Application of banana flour in food and pet food industry is expected to share similar growth rate during the forecast period
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Banana flour is banana powder made mostly from green banana or plantains. There are two types of banana flour, namely, organic banana flour and conventional banana flour. Organic banana flour is free from synthetic additives such as pesticides, chemical fertilizers, and dyes. Organic banana flour must not be processed using industrial solvents, irradiation, or genetic engineering. On the other hand the conventional banana flour product that have been processed using other additives or mixed with any other suitable mixtures to form a product are produced under GMP guidelines. These types of banana flour available across the globe are witnessing an increase in their consumption. The demand from the food industry is typically high, that is expected to reach a market value of over US $450 Mn by the end of 2027. Among different sections of the food industry, bakery and snacks is expected to witness higher market value than other sections. Whereas filling and dressings sub segment of the food industry is expected to grow at a high CAGR of 4.7% during the forecast period. Along with food industry, pet food and feed industry is also expected to register a similar growth rate during the forecast period.
Consumption of sauces, dressings, baby food, bakery food to have a direct impact on the global banana flour market
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Banana flour is used as one the prime ingredients in the manufacturing of many baby food products. As a result, an increase in the rate of consumption of baby food products supports the growth of the market for banana flour, especially in North American region. There has also been an increase in the consumption of packaged food products. People are spending more on supermarkets than in restaurants. This has fuelled the consumption sauces, condiments and dressings in this region. This in turn has driven the growth of the banana flour market as banana flour is one of the major ingredients in sauces and dressings made available to people. Thus, the banana flour market is expected to witness steady growth in the years to follow.
Another trend that has supported the growth of the banana flour market is the use of banana flour in the bakery industry. Banana flour is used as a wheat flour alternative in the bakery industry. Bakers are advised to use 25% less green banana flour as a replacement. This is also because, green banana flour contains potassium, magnesium, and manganese.
The economic slowdown in many regions, would affect the global banana flour market during the forecast period
The economic growth is unstable in many regions. This is mainly due to lower commodity prices, with the commodity exporters most adversely affected. The general economic context is now turning less favorable, with growth slowing down, especially in oil and mineral exporting countries. On the whole, overall growth is expected to continue, but at a slower pace. Such economic instabilities is also evident in European countries. High indebtedness, slow labour market adjustment, strong trade links with weaker euro economies, a tighter macroeconomic stance, and a lack of structural reforms are some of the major factors resulting in slow economic growth rates. With low spending power people are expected to spend less on the products that contain banana flour, in turn restraining the growth of global banana flour market.
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