The global banana flour market is set to witness growth at a CAGR of 3.8% and top a valuation of USD 735.6 Mn by 2032.
The growing awareness of the health advantages of banana flour is propelling the worldwide banana flour business forward as it is high in fiber, gluten-free, minerals, and vitamins like vitamin E, zinc, manganese, magnesium, and potassium.
It helps to regulate blood sugar levels and also aids in the reduction of cholesterol, the improvement of heart health, and the stimulation of neuron and muscle activity.
Key Takeaways from Market Study
- The banana flour market is expected to expand at CAGRs of 1% and 2.8% in Latin America and the Middle East & Africa, respectively, through 2032.
- The market share of Asia Pacific is 2% in 2022. Every year, a considerable amount of bananas are produced in the Asia Pacific region, particularly in India, resulting in the expansion of the banana flour business in the region.
- The North American banana flour market is currently pegged at 50,883 Metric tons. Banana flour has seen a boom in demand in the region, as the product is widely utilized in the manufacture of infant food.
- In Africa, banana flour is also seen as a less expensive alternative to wheat flour. It is a healthy alternative to ordinary flour since it promotes the growth of beneficial bacteria in the gut and considerably aids in weight loss, therefore, MEA stands at a market value of USD 275.4 Mn in 2022.
“Manufacturers of banana flours can step into product expansion in the dietary fibers market which is growing at a high rate due to rising health consciousness as the FDA recently classified resistant starch (RS) derived from green banana flour as a dietary fiber.”, says a Future Market Insights analyst.
Key manufacturers of banana flours are not only expanding their gluten-free offerings portfolio but, the majority of them concentrate on successful marketing and promotional techniques. Furthermore, for several organizations in the banana flour industry, mergers, and acquisitions aimed at global expansion will remain a major strategy.