About the Report
An increasing number of consumers are inclining towards sustaining a healthy lifestyle. This has been encouraging buyers to choose food and beverages items that have potential health benefits. Buyers have become more conscious about what they are consuming in their diet, which has made them more willing to spend on a holistic approach towards health and wellness. Consequently, consumers are driven away from junk food to towards low-calorie food. Coupled with this, the increasing demand for plant –based food is registered. Spurred by these factors, the green banana flour market is expected to record impressive growth in the coming years.
In its new study, ESOMAR-certified market research and consulting firm Future Market Insights (FMI) offers insights about key factors driving demand for green banana flour. The report tracks the global sales of green banana flour in 20+ high-growth markets, along with analyzing the impact COVID-19 has had on the food and beverage industry in general, and green banana flour in particular.
How Does the Historical and Future Outlook for Green Banana Market Compare?
There is an increase in the awareness about the health benefits associated with the consumption of gluten-free products. The rising demand for gluten-free products due to benefits they offer in weight loss and their high nutritional value is aiding increasing sales green banana flour. One of the reasons aiding this trend is the rising prevalence of celiac disease. Celiac disease is recognized as a widely prevalent chronic disease affecting people globally. As a result, consumers with celiac disease or who are sensitive to gluten seek gluten-free products in their regular diet.
Digestive health and nutritional value are the two main critical factors driving the growth of gluten-free food products. Green banana flour has traditionally been used as a cheaper alternative to wheat flour in Africa and Jamaica. In countries where varieties of green bananas grow, such as the Caribbean, South America, Southeast Asia, and Africa, people are already using green banana flour. According to FMI’s analysis, green banana flour sales have grown at 4.1% CAGR between 2016 and 2020.
The global banana industry indicated that average production of banana across the world in 2000-2002 was 69 million tons and rose to 116 million tons in 2017-2019. Green bananas are the staple food for a huge number of population and are considered among the world’s most preferred fruits as it contains an affordable source of vitamins, energy, and potassium. The alternative flour market is seeing a boom as customers continue to explore healthier alternatives to daily favorites and grapple with various dietary needs and desires, hence anticipating the demand for green banana flour.
Different varieties of flours are available to consumers as food service centers now run the gamut well beyond traditional gluten-free choices to include flours made from alternative materials such as bananas. Consumers are all looking for various types of alternative flours for health benefits, sustainability and fresh and varied flavour. This is expected to fuel the demand for green banana flour. FMI forecasts global green banana flour market to grow at 5.2% CAGR through 2031.
How is Baby Food Market Expansion Affecting Green Banana Flour?
Retail sales in the baby food market have been growing at a fast rate, making it one of the swiftly growing sectors within the food and beverage industry. Green banana flour is used as one of the main ingredients that go in the production of various baby food products.
According to the Indian Ministry for Women and Children Welfare, banana, in its powder and pulp form, is being advised to be fed to children as their first solid food. As a result, there is a rising demand for green banana flour in the India baby food sector. Due to its greater solubility and because it is considered a suitable ingredient for inclusion in baby food products, green banana flour is being increasingly included in processing.
The rising demand for baby food in the Middle East is expected to aid the overall expansion of the green banana flour market.
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How is Increasing Noodle Production Affecting Green Banana Flour Demand?
In most African countries, green banana flour is considered the ideal fiber ingredient in noodles. There is a rise in the consumption of gluten-free noodles. Green banana flour, being starch resistant and an ideal source of gluten-free products, is being increasingly used in the production of noodles. Hence, a rise in the demand for gluten-free noodles will help fuel the demand for green banana flour.
What are the Key Health Benefits Boosting Green Banana Flour Consumption?
The consumption of green banana flour is booming due to its various benefits to health. Fruits are essential components of a healthy diet due to their content of vitamins and minerals, fiber, and other beneficial bioactive compounds. Deficiencies caused by the intake of less fruits and fruit derived products may cause risk of chronic diseases and poor overall health.
Regular consumption of green banana flour can reduce the incidence of diseases such as gastrointestinal diseases, diabetes, cardiovascular and some types of cancer. Green bananas also are considered a good source of vitamins, minerals (potassium, magnesium, phosphorus, and zinc), and fiber. Along with this green banana contains bioactive compounds such as phenolic compounds and resistant starch, potentially providing health benefits, making green banana flour a functional food.
However, people do not usually consume fresh green bananas, mainly due to the typical hardness and its high astringency, caused by the presence of soluble phenolic compounds known as tannins. Due to this, there is an increase in demand for green banana by products. Which in turn is catered by green banana flour.
How big is the opportunity in U.S. for green banana flour market?
