Banana Flour Market

Global Banana Flour Market Overview

Banana Flour Market Size was valued at USD 0.6 billion in 2023. The Banana Flour industry is projected to grow from USD 0.62 Billion in 2024 to USD 0.81 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 4.40% during the forecast period (2024 - 2032). Increasing health consciousness amongst people and the rising demand for gluten-free food products across the globe are the key market drivers fueling the market growth.

Source: MRFR Database, Secondary Research, Primary Research, and Analyst Review

Banana Flour Market Trends

• Growing Awareness about health to boost the market growth

The increase in the preference for banana flour for babies as far as digestion and the rise in advanced and state-of-the-art manufacturing techniques accelerate the market growth. The high usage of the product in manufacturing various applications such as confectionery, filling and dressing, bakery and snacks, and infant food, among others positively affects the banana flour market. Additionally, an increase in health consciousness, a surge in investments, a rise in demand for healthy food, and an improvement of distribution channels positively affect the banana flour market.

Further, health-conscious consumers are massively adopting healthier snacks with banana flour as banana flour is rich in dietary fibers, potassium, calcium, proteins, amino acids, and carbohydrates. Banana flour is majorly used in bakery products as a gluten-free product. Furthermore, consumers focus on increasing immunity.

Additionally, some factors may pose challenges to banana flour manufacturing companies. With the rising popularity of banana flour, several substitutes are also being introduced in the market. Moreover, many new companies are offering low-cost flours which increases competition in the market. Hence, these factors may challenge banana flour manufacturers. But flour adds a lot of nutritional value to the food products made with it. Moreover, it is not grainy like wheat or cornflour, so you can add it directly and don’t have to mix banana flour with other flour while baking, so this boosts the banana flour market CAGR and increases banana flour market revenue worldwide.Banana Flour Market Segment Insights

Banana Flour Source Insights

The banana flour market segmentation, based on sources, includes organic and conventional. The organic banana flour segment held the majority share in 2022 with respect to the banana flour market revenue. This is primarily due to the availability of organically produced banana flour has attracted a lot of consumers looking for chemical- and pesticide-free products. It has also assisted the food service industry in offering organic products made using organic banana flour. Producers in the banana flour market are also working closely with suppliers and farmers to understand the quality of bananas used for making flour. Demand for organic banana flour is expected to positively influence the expansion of the banana flour market size.

June 2021: Edward & Sons Trading Co., Inc. launched Let's Do Organic® Green Banana Flour. This is made from unripe organic bananas before their sugar content has fully developed, then dried at low temperatures to retain the benefits of their nutrients and resistant starch. Finally, it is milled into gluten-free flour, boasting a slightly sweet and wholesome taste. Cooking with Let's Do Organic® Green Banana Flour imparts a smooth texture and subtle, delicious flavor to bread, pancakes, pastries, pasta, and more.

Banana Flour Packaging Insights

The banana flour market segmentation, based on packaging, includes pouches, boxes, and others. The pouches segment dominated the market in 2022 and is projected to be the fastest-growing segment during the forecast period, 2022-2030. Pouches are one of the most regular types of packaging for banana flour due to their cost-effective packaging material. They have the most convenient form of transportation due to their high defiance ability. Further, the evolution of recyclable pouches is helping this segment to continue with its dominance, impacting the market growth.

Banana Flour Distribution Channel Insights

The banana flour market data has been bifurcated by surgery into the store, and non-store. The store-based segment dominated the market in 2022 and is projected to be the faster-growing segment during the forecast period, 2022-2030. Banana flour is becoming a gluten-free alternative for food and beverage manufacturers across the globe. Banana flour is emerging as a key ingredient in bakery, sweet, and dessert products. End-users purchase it in bulk quantities for use in many foods and beverages. This made direct sales a significant segment of the market and gave rise to the banana flour industry.

March 2021: Kokos Natural launched NATIRÈL Banana flour which is a powder traditionally made of green bananas that are often used as a gluten-free replacement to wheat flours or as a source of resistant starch, which has been promoted by certain dieting trends such as primal diets and paleo and by some recent nutritional research. This approval has further broadened the growth opportunity for the Banana Flour industry.

Figure 1: Banana Flour Market, by Distribution Channel, 2022 & 2030 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Banana Flour Regional Insights

By region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The Asia-Pacific banana flour market accounted for USD 0.3 billion in 2022 and is expected to exhibit a significant CAGR growth during the study period. This is because of a rising understanding of the health benefits of banana flour among the regional populace and also a rise in the demand for healthier alternatives for raw and processed foods in the region.

