Banana Powder Market Value By Business Overview, Challenges, Opportunities till 2027
Banana powder has been gathering steam among food and cosmetic industries to diversify their portfolio. The consumption potential in the banana powder market has attracted beauty enthusiasts who are looking to utilize the products as setting powder for meeting a wide range of beauty care needs of populations.
World over, companies of varying hues from these industries are working to work collaboratively with banana producers to improve the profitability of the produce, and hence catalyzing the attractive quotient of the global banana powder market. Propelled by expanding public information on the benefits of banana powder, consumers have begun responding to marketing campaigns by cosmetic brands. A few early adopters are seeking to harness organically-sourced banana powders with the aim of diversifying their portfolio. Such moves have helped banana powder manufacturers, notably new entrants, to garner competitive gains in the banana powder market.
The intensity of competition in the banana powder market is likely to increase noticeably with new entrants to disrupt the plant-based products space. Meanwhile, both organic as well inorganic growth strategies will under the radar of several players in the market, in order to consolidate their positions or their geographic footprints. Notably, numerous companies in the banana powder market are aiming to leveraging new distribution partnerships, and entering into acquisitions for competitive gains.
The global worth of the banana powder market was US$ 550 Mn in 2019. The market would clock a promising CAGR during 2019 – 2027 to reach US$ 774.4 Mn by 2027-end.
Benefits of Processed Banana Fuel Consumption in Bakery and Confectionery Industry
The most marked impetus to the evolution of the banana powder market is likely to come from the food and beverages industry. Food processors are actively seeking to advance the demand potential in marketplace by getting access to new separation and processing technologies. The growing adoption of such technologies has enabled especially producers in the bakery and confectionery industry to fuel consumption in the banana powder market. The major share that the segment has been holding in the global marketplace is supporting the trend. Overall, the food industry occupied a little more than half of the share in the global banana powder market. A promising avenue is in the prospect of the use of banana powder for baby foods.
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Skin Care Products with Banana Powder Attracting Consumers
The cosmetics industry has reaped large revenue gains from the sales of products that contain banana powders. The demands in various populations have been stimulated by the growing popularity that setting powders enjoy in the beauty care products. Cosmetic brands coming up with new formulations to suit every skin types and tone are fueling new avenues that encourage the growth of the banana powder market. Growing numbers of consumers who pin hopes of banana powder for sensitive skin is expected the advance the revenue generating potential further.
Among the various regions, the impact of the aforementioned trend on Asia Pacific will be most marked. In the coming years, the region is expected to witness several lucrative avenues in end-use industries to keep the lucrativeness of the overall banana powder high. Moreover, in numerous emerging economies of the region, growing proclivity of consumers who want to try exotic ingredients in their beauty care has reinforced the potential of the Asia Pacific banana powder market.
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