Banana Flakes Market Size to Grow at a CAGR of 4.5% During the Forecast Period 2021-2026

New York, NY -- (SBWire) -- 10/18/2021 --Banana Flakes Market size was estimated at $682 million in 2020, and it is projected to grow at a CAGR of 4.5% during the forecast period 2021-2026. Banana flakes are derived from organic and naturally ripened bananas. It contains more amounts of nutrition such as potassium, protein, fiber, carbohydrates and vitamins such as A, B, B6, C and E, and minerals like calcium, magnesium, iron, zinc and folate. Banana flakes has several health benefits as it helps to reduce and manage diarrhoea without stopping or slowing gut motility, relieving heartburn symptoms, stimulating appetite also helps to form firm stools. Banana flakes are commonly used in food & beverages industry in the preparation of breakfast cereals, desserts, smoothies, infant nutrition, and others. Increasing consumption of banana flakes owing to low fat and gluten free coupled with rising demand for healthy, nutritional and organic food products are the major factors driving the growth of the market. Increasing health consciousness among the people coupled with changing lifestyle of the people is set to further enhance the overall market development of the Banana Flakes Market for the period 2021-2026.

Banana Flakes Market Segment Analysis – By Application

On the basis of application, the Banana Flakes market is categorized into Household, Food and Beverages, and Others. Food and Beverages held the largest share in the Banana Flakes market in 2020. Banana flakes are widely used in food and beverage industry including bakery & confectionery, infant nutrition, dairy products, breakfast cereals, and others owing to its nutritional benefits. Also banana flakes are used in smoothies along with oats or corn flakes as well as it is used in various bakery products such as coconut banana cream pie, banana bars, breakfast cookies, and pancakes thereby increasing Banana Flakes market. However, Household is estimated to register higher CAGR of 6.8% during the forecast period 2021-2026 owing to rising demand for healthy food products as it helps to improve digestive health.

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Banana Flakes Market Segment Analysis – By Distribution Channel

By distribution channel, the Banana Flakes market is further segmented as Supermarkets/ Hypermarkets, Convenience Stores, Online Retail Stores, and Others. Supermarkets/Hypermarkets held the largest share in the Banana Flakes market in 2020. Supermarkets/Hypermarkets offer better brand visibility, easy shopping experience and the availability of a wide range of products and brands thereby increasing Banana Flakes market. However, Online Retail Stores is estimated to register higher CAGR of 7.2% during the forecast period 2021-2026 owing to Online Retail Stores provides more discounts and wider options to purchase.

Banana Flakes Market Segment Analysis – By Geography

Asia-Pacific dominated the Banana Flakes market with a major share of 34% in 2020. This is attributed to increasing growth of food and beverage industries in this region coupled with growing production of bananas in countries such as India, china. According to Food and Agriculture Organization (FAO), India is the world's largest producer of bananas, producing 29.7 million metric tons on 0.84 million hectares of land. Furthermore, growing urbanization, and rising disposable income of the people which are contributing to the growth of the market in this region.

However, North America is estimated to grow at a higher CAGR during the forecast period 2021-2026 owing to the changing preference of the people towards healthy breakfast in this region contribute the growth in this region. Increasing spending capacity of the people is also increasing the growth of the market in this region.

Banana Flakes Market Drivers

Increasing Consumption of Banana Flakes

Increasing consumption of banana flakes owing to nutritional benefits as it is rich in vitamins (A, B, B6, C, and E), iron, potassium, calcium, zinc, and magnesium is increasing the growth of the Banana Flakes Market. Additionally, frequent consumption of banana flakes will reduce the risk of colon cancer as banana flakes contain a high amount of fibers which helps to reduce risk of colon cancer is also practiced to increase the growth of the Banana Flakes market during the forecast period 2021-2026. According to the Center for Disease Control and Prevention (CDC), in America, colon cancer is the second leading cause of death.

Rising Prevalence of Cardiovascular Diseases

Increasing prevalence of cardiovascular diseases such as strokes and heart attack is increasing the growth of the Banana Flakes market. In banana flakes potassium is present which tackles the narrowing and hardening of arteries as a result it reduces the risks of strokes and heart attacks. According to World Health Organization (WHO), cardiovascular diseases are the leading cause of death across the globe and around 17.9 million people die per year due to cardiovascular diseases. Moreover, banana flakes helps to reduce and manage diarrhoea so that consumers are increasingly including banana products in their diet thereby increasing the growth of the Banana Flakes Market during the forecast period 2021-2026.

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Banana Flakes Market Challenges

Availability of Substitutes

Major factor that is set to impede the growth of the Banana Flakes market is availability of substitute such as corn flakes in market. Another factor which hamper the growth of market is high price of organic banana flakes.

Market Landscape

Product launches, mergers and acquisitions, joint ventures, and R&D activities are key strategies adopted by players in the Banana Flakes Market. In 2020, the Banana Flakes Market share is consolidated by the top ten players present in the market. The Banana Flakes Market, top 10 companies are, Diana Group, Futurcorp S.A., Orkla Group, Z Natural Foods, Naturkostbar KG, Ingredient Inc., Naturkostbar KG., Z Natural Foods, Van Drunen Farms, & Co. KG, Naturkostbar KG

Development:

In February 2020, Bunge Ltd., Van Drunen Farms, leading player in agriculture, food science, and dehydrating fruits, vegetables, and grains has partnered with FutureCeuticals to expand their product distribution network in worldwide.

Key Takeaways

Asia-Pacific dominated the Banana Flakes Market in 2020 owing to growing preference of the people towards healthy food products. The Banana Flakes Market scope for different regions will be provided in the final report.

Increasing demand of banana flakes for infant nutrition food products are set to aid the market growth of the Banana Flakes Market report.

Detailed analysis of the Strength, Weakness, and Opportunities of the prominent players operating in the market will be provided in the Banana Flakes Market report.

Availability of substitute products and high price of banana flakes is poised to create the hurdles for the Banana Flakes Market.

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