The Global Banana Flour Market is poised to touch a valuation
of USD 537.6 million by 2023, according to Market Research Future (MRFR). It
stood at USD 398 million in 2017. It can expand at an impressive 4.20% CAGR
from 2018 to 2023 (forecast period) owing to the wave of health-consciousness
among consumers. The prominence of new diets popularized by celebrities such as
paleo have evoked massive market demand in recent years.
The banana flour market is expected to gain high demand owing
to its inclusion as a component in foods and beverages. Increasing demand for
gluten-free products amid increasing cases of celiac disease is likely to
propel the market growth exponentially. Use of banana flour to curb harmful
addictions is anticipated to open up new avenues for the market to expand. This
is exemplified by its demand in bakery items.
Segmentation
The Banana Flour Market can be segmented on the basis of
end-use, source, and distribution channel.
By end-use, the market caters to feed industry, pet food
industry, confectionery, and others. The feed industry segment possesses the
potential to contribute to market revenue till 2023. Use of banana flour as an
ingredient in animal feeds as well as a suitable replacement for milk for
calves can bode well for the segment in the coming years. It can exhibit a
noteworthy CAGR over the forecast period. The confectionery segment had
captured the highest share of the banana flour market in 2017 and will continue
to dominate the market till 2023.
By source, the market is segmented into conventional and
organic. The conventional segment accounted for the highest market share in
2017. But the organic segment is predicted to exhibit a robust CAGR over the
review period.
Region
Region-wise, the banana flour market spans North America, Asia
Pacific (APAC), Europe, and Rest-of-the-World (RoW).
The APAC region is projected to expand at a robust CAGR during
the review period owing to the presence of large producers of raw bananas such
as India and Australia. The inclusion of banana flour to create new blends in
bakery and snacks products is expected to bolster the regional banana flour
market till 2023. Launch of new products can cement the region’s position in
the global market.
The Europe banana flour market can thrive owing to the
establishment of various vegan shops in the region. For instance, companies are
joining hands with retail chains in the Netherlands to expand their consumer
base. The demand for meat-free products in the U.K. and other countries is
expected to bode well for the market in the coming years.
Key Players
Prominent players in the banana flour market comprise Ceres
Organics (New Zealand), Pereg Gourmet Spices (U.S.), NuNaturals Inc. (U.S.),
WILD Flavors and Specialty Ingredients (U.S.), International Agriculture Group
(U.S.), Absolute Organic (Australia), Edward & Sons Trading Co. (U.S.),
Nutryttiva (U.S.), M-Pak (Serbia), Natural Evolution (Australia), Stawi Foods
and Fruits Limited (Kenya), Kanegrade Ltd. (U.K.), Royal Nut Company
(Australia), Diana Group (France), Paradise Fruits Solutions GmbH & Co.KG
(Germany), and others.
Complete Report Details @ https://www.marketresearchfuture.com/reports/banana-flour-market-6646
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