The global banana flakes market is highly influenced by the growing demand for organic products from developed region as well as developing regions. With the growing health consciousness among consumers across the globe, the demand for healthier food items is gaining traction.
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As banana flakes form a crucial part in the production of cereals and other fruit based food products, its demand is likely soar in the coming years. The trend of consuming organic food products is gaining traction all over the globe with consumers focusing more on the organic sources of food production.
This trend is expected to continue over the coming years and spread widely through developed regions. Although in terms of unit consumed, conventional remains the leading source, organic segment is likely to register a CAGR of 6.5% during the forecast period of 2017-2027 thus registering the fastest growth rate among the two in terms of value. In terms of volume also, the CAGR of organic source segment is projected to surpass the conventional source segment.
Developed Regions to be Key Consumers of Organic Banana Flakes
A fascinating trend was noted between 2014 and 2015 when the demand for banana flakes was extensively high in Russia and Poland, especially from the organic sources. In order to cater to the Herculean demand for banana flakes arising from these countries, the producers of banana flakes were compelled to use fresh bananas and thus meet the demand of the consumers.
The trend of organic and herbal products has taken over the taste of consumers at present and in spite of being expensive, the demand for organic was quite high in these countries and is expected to remain the same in the years ahead. This trend can be seen proliferating in the developed regions of North America, Eastern Europe, and Western Europe. The use of banana flakes is considerably high as a raw material in the bakery industry and in other products such as yoghurt and ice cream in the dairy industry in Europe, thus pushing Europe up in the game.
In spite of organic sources witnessing the fastest growth rate both in terms of volume and value, conventional sources will retain its reigning position over the global banana flakes market over the course of the forecast period.
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The growing consumption of conventional source based banana flakes can be attributed to its inexpensive nature and wide availability, especially across developing regions such as the Middle East and Africa and Asia Pacific. However, in terms of value, North America is expected to catch up in the game and surpass the Middle East and Africa by the end of 2027, thus gaining the third position after Asia Pacific and Western Europe.
Demand for Healthy and Organic Infant Nutrition to Boost Market Development
The food and beverage industry is the core end user of banana flakes. In the food and beverage industry, the segments that are the leading consumers of banana flakes are bakery and confectionery and infant nutrition. Although bakery and confectionery is the leading segment, infant nutrition has caught pace with it exhibiting the second leading CAGR after dairy products. It is expected to touch a valuation of US$214.4 Mn by the end of 2027 in comparison to the valuation of US$398.3 Mn of the bakery and confectionery segment.
The growth of the infant nutrition segment can be attributed to the growing focus of parents on providing their children with better quality and healthy food which are fruit based. The inclination of these parents, which can be seen as a part of the ongoing trend towards organic food products is likely to push the sales of organic infant nutrition in spite of it being expensive than the conventional ones.
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