Banana Flakes Market Growing at a CAGR of 4.5% During forecast period 2020-2027 | Bata Foods B.V.;Diana Group;Futurcorp S.A;Ingredient Inc.;Naturkostbar KG

The banana flakes market was valued at US$ 941.74million in 2019and is projected to reach US$ 1,323.37million by 2027; it is expected to grow at a CAGR of 4.5% from 2020to 2027.

Banana flakes are prepared from naturally ripened bananas, which are carefully processed by dehydrating so as to maintain the taste and nutritional value in the flakes. Such flakes are known for their nutritional profile and are rich in minerals such as magnesium, calcium, potassium, iron, and zinc. Additionally, banana flakes comprises high levels of trace elements as well as vitamins such as A, B, B6, B9, C, and E. Moreover, banana flakes are composed of 3% water,along with low-fat content withhigher content of fiber and potassium.

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Bata Foods B.V.;Diana Group;Futurcorp S.A;Ingredient Inc.;Naturkostbar KG, JOHS. THOMS GmbH & Co. KG, P&G Food Industries, Rabeler Fruchtchips GmbH, Van Drunen Farms, and Z Natural Foods are among the well-established players in the global banana flakes market.

Banana is cultivated in more than 120 countries. According to the Food and Agricultural Organization of the United Nations, the total annual production of banana in 2017 was 114 million tones, globally. Countries leading in the banana cultivation are India, China, Philippines, Ecuador, Brazil, Mexico, Costa Rica, Colombia, and Thailand. Banana is one of the essential food crops after wheat, rice, and maize. As the global population is surpassing 7 billion, consumption requirements are also increasing tremendously.Moreover, escalating health awareness among the population in various regions such as North America and Europe,is leading to rise in demand for banana and its products. Major banana producing countries have widened their harvesting area to meet the growing food demands across the world.

The COVID-19 outbreak, which began in Wuhan (China) in December 2019, has spread around the globe at a fast pace. As of June 2020, the US, Russia, India, China, Italy, Spain, France, and Germany are among the worst-affected countries in terms of positive cases and reported deaths. According to the WHO figures updated in June 2020, approximately 7,482,952 confirmed cases and 419,497 deaths have been reported globally. The outbreak has affected economies and industries due to lockdowns, travel bans, and business shutdowns. Food & beverage is one the world’s major industries facing serious disruptions such as supply chain breaks, technology events cancellations, and office shutdowns as a result of this pandemic.

The report segments the global banana flakes market as follows:

By Nature

• Organic
• Conventional

By Application

• Food and Beverages Industry
• Household

By Distribution Channel

• Supermarkets/Hypermarkets
• Specialty Stores
• Online

China is the global manufacturing hub and is the largest raw material supplier for various industries; however, it is also one of the worst-affected countries by the COVID-19 pandemic. The lockdown of various plants and factories in China is affecting the global supply chains and adversely impacting the manufacturing and sales of various banana flakes companies. The overall market break down due to COVID-19 is also affecting the banana flakes market growth due to shutting down of factories, obstacle in supply chain, and downturn in world economy.

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This release was published on openPR.