Global Banana Flour Market - 2024-2031

Overview

Global Banana Flour Market reached US$ 0.8 billion in 2023 and is expected to reach US$ 1.4 billion by 2031, growing with a CAGR of 7.25% during the forecast period 2024-2031.

Celiac disease affects about 0.4% of the population in South America, 0.5% in Africa and North America, 0.6% in Asia and 0.8% in Europe and Oceania, according to the World Population Review, highlighting the need for gluten-free alternatives. Banana flour has emerged as a nutritious option, rich in resistant starch, vitamins and minerals, making it appealing to health-conscious consumers. As demand for gluten-free products rises, banana flour serves as an effective substitute.

Additionally, banana flour promotes sustainability by repurposing banana by-products and reducing agricultural waste, resonating with environmentally conscious consumers. Its culinary versatility allows for use in baking, thickening sauces and creating snacks, further enhancing its market appeal. Positioned within the growing trends of health and wellness, banana flour meets the increasing demand for nutritious, gluten-free and sustainable food options.

The organic banana flour market is thriving, driven by rising demand for gluten-free options. iTi Tropicals' launch of organic green banana flour in April 2022 highlights this trend. Sourced from India, this flour retains high levels of resistant starch due to its unique production process harvesting bananas before they ripen and drying them. Its subtle flavor and versatility make it ideal for various packaged foods, reflecting a growing interest in healthier, plant-based alternatives.

Dynamics

Rising Adoption of Gluten-Free Diet

The rise in gluten-free diets has become a significant trend, particularly driven by health concerns related to gluten intolerance and celiac disease. According to a recent online survey, 18% of respondents reported being gluten-free for less than a year, indicating a growing interest in this dietary choice. Notably, 48% of those adopting a gluten-free lifestyle do so due to celiac disease, while 31% identify gluten intolerance as their primary reason.

Additionally, over 8% have made this dietary change due to other autoimmune diseases. The increasing awareness and diagnosis of gluten-related health issues highlight a broader shift toward gluten-free eating. This trend is positively impacting the global banana flour market, as consumers seek alternative gluten-free options. Banana flour, made from green bananas, serves as a versatile and nutritious substitute for traditional flour, making it a popular choice among those avoiding gluten.

Versatility and Health Trends

The global banana flour market is driven by its versatility as an ingredient in various culinary applications. Its gluten-free and nutrient-rich profile makes it appealing to health-conscious consumers and fits well into diverse diets, including gluten-free and plant-based options. This versatility encourages food manufacturers to experiment with banana flour in a wide range of recipes, boosting demand.

Moreover, the expansion of the food processing industry significantly contributes to the rise of banana flour. As consumer preferences shift toward healthier food options, manufacturers seek innovative ingredients to meet this demand. Banana flour's use in snacks, baby food and baked goods aligns with the trend for nutritious products, enhancing its adoption and solidifying its position in the market.

High Cost of Banana Flour Compared to Other Flours

The global banana flour market faces a significant restraint due to its higher price compared to more commonly used flour like wheat and rice flour. This price discrepancy can deter price-sensitive consumers who prioritize cost when selecting food products. As a result, many potential buyers may choose to stick with traditional flours, limiting the market's reach and growth potential.

Furthermore, the perception of banana flour as a specialty product may contribute to its premium pricing, making it less accessible to a broader audience. In regions where budget constraints are prevalent, the preference for more affordable alternatives could hinder the adoption of banana flour, as there are flours available around half the price of the banana flour, impacting its overall market penetration and expansion efforts.

Segment Analysis

The global banana flour market is segmented based on processing, nature, distribution channel, application and region.

Rising Organic Product Sales

The global banana flour market is segmented based on nature into organic and conventional. Organic banana flour is dominating the global market and is driven by rising consumer demand for organic products, highlighted by US organic food sales exceeding $60 billion in 2022. This trend reflects a growing preference for healthier options free from harmful chemicals. Organic banana flour, rich in nutrients, appeals to health-conscious consumers looking for clean-label ingredients.

Additionally, its versatility makes organic banana flour an attractive choice for various recipes, especially among those following gluten-free diets. As sustainability becomes increasingly important to consumers, the environmentally friendly practices associated with organic farming further enhance its appeal. The combination of health benefits, culinary adaptability and sustainability positions organic banana flour as a leading player in the global flour market.

Geographical Penetration

Greater Availability of Raw Material In Asia-Pacific

Asia-Pacific dominates the market, led by India, is a powerhouse in banana production, with 2022 figures reaching approximately 69.95 million tons, including a remarkable 34.53 million tons from India alone. This availability of raw bananas facilitates large-scale banana flour production. This robust supply not only reduces production costs but also encourages the establishment of processing facilities, positioning the region as a key player in the global banana flour market.

As health consciousness rises, consumers increasingly seek gluten-free and nutrient-rich options, making banana flour an appealing choice due to its versatility and nutritional benefits. Coupled with ongoing innovations in processing techniques and strong export potential, the region is well-equipped to meet the growing international demand, solidifying its pivotal role in the banana flour supply chain.

Competitive Landscape

The major global players in the market include Banamin Healthcare, Medikonda Nutrients, Dole Packaged Foods, LLC, Position Foods Of The Caribbean Tropic, Seawind Foods, Phalada Pure & Sure, Sattvic Foods, Nutrica Agro & Food Processors Pvt Ltd, Jayashree Foods and Anvi'S Food Products.

Russia-Ukraine War Impact

The Russia-Ukraine war has affected the global banana flour market mainly through disruptions in supply chains and rising costs. Shipping delays and increased transportation expenses have led to higher prices for banana flour, which can impact consumer demand. Additionally, countries may look for alternative suppliers, shifting trade patterns and possibly benefiting producers in more stable regions.

At the same time, more people are seeking healthier food options, increasing interest in gluten-free products like banana flour. This trend could help the market grow among some consumer base. As consumers prioritize local and sustainable products over others, the industry adapts by focusing on new sourcing and production methods, creating opportunities amidst the challenges.

By Processing

• Freeze Dried
• Spray/Drum Dried
• Sun Dried
• Others

By Nature

• Organic
• Conventional

By Distribution Channel

• Hypermarket/Supermarket
• Convenience Store
• Specialty Store
• Online Retail
• Others

By Application

• Food
• Beverages
• Pet Food
• Others

By Region

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Rest of Europe
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Asia-Pacific
  • China
  • India
  • Japan
  • Australia
  • Rest of Asia-Pacific
• Middle East and Africa

Key Developments

• In October 2024, Rob and Krista Watkins of Natural Evolution launched a world-first skincare line infused with lady finger banana extract.
• In January 2024, Kenyan farmers in Embu launched nutrient-rich green banana flour to enhance market opportunities. Led by Stephen Mutuanga of the Healthy Life Juices group, this gluten-free product addresses post-harvest losses and is rich in essential nutrients like calcium, phosphorus and magnesium.
• In April 2022, iTi Tropicals launched organic green banana flour sourced from India. This flour retains high levels of resistant starch due to a unique production process that involves harvesting bananas before they ripen and drying them, catering to the growing demand for gluten-free and functional foods.

Why Purchase the Report?

• To visualize the global banana flour market segmentation based on processing, nature, distribution channel and region, as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development.
• Excel data sheet with numerous banana flour market-level data points with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as excel consisting of key products of all the major players.

The global banana flour market report would provide approximately 70 tables, 65 figures and 208 pages.

Target Audience 2024

• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies