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.
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.
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In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Author Credits: Anil Kumar, Ipsheeta Dash