Further, the major countries studied in the market report are The U.S., Canada, France, Germany, The UK, Italy, Spain, China, India, Japan, Australia, South Korea, and Brazil.

Figure 2: BANANA FLOUR MARKET SHARE BY REGION 2022 (%)

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Europe’s Banana Flour market accounts for the second-largest market share due to the increased number of health-conscious consumers who are opting for food products that fall under the “free from” category. Thus, increased demand for gluten-free products coupled with high opportunity generated from the bakery industry is expected to fuel the market growth in the region. Further, the Germany Banana Flour market held the largest market share, and the UK Banana Flour market was the fastest-growing market in the European region.

The North American banana flour Market is expected to grow at the fastest CAGR from 2022 to 2030. This is because North America has been witnessing a rise in demand for banana flour as the product is abundantly used to make infant food. The product is widely consumed in the region due to its rising use in bakery products like pastries, cakes, and others. Moreover, the U.S. banana flour market held the largest market share, and the Canadian banana flour market was the fastest-growing market in the Asia-Pacific region.

Banana Flour Key Market Players & Competitive Insights

Major market players are expending a lot of money on research and development to raise their product lines, which will help the banana flour market grow even more. Participants in the market are also taking a variety of strategic initiatives to leave their footprint worldwide, with key market developments such as new product launching, contract-based agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Competitors in the banana flour industry must offer reduced-cost products to expand and get through an increasingly competitive market environment.

One of the prime business strategies used by producers in the banana flour industry to satisfy clients and expand the market sector is to produce locally to lessen the operating costs. In recent years, the banana flour industry has provided the market with some of the most significant benefits. The banana flour market major players such as Stawi Foods and Fruits Limited, WILD Flavors and Specialty Ingredients, Paradise Fruits Solutions GmbH & Co.KG, Pereg Gourmet Spices, and others are working on expanding the market demand by investing in R&D activities.

Stawi Foods and Fruits Limited was founded in 2012 by Eric Muthomi. He started an agro-processing company based in Nairobi, Kenya. Stawi Foods began its flour processing business by processing and packing banana flour for sale to various supermarkets in Kenya. Later, it diversified its products to offer instant, fortified porridge flour. Stawi Foods successfully piloted gluten-free banana flour made from processed bananas with the support of the Kenya Industrial Research and Development Institute (KIRDI), the USAID-funded Kenya Horticulture Competitiveness Project, and farmer groups in Meru County in 2015.

Pereg Gourmet Spices started in 1906 with the Freij family, who fell in love with the culinary world. They particularly took a liking to exotic spices. The family began importing specialty ingredients from around the world already in their first few years of business. The company is a producer of premium, natural spices and spice blends, ancient grains, gluten-free flours, and an extensive line of gluten-free, dairy-free, non-GMO products.

Key Companies in the Banana Flour market include

• Stawi Foods and Fruits Limited
• WILD Flavors and Specialty Ingredients
• Paradise Fruits Solutions GmbH & Co.KG
• Pereg Gourmet Spices
• Ceres Organics
• M-Pak
• Kanegrade Ltd
• Natural Evolution
• International Agriculture Group, among others

Banana Flour Industry Developments

October 2021: the ICAR-National Research Centre for Banana (NRCB) in Trichy signed a memorandum of understanding (MoU) with Cake Bee, one of India's top bakeries. Foam mat drying, a low-cost innovative method developed by the ICAR, might be a viable alternative for making cost-effective banana powders from ripe or market-rejected bananas.

November 2017: The International Agriculture Group (IAG), a start-up ingredient technology business, was developing a novel ingredient with a high quantity of prebiotic dietary fiber-resistant. NuBana N200 Green Banana Flour includes at least 65 percent RS2-resistant starch, which has been demonstrated to provide a wide range of health advantages depending on how much is ingested daily.

Banana Flour Market Segmentation

Banana Flour Source Outlook

• Organic
• Conventional

Banana Flour Packaging Outlook

• Pouches
• Boxes
• others

Banana Flour Distribution Channel Outlook

• Store
• Non-Store

Banana Flour Regional Outlook

• North America
  • US
  • Canada
• Europe
  • Germany
  • France
  • UK
  • Italy
  • Spain
  • Rest of Europe
• Asia-Pacific
  • China
  • Japan
  • India
  • Australia
  • South Korea
  • Australia
  • Rest of Asia-Pacific
• Rest of the World
  • Middle East
  • Africa
  • Latin America