February 24, 2024

Banana Puree Market is driven by changing consumer preference towards nutritional food ingredients

The banana puree market has been growing due to the various health benefits associated with banana puree such as being a rich source of potassium, vitamins, minerals and fiber. Banana puree is used widely in baby food, ice cream, yogurt, smoothies, shakes and desserts due to its neutral taste and creamy texture. Consumers are shifting their preference towards plant-based, organic and gluten-free products which is further fueling the demand for banana puree. Changing lifestyles and busy schedules have led to the rising demand for convenient and nutritional food products which can be easily added to meals and snacks. The global Banana Puree Market is estimated to be valued at US$ 381.07 Mn in 2023 and is expected to exhibit a CAGR of 9.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
One of the key trends in the banana puree market is the introduction of banana puree in innovative packaging such as single-serve pouches, bottles and Tetra Pak cartons. This has increased its availability in modern trade and convenience stores. Companies are focusing on offering organic and non-GMO banana puree to cater to the rising health-conscious demographics. With increasing health issues like diabetes and obesity, more consumers are opting for sugar-free and low sugar variants of banana puree. Banana puree manufacturers are investing in R&D to develop new application areas of banana puree such as sauces, dips, spreads and beverages. The growing popularity of tropical flavors has also boosted the