Introduction to Banana Flakes
Banana flakes are rich source of fruit based flakes including nutrients such as potassium, zinc, vitamins and other minerals. Banana has various health benefits for infants, females and elderly population. The banana flakes are used in various food products such as infant food, desserts and as breakfast cereals. Moreover, banana flakes are gluten free and have low fat content which contributes to its wide range of application.
Market Size and Forecast
Currently the global banana flakes market is observing robust growth on account of increasing demand for banana which is driving the market growth of banana flakes during the forecast period. Additionally, the advancement in food and beverage industry in the past few years and growing health awareness are projected to drive banana flakes market during the forecast period.
As per FAO, the wholesale prices in the U.S. have recorded a decline during 2017. The market has declined from USD1.26/tonne in January 2016 to USD1.23/tonne in December 2017.The banana flakes market is expected to reach a value of USD 970 million at the end of the forecast period. The banana flakes market is anticipated to grow with CAGR of 4.3% over the forecast period.
The global banana flakes market is studied under the distribution channel, source and application. The banana flakes market is segmented into conventional and organic. The increased number of health conscious consumers is expected to raise the demand for fruit based food products. This is attributed to drive the organic sourced banana flakes market during the forecast period. The banana flakes market is segmented by application into food and beverage industries, household and others. The food and beverage sector is supposed to observe the highest growth during the forecast period owing to its numerous applications in food segment.
Drop in Average Price of Bananas
Banana consists of essential nutrients such as potassium, zinc and other vital minerals and is expected to witness high demand from the consumer .This is expected to showcase high growth during the forecast period. Moreover, decrease in average consumer price of bananas from 2014 to 2017 is depicting high demand for bananas and is also driving the demand for banana flakes market.
Increasing number of health conscious consumers
Rising food and beverage advancements and growing awareness about health has shifted the focus of the consumer on hygienic and healthy food products. The banana flakes are high source of protein and nutrition for growing population. The banana flakes are used in wide variety of food products such as breakfast cereals, ice cream and other desserts. This is anticipated to drive the banana flakes market during the forecast period. Moreover, high demand for the banana flakes owing to various health benefits is expected to propel the organic banana flakes market during the forecast period.
The organic sourced banana flakes are good for infant nutrition. However, the high price of organic banana flakes leads to relatively low demand among the lower middle class population.
Our-in depth analysis of the global banana flakes market includes the following segments:
By Source Type
By Distribution Channel
On the basis of regional analysis, global banana flakes market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
Asia Pacific is anticipated to grab a major market share in the banana flakes market during the forecast period on the account of high consumption of banana flakes in the region. Additionally, the growing demand for infant nutrition food products primarily from Asia Pacific countries such as China and India is driving the market growth of the banana flakes market in this region.
In North America, the increasing consumers shift towards healthy breakfast and rising demand for the fruit based food items is driving the market growth of the banana flakes market in the region. Additionally, the rising trend of consuming organic food products is accelerating the demand for organic banana flakes market in the region.
Global banana flakes market is further classified on the basis of region as follows:
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