FMI has projected North America to remain one of the most profitable markets throughout the course of the forecast period with the market share of 25.5% in 2031. The U.S. is forecast to hold about 86.4% of the North America green banana flour market by 2031.
According to U.S. Department of Agriculture (USDA) data, the U.S. frozen dessert market was valued at US$ 2.8 Bn in 2016. The cumulative demand for less sugar and low-calorie desserts, coupled with increasing spending in the country, has had a positive impact on the usage of natural flavoring and sweetening agents such as green banana flour for desserts. The frozen dessert category has witnessed higher growth in the demand compared to other desserts utilizing such fruit ingredients.
What is Supporting Green Banana Flour Sales in Brazil?
Brazil remains one of the most lucrative markets within the Latin America green banana flour market. It is projected to account for a share of 41.5% within Latin America in 2021. Brazil’s bakery industry has witnessed huge diversification in terms of the number of offerings, new products and overall increase in supplies of bakery products in supermarkets. Product diversification in this growth process has been ingredient-centric.
Green banana powder has played an important role in this product diversification as not just a gluten-free ingredient but also a fruit flavor to create a new supply-driven demand. Furthermore, owing to the rising demand by Brazilian consumers to add fruit into baked products, manufacturers have introduced fresh and durable baked good products in the segment, covering banana, mango, berries and many more. To export organic green banana flour to Brazil, producers should follow the guidelines provided by Brazilian regulations for organic products.
Why are Tanzania and Uganda Considered Key Markets for Green Banana Flour?
Annual domestic banana consumption in Uganda is between 220-460 kg per person, which is the highest in the world. About 30% of Tanzania’s 11 million population derive their carbohydrates from green bananas. Apart from domestic consumption, banana powder is being used on a large scale for the production of many bakery products. Banana powder derived from green bananas is being used in the production of bread, biscuits, and pastries (balagara), and the remaining is being exported. Furthermore, a rise in household consumption of banana powder is a major driving factor for the market.
Why are Consumers in China moving towards Green Banana Flour?
FMI has projected East Asia to remain one of the most profitable markets throughout the course of the forecast period in 2031. The China is forecasted to have 85.5% in 2031 of the East Asia green banana flour market. There is a rise in the consumption of gluten-free noodles. Green banana flour, being starch resistant, and an ideal source of gluten-free products, is being used on a large scale in the production of noodles. Hence, a rise in the demand for gluten-free noodles helps drive the demand for green banana flour.
How big is the Opportunity in Brazil green banana market?
Most consumers in South American countries such as Brazil, Argentina, and Colombia are gradually shifting their diet to the Paleo diet. Ecuadorian Ceviche and Paleo Ajiaco are some of the Paleo diet foods being consumed in these regions. Consumers are looking for gluten-free and Paleo foods when it comes to the consumption of any type of food.
Green banana flour is being increasingly used as a gluten-free replacement for wheat flour and as an effective source of resistant starch. It is thus being promoted by Paleo diet followers. This rise in the number of consumers opting for the Paleo diet helps drive the demand for green banana flour, especially in South America.
Why is Conventional Green Banana Flour Preferred More?
Conventional green banana flour among product types is expected to account for 95.2% of the market in 2021. Conventional banana flour product are either processed with additives or are mixed with other suitable mixtures to form a product, prepared under good manufacturing practices (GMP guidelines). The demand within this category will continue rising through the course of the forecast period.
Which is the Primary Application of Green Banana Flour?
Food industry is expected to account for nearly 64.5% of global green banana flour sales in 2021. Green banana flour is used in manufacturing various applications for instance in bakery & snacks, confectionery, infant food, filling & dressing and soup & sauces.
Why is Sun Dried Process Gaining Traction?
Sun dried process is expected to hold dominant share among process types in 2021. It is expected to remain most preferred for the manufacturing of green banana flour. Drying banana will help in reducing moisture content and can be further used in manufacturing of green banana flour. It is considered a more convenient and cost effective method.
Opportunities Abound In Green Banana Flour Market
In the green banana flour market, the demand for organic green banana flour is very high, as consumers are focusing on product safety and the origin of raw materials. But only a limited number of manufacturers offer this type of green banana flour, as it is more expensive to manufacture than conventional green banana flour. As a result of the limited production capacity, there is a low availability of organic green banana flour.
Organic green banana flour is expensive and is used in small quantities in the food processing industries. However, the demand for organic flour remains very high in the overall green banana flour market. Financial backing from some of the leading brands within the food sector, besides paradigm shift towards sustainability is supporting the increasing sales of organic variants.
Companies that are willingly and fully complying with the environmental standards and food safety certification requirements are expected to dominate the market. In this context, innovation across the value chain is inevitable while adapting to the new food revolution propagated by changing consumer tastes and preferences
The global green banana flour market is highly competitive. The rising demand for green banana flour is creating remarkable opportunities for the market players.
Companies such as Natural Evolution Limited, International Agriculture Group, NOW Health Group, Inc., Stawi Foods and Fruits Limited, Kanegrade Ltd. are some of the multinational players that form the tier 1 group of companies, contributing 10-15% of the global sales of green banana flour. Some of the leading market players are focusing on product launches.
For instance, the International Agricultural Group has launched green banana flour containing 65% resistant starch. Meanwhile, NuBana Brand, which is owned by IAG produces various types of green banana flour from Ecuador.
Some of the leading companies operating in the market are:
- International Agriculture Group
- Natural Evolution Limited
- Made’s Green Banana Flour Co.
- Pereg Gourmet Natural Foods
- Kanegrade Ltd.
- Banatone Food Industries
- Slingan Pty Ltd.
- Absolute Organic
- NOW Health Group, Inc
- Vinayak Ingredients (INDIA) Pvt. Ltd.
- Hearthy Foods
- Saipro Biotech Private Limited
- Paradise Fruits
- NuNatural Inc
- Stawi Foods and Fruits Limited
- Royal Nut Company
- KADAC Pty Ltd.
Scope of the Micellar Casein Report
Historical Data Available for
Lactose Market Analysis
USD Million for value and '000 MT for Volume
Key Regions Covered
North America, Latin America, Europe, East Asia, South Asia, Oceania Middle East & Africa
Key Countries Covered
US, Canada, Mexico, Brazil, Peru, Chile, Rest of Latin America, Poland, Germany, Italy ,Spain, France, U.K., BENELUX, Nordic, Russia, Rest of Europe, China, Japan, South Korea, Indonesia, Malaysia, Singapore, India, Taiwan, Thailand, Rest of South Asia,, Australia, New Zealand, GCC Countries, Turkey, South Africa, Rest Of MEA,
Key Segments Covered
By Product Type, Process, Sales Channel, Application and Region
Key Companies Profiled
Green banana flour market forecast, brand share analysis, competition intelligence, DROT analysis, Green banana flour Dynamics and Challenges, Strategic Growth Initiatives
Customization & Pricing
Key Questions Answered in the Report
- Which is The Most Lucrative Market for Green Banana Flour?
The Middle East and Africa (MEA) is the most lucrative market for green banana flour market and holds 33.4% of market share in 2020. Green banana is widely cultivated in most of the eastern and southern parts of Nigeria. The largest plantain producing countries are mostly African countries due to which banana flour is consumed as a cheaper alternative for wheat flour.
- Which Are Some Of The Leading Companies Offering Green Banana Flour?
Some of the leading companies in green banana flour market are International Agriculture Group, Made’s Green Banana Flour Co., Kanegrade Ltd., Natural Evolution Limited, Slingan Pty Ltd., NOW Health Group, Inc, NuNatural Inc, Zuvii, Pereg Gourmet Natural Foods, M-Pak, Banatone Food Industries, Stawi Foods and Fruits Limited, Vinayak Ingredients (INDIA) Pvt. Ltd., Hearthy Foods, Saipro Biotech Private Limited, Paradise Fruits, Royal Nut Company, Absolute Organic, KADAC Pty Ltd.
- Which Is The Key Application Of The Green Banana Flour?
The food industry exhibits maximum demand for green banana. Green banana flour has a very mild taste when it is cooked and its texture is lighter than wheat flour. Thus it acts as a replacement for wheat flour.
- Why Is The Demand For Organic Green Banana Flour Rising?
Presence of additive is either negligible or completely nil in organic products and therefore intake of these products offers mental as well as physical benefits to buyers. The growing fitness trend among consumers is anticipated to create lucrative sales opportunities for organic green banana flour producers.
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Is this research conducted by Future Market Insights?
Yes, the research has been conducted by expert analysts of Future Market Insights through a combination of primary research and secondary research. To know more about how the research was conducted, you can speak to our research analyst
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Green Banana Flour Market by Category
- Organic Green Banana Flour
- Conventional Green Banana Flour
- Spray Dried Process
- Sun Dried Process
- Freeze Dried Process
- Direct Sales
- Indirect Sales
- Modern Trade
- Convenience Store
- Specialty Store
- Online Retailers
- Other Sales Channel
- Food Industry
- Bakery & Snacks
- Infant Food
- Filling & Dressings
- Soup & Sauces
- Pet Food & Feed Industry
- North America
- Latin America
- East Asia
- South Asia