Banana Powder Market: Gains Driven by Consumer Spending on All-Natural and Organic Products
Banana powder has taken consumers by storm, in light of its status quo of being gluten-free and a cheaper alternative to wheat powder. Greater solubility remains a key selling proposition of banana powder, as food and beverage manufacturers move past banana flakes and puree for the preparation of baby food products and breakfast cereals. The value share of banana powder is relatively high as compared to other banana products – our recent report finds that banana powder sales grew at a CAGR of nearly 3.0% in the period, 2014 to 2018, and is estimated to close in on revenues worth US$ 550 Mn in 2019. However, the market scenario isn’t exactly as hunky dory as it seems, since the banana powder is less publicized and is in the requirement for proper marketing campaigns in order to flood the shelves of modern trade channels, and attain greater consumer appeal.
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‘Organic’ being the buzzword in the food & beverage industry, banana powder manufacturers are taking measures for portfolio diversification to include organically-sourced banana powders. The rise in consumer demand for organic products is – backed by introduction of chemical-free, hormone and antibiotic-free, nutritious, and better quality food products, which are instrumental to marketing campaigns of banana powder manufacturers. However, at present, a significant chunk of banana powder is conventionally sourced, wherein manufacturers adhere to good manufacturing practices and add mixtures that promote health & wellness.
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Banana Powder Market: Opportunities Abound with Widening Application Scope
Banana powder market functions at the intersection of pharmaceutical, pet food and feed, cosmetics industry, and food and beverages industry. Traditionally used wheat powders and flours in the F&B industry are being fast-replaced by banana powder as consumers with celiac diseases seek gluten-free and starch-resistant products. Hence, banana powder is catching the attention of bakers, as it is a suitable alternative to wheat, and has emerged as a beacon of baking innovation with least impact on non-negotiable preferences of consumers for taste, texture, quality, and food safety. As demand for ‘flavorful’ sauces, dressings, and condiments witnesses a consistent surge in parallel to the growing number of fast food chains and franchises, banana powder will continue to witness a significant demand.
As dual working households show marked preferences for premium food products, banana powder enriched formulas are picking up the pace with their high nutritional values in the nutraceutical industry. Jam-packed with health benefits, banana powder has been known to fight stomach ulcers, and is marking its territory in pharmaceutical applications by its general virtue of treating dyspepsia.
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Banana Powder Manufacturers Vie to Expand their Global Footprint
The banana powder market continues to remain a competitive landscape, and with the food and beverage industry expected to remain the leading adopter of banana powder. Currently, MEA leads the global banana powder market, with the proliferation of sales through direct distribution channels. As the region embraces novel trends of digitization, e-retail remains the high-growth sales channel for banana powder manufacturers in the region.
The key players operating in the banana powder market are putting efforts on expanding their customer base by strengthening their distribution worldwide. These players are participating in international trade fairs for marketing their banana powder products in front of a larger pool of audience. For instance, in March 2016, a U.S. based player – Zuvii participated and showcased its product catalogue at ExpoWest, which is considered as the largest gathering of organic and natural product manufacturers. Another key player, NuNatural Inc. attended Natural Products Expo East 2018 to put forth the potential of its banana powder based product. However, the strategies of players operating in the subsequent tiers in the banana powder market are in contrast with that of the key players.
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