With wide application in the food processing industry and increasing use in nutraceuticals, the global banana flakes market is set to experience growth of value CAGR of 5.5% and reach US$ 780 Mn by 2031.
Banana flakes are associated with several health benefits; they are gluten-free and come with health benefits such as reduction in chronic inflammation and are beneficial for digestive concerns. Banana flakes also have a longer shelf life and are used in various food products for texture, flavoring, and to increase their nutritional content.
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Key Takeaways from Market Study
- The banana flakes market in East Asia is expected to surge in countries such as China and Japan at CAGRs of 7% and 5%, respectively, with China covering a market value share of around 75%.
- In Asia Pacific, banana flakes are used in the food processing industry, growing at a value CAGR of 6.5%. Manufacturers are also offering banana flakes in the nutraceutical segment, which is anticipated to expand at a CAGR of close to 8%.
- The food processing industry covers a major share of the market, along with application in bakery, confectionery, and dairy products, and is expected to show significant value CAGR of over 5%, owing to growing awareness among consumers about the nutritional value of banana flakes.
- The market in the U.S. is projected to expand at a value CAGR of over 4% and account for almost 90% of North America.
- France, Nordic, and BENELUX countries are expected to expand at significant value CAGRs of 6.7%, 7.2%, and 7.6%, respectively.
- Efficient supply chain and distribution channels of banana flakes are facilitating easy availability. Online distribution of the business to consumer segment is expected to witness over 6% CAGR through 2031.
- The outbreak of COVID-19 disrupted the supply chain of banana flakes in the international market, impacting imports. However, with increasing demand for healthy and nutritional products, demand for banana flakes is expected to recover over the next two to three quarters.
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Competitive Landscape
Players manufacturing and distributing banana flakes are focusing on increasing their supply capacity to respond to growing demand from food processing companies. Manufacturers are also constantly making efforts to offer banana flakes for end use in various industries, such as nutraceuticals.
- In 2019, Symrise established an innovation lab at the Unilever Foods Innovation Centre in the Wageningen Campus. In the partnership, Symrise will work together with scientists of the internationally renowned Wageningen University & Research.
- In 2019, Orchard Valley Foods Group acquired a majority share in The Ingredients Co, Australia to create Orchard Valley Foods Australia Ltd., as part of the company’s continued expansion into the Australian foodservice and bakery markets. The company has an exclusive agreement to distribute Orchard Valley’s product ranges in Australia and New Zealand.
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