Banana powder market compared to other banana products has a relatively high value, with a compound annual growth rate (CAGR) of nearly 3 percent from 2014 to 2018, according to the report Banana Powder Market Segmentation by Application — Beverages, Pet Food and Feed Industry, Household Food Industry, Cosmetics; Source — Organic, Conventional; Process — Freeze Dried, Spray Dried, Sun Dried, Drum Dried, Others; Distribution Channel — Direct Sales, Indirect Sales by Transparency Market Research. The report estimates that the market should draw $550 million in revenues in 2019. Banana powder is a cheaper, gluten-free substitute to wheat flour, so food and beverage manufacturers are increasingly considering the powder form versus flakes and puree for baby food products and breakfast cereals. However, the market doesn’t have strong marketing to attain greater consumer appeal for the product.
The organic banana powder market is expected to expand as producers diversify their businesses to include organically sourced banana powders to meet consumer demand for organic products. The powder is also used in pharmaceuticals, pet food and feed, and cosmetics. In terms of food, banana powder can replace wheat flour in products for consumers with celiac disease, particularly in baked goods because it doesn’t impact taste, texture, quality, and food safety. Coupled with demand for sauces, dressings, and condiments containing banana powder for food chains and franchises, the report predicts that the market will continue to grow based on significant demand.
In the future, the food and beverage industry is expected to be the leading adopter of banana powder. Currently the Middle East and Africa region leads the global banana powder market. This region has seen increased sales of the powder through direct distribution channels. This region also embraces digitization, but e-retail remains the high-growth sales channel for banana powder manufacturers in the region. For more info and to purchase a copy of the report for $5,795, visit www.transparencymarketresearch.com.