sales Footprint
15.1.1.5. Strategy Overview
15.1.1.5.1. Marketing Strategy
15.1.1.5.2. Product Strategy
15.1.1.5.3. Channel Strategy
15.1.2. Let's Do Organic
15.1.2.1. Overview
15.1.2.2. Product Portfolio
15.1.2.3. Profitability by Market Segments
15.1.2.4. Sales Footprint
15.1.2.5. Strategy Overview
15.1.2.5.1. Marketing Strategy
15.1.2.5.2. Product Strategy
15.1.2.5.3. Channel Strategy
15.1.3. NuNatural Inc.
15.1.3.1. Overview
15.1.3.2. Product Portfolio
15.1.3.3. Profitability by Market Segments
15.1.3.4. Sales Footprint
15.1.3.5. Strategy Overview
15.1.3.5.1. Marketing Strategy
15.1.3.5.2. Product Strategy
15.1.3.5.3. Channel Strategy
15.1.4. Zuvii
15.1.4.1. Overview
15.1.4.2. Product Portfolio
15.1.4.3. Profitability by Market Segments
15.1.4.4. Sales Footprint
15.1.4.5. Strategy Overview
15.1.4.5.1. Marketing Strategy
15.1.4.5.2. Product Strategy
15.1.4.5.3. Channel Strategy
15.1.5. NOW Health Group Inc.
15.1.5.1. Overview
15.1.5.2. Product Portfolio
15.1.5.3. Profitability by Market Segments
15.1.5.4. Sales Footprint
15.1.5.5. Strategy Overview
15.1.5.5.1. Marketing Strategy
15.1.5.5.2. Product Strategy
15.1.5.5.3. Channel Strategy
15.1.6. Natural Evolution
15.1.6.1. Overview
15.1.6.2. Product Portfolio
15.1.6.3. Profitability by Market Segments
15.1.6.4. Sales Footprint
15.1.6.5. Strategy Overview
15.1.6.5.1. Marketing Strategy
15.1.6.5.2. Product Strategy
15.1.6.5.3. Channel Strategy
15.1.7. Ceres Enterprises Ltd
15.1.7.1. Overview
15.1.7.2. Product Portfolio
15.1.7.3. Profitability by Market Segments
15.1.7.4. Sales Footprint
15.1.7.5. Strategy Overview
15.1.7.5.1. Marketing Strategy
15.1.7.5.2. Product Strategy
15.1.7.5.3. Channel Strategy
15.1.8. Diana Foods
15.1.8.1. Overview
15.1.8.2. Product Portfolio
15.1.8.3. Profitability by Market Segments
15.1.8.4. Sales Footprint
15.1.8.5. Strategy Overview
15.1.8.5.1. Marketing Strategy
15.1.8.5.2. Product Strategy
15.1.8.5.3. Channel Strategy
15.1.9. International Agriculture Group
15.1.9.1. Overview
15.1.9.2. Product Portfolio
15.1.9.3. Profitability by Market Segments
15.1.9.4. Sales Footprint
15.1.9.5. Strategy Overview
15.1.9.5.1. Marketing Strategy
15.1.9.5.2. Product Strategy
15.1.9.5.3. Channel Strategy
15.1.10. ADM Wild Europe GmbH & Co.
15.1.10.1. Overview
15.1.10.2. Product Portfolio
15.1.10.3. Profitability by Market Segments
15.1.10.4. Sales Footprint
15.1.10.5. Strategy Overview
15.1.10.5.1. Marketing Strategy
15.1.10.5.2. Product Strategy
15.1.10.5.3. Channel Strategy
15.1.11. KADAC Pty Ltd
15.1.11.1. Overview
15.1.11.2. Product Portfolio
15.1.11.3. Profitability by Market Segments
15.1.11.4. Sales Footprint
15.1.11.5. Strategy Overview
15.1.11.5.1. Marketing Strategy
15.1.11.5.2. Product Strategy
15.1.11.5.3. Channel Strategy
15.1.12. Natural Evolution
15.1.12.1. Overview
15.1.12.2. Product Portfolio
15.1.12.3. Profitability by Market Segments
15.1.12.4. Sales Footprint
15.1.12.5. Strategy Overview
15.1.12.5.1. Marketing Strategy
15.1.12.5.2. Product Strategy
15.1.12.5.3. Channel Strategy
16. Assumptions & Acronyms Used17. Research Methodology
