Press release
Makreo Research Projects Global Banana Powder Market Revenue to Surge by 6.37% in 2024, Driven by Demographic Trends and Expanding Applications
For more details: (Sample Report Available)
Global Banana Powder Market Size and Forecast (2019-2028)
https://www.makreo.com/report/global-banana-powder-market-size-and-forecast-2019-2028
► Youth Demographic Drives Consumption in Asia
A substantial portion of the banana powder market's consumption is anticipated to stem from the youth demographic in Asian countries, particularly children aged 0-14. Leading countries such as India, China, and the Philippines are projected to account for 24.2%, 16%, and 29.7% of this demographic, respectively, by 2024. This high concentration of young consumers is expected to create sustained demand for banana-based products, especially in the food and beverage sector.
► Expanding Opportunities in Cosmetics and Pharmaceuticals
In addition to food applications, banana powder is witnessing increasing demand in the cosmetics and pharmaceutical industries. The stable import prices and rising applications of banana powder in skincare, haircare, and makeup products are set to propel the market forward. The global cosmetics market, including these categories, is projected to achieve a Compound Annual Growth Rate (CAGR) of over 6% from 2024 to 2028. This burgeoning demand for natural and organic ingredients is expected to further bolster the growth of the banana powder market.
► India: A Key Player in Banana Powder Production
India plays a pivotal role in the global banana and banana powder markets, consistently ranking as one of the top exporters. Leading manufacturers such as Taj Agro International and Varmora Food Private Ltd. have recorded a combined total of 2,304 shipments as of June 2024. India's robust agricultural base and efficient export systems position it as a crucial player in meeting both domestic and international demand.
► Insights on Global Import and Export Trends
In 2023, the global banana trade saw a modest 1% increase in net imports, totaling around 18.7 million tonnes. The European Union remained the largest importer, with stable imports of approximately 5 million tonnes. Conversely, China experienced a sharp 9% decline in banana imports due to shifting consumer preferences and supply chain disruptions.
On the export side, global banana shipments increased by 0.3%, reaching approximately 19.2 million tonnes in 2023. Latin America and the Caribbean led export growth with a 1.3% increase, while Colombia faced a significant setback with a nearly 30% drop in exports due to adverse weather conditions.
► Diverse Applications Driving Market Growth
Banana powder's broad range of applications spans across makeup, skincare, hair care, baby food, and beverages. As consumer preferences shift towards natural ingredients, the banana powder market is expected to see corresponding growth. The organic segment, while currently smaller, is experiencing faster growth, driven by increasing consumer awareness of its health benefits.
► Opportunities in the Middle East's Cosmetics Market
The Middle East presents significant untapped growth potential for banana powder manufacturers, driven by rising demand for high-quality, natural ingredients in cosmetics. As the trend for natural cosmetic products continues to grow, banana powder's applications in this sector are expected to further contribute to market expansion.
► Key Developments and Market Dynamics
The report published by Makreo Research titled "Global Banana Powder Market Size and Forecast (2019-2028) - By Type (Organic and Conventional), Application, Distribution, Process, and Geography," offers a comprehensive analysis of market dynamics, historical performance, regional insights, and competitive landscape.
This study provides industry stakeholders, investors, and market experts with valuable knowledge to understand the evolving dynamics and growth opportunities within the banana powder market.
► Period of Study
• 2019 - 2023: Past and Present Scenario
• 2023 - Base Year
• 2024 - 2028: Future Outlook of the Market
► Market Assessment
By Application
• Food Products
• Cosmetics
• Pharmaceuticals
• Others
By Distribution
• Online
• Offline
By Type
• Organic
• Inorganic
By Process
• Freeze Dried
• Spray Dried
• Sun Dried
• Drum Dried
• Others
By Regions
• North America
• Europe
• Asia-Pacific (APAC)
Companies Covered
• Mevive International Food Ingredients
• Taj Agro Commodities Private Limited
• Vinayak Ingredients (India) Pvt. Ltd.
• Dole Food Company, Inc.
• Natural Evolution Foods
• Saipro Biotech Private Limited
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India Spices Market Size and Forecast (2019-2029)
https://www.makreo.com/report/india-spices-market-size-and-forecast-2019-2029
Makreo Research and Consulting
801, Trishul Goldmine, Palm Beach, Sector 15, Belapur, Navi Mumbai, Maharashtra 400614
Contact us at:
Meetu Bhasin, Director of Research and Operations
Phone Number
+91-9619699069
Email Address
info@makreo.com
Makreo Research is a leading market research and consulting firm based in India, specializing in Syndicated Research, Custom Research, Consulting, and Market Surveys. With expertise in navigating complex market dynamics, we empower businesses to achieve success. Our services span a wide range of industries and geographies, including North America, LATAM, Europe, Asia-Pacific, Oceania, MENA, and more.
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