The global banana flakes market was valued at US$ 941.74million in 2019 and is projected to reach US$ 1,323.37million by 2027; it is expected to grow at a CAGR of 4.5% from 2020 to 2027.
Banana flakes are prepared from naturally ripened bananas, which are carefully processed by dehydrating so as to maintain the taste and nutritional value in the flakes. Such flakes are known for their nutritional profile and are rich in minerals such as magnesium, calcium, potassium, iron, and zinc. Additionally, banana flakes comprise of high levels of trace elements along with vitamins including A, B, B6, B9, C, and E and higher content of fiber and potassium. Banana flakes are increasingly used in food &beverages industry in the preparation of breakfast cereals, desserts smoothies, infant nutrition, and other food items.
Based on application, the banana flakes market is segmented into household, food & beverages industry, and others. In 2019, food and beverage segment dominated the banana flakes market. In terms of banana flakes market, the food and beverage segment is further sub-segmented into bakery & confectionery, infant nutrition, dairy products, breakfast cereals, and others. Banana flakes are increasingly used among bakery and confectionery industries in the preparation of dairy products such as yoghurt and ice cream. Further, they act as a significant raw material in preparation of breakfast cereals. However, the demand for banana flakes from infant nutrition segment has considerably increased, which is attributable to the rising focus of parents on serving better quality and healthy food to their children. The increasing preference towards organic food products is also expected to stimulate the growth of banana flakes market.
Impact Assessment of COVID-19
The COVID-19 has been affecting economies and industries in various countries, including the US, India, Brazil, Russia, Italy, the UK, Iran, and Spain. Food &beverages is one the world’s major industries facing serious disruptions in the form of supply chain breaks, events cancellations, and office shutdowns as a result of the lockdowns imposed in various countries to contain the disease spread. China is the global manufacturing hub and is the largest raw material supplier for various industries; however, it is also one of the worst-affected countries by the COVID-19 pandemic. The lockdown of various plants and factories in China is affecting the global supply chains and adversely impacting the manufacturing and sales of various chemical and materials. These factors are likely to restrain the growth of various markets related to the food &beverages industry in the next few financial quarters.
Geographically, the banana flakes market is broadly segmented into North America, Europe, Asia Pacific (APAC), South America (SAM), and the Middle East &Africa (MEA). In 2019, Asia Pacific held the largest share of the global banana flakes market, followed by Europe. The growth of the banana flakes market in Asia Pacific region is primarily attributed to the rapid growth of food &beverage industry in the region. Rising demand for healthy and nutritional food products among the health-conscious consumers is another major factor driving the growth of the banana flakes market in Asia Pacific. Growing preference towards healthy breakfast and convenience food items is also expected to proliferate the demand for the global banana flakes market.
Bata Food B.V. ,Diana Group,Futurcorp S.A.,Ingredient Inc..,Naturkostbar KG,JOHS. THOMS GmbH & Co. KG,P&G Food Industries, Rabele rFruchtchips Gmbh, Van Drunen Farms, and Z Natural Foods are among the players present in the global banana flakes market.
The overall global banana flakes market size has been derived using both primary and secondary sources. The research process begins with exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information related to the global banana flakes market. Also, multiple primary interviews were conducted with industry participants and commentators to validate data and analysis. The participants who take part in such a process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers, and external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the banana flakes market.