Global Banana Flakes Market - 2022-2029

Global Banana Flakes Market - 2022-2029

Market Overview

Banana flakes are a preferred form of breakfast, consumed as regular food by large spectrum of population globally. With the expanding disposable income, consumers are becoming more conscious towards health and the daily food consumed. Banana flakes are consumed either plain or may be coated with honey, sugar, chocolate, and other such ingredients. Additionally, banana flakes are also available in several shape and sizes.Banana flakes can be used as a safe, cost-effective treatment for diarrhea in critically ill tube-fed patients. Banana flakes can be given concurrently with a workup for C difficile colitis, thereby expediting treatment of diarrhea. Increase in the disposable income coupled with shift in focus towards consumption of health promoting food is also driving the growth of the banana flakes in global market. The demand for banana flakes in the food and beverage industry is drastically increasing owing to its application in ice creams, juices, desserts, breakfast cereals, salads, yogurt, and many others. The consumers demand banana flakes in the aforementioned food products owing to their health benefits. Moreover, richness in vitamins and minerals has significantly propelled the adoption of banana flakes consumption as it improves the heart health. The banana flakes contain many nutrients such as mung canola oil, natural flavors, potassium citrate, vitamin D, vitamin B12, choline and antioxidants such as lutein, zeaxanthin. These nutrients help to maintain bone health, cognition, eye health, energy and pregnancy.

The global banana flakes market was valued at USD XX million in 2021. It is forecasted to reach USD XX million by 2029, growing at a CAGR of 4.5% during the forecast period (2022-2029).

Market Dynamics: Rising health awareness drives the market growth

Banana flakes are consumed worldwide owing to the higher content of nutrients like vitamins and proteins that helps in controlling blood cholesterol and heart diseases. Further, banana flakes make feel fuller and cholesterol free, gluten-free. Thus, help prevent overeating and weight gain. Rising risk of diseases such as diabetes, obesity, and cardiac issues owing to sedentary lifestyles is motivating people towards consumption of low-calorie food, thereby boosting the demand for banana flakes. Furthermore, the growing cereal production across the world is also supporting the growth of banana flakes market. According to OECD-FAO Agricultural Outlook 2018-2027, the global cereal production is likely to grow by 13% between 2018 and 2027. The consumption of cereals is projected to witness 14% growth over the same period to reach 2.9 billion tons in 2027 and this growth is attributable to human food uses. Moreover, increasing consumption cereals is projected to witness 14% growth over the same period to reach 2.9 billion tons in 2027 and this growth is attributable to human food uses. Moreover, banana flakes products contain a high proportion of different minerals and high vitamin content, they are expected to see increased demand around the world. It is gaining popularity among vegetarians around the world and is commonly used as it is many health benefits. Owing to this factor, the global banana flakes market is seeing a rise in demand due to the growing number of people getting health consciousness around the world.

Market Segmentation: Organic banana flakes segment accounted for the highest share in global banana flakes market

In 2021, organic banana flakes segment dominated the market, accounting for YY% of global sales as the organic banana flakes contains potassium, fiber, magnesium nutrients. A one-third cup serving contains around one gram of protein and another gram of fiber and it also contains magnesium, vitamin A, iron, phosphorus, and potassium in small quantities. All these nutrients prevent hypertension and good for eye health as well. It also contains serotonin which may elevate the mood and help fight stress and a source of iron, bananas may support the production of hemoglobin in the blood, thus supporting blood levels in those who have anemia. Organic banana contains three natural sugars sucrose, fructose glucose which, when combined with its fiber, gives an instant, sustained, and substantial boost of energy.

Geographical Penetration: North America is dominating region during the forecast period

North America is projected to be the dominating region due to the owing to shifting consumer preferences towards processed nutrition food. Macro factors such as rising disposable income, growing retail market and urbanization accounted for this shift. Many start-up companies have recently entered into the market with innovative product formulations and are boosting sales significantly. On the other hand, North America is dominating the global banana flakes market, owing to the early adoption of cereals as breakfast in the United States. The nutritional benefits of these food products led to their robust penetration among population. Ready to eat cereals corn flakes is most popular category among the Americans. According to data that has been calculated by Statista based on the U.S. Census data and Simmons National Consumer Survey (NHCS), 6.73 million Americans consumed 10 portions or more of Kellogg's Corn Flakes cold breakfast cereal in 2020

Competitive Landscape

There are several established participants in the industry and local manufacturers; hence, the market is fragmented. Some major key players are Bata Food B.V., Diana Group, Futurcorp S.A., Ingredient Inc., Naturkostbar KG, JOHS THOMS GmbH & Co. KG, P&G Food Industries, Rabeler Fruchtchips GmbH, Van Drunen Farms, Z Natural Foods, among others. The companies are playing a very important role in the market by product launches, expansions and other strategies to expand their businesses. For instance, in June 2018, Kellogg’s has expanded the product portfolio of its Raisin Bran cereal brand with the introduction of a new breakfast cereal featuring banana slices. Each 55g serving of the new flavor will contain 200 calories, 17g of sugar, 5g of fiber and the addition of banana raises potassium content to 470mg per serving.

COVID-19 Impact Negative impact on the global banana flakes market

The banana flakes industry has faced major disruptions in form of supply chain, office closures, shutdowns and event cancellations. The outbreak of COVID-19 has impacted the banana flakes market badly. Under COVID, banana value chains have been affected in nearly all banana-producing countries in which monitoring, responding and facilitating recovery was tapped into its regional banana networks to ascertain and evaluate the impacts on domestic banana production, transportation, markets and consumption. Due to the lockdowns, there was a shortage of farm labor and planting material leading to reduced production. Due to lockdown restrictions prevented or slowed movement of bananas to markets, with effects felt all along the market chain.

The global banana flakes market report would provide an access to approximately 61 market data tables, 57 figures and 170 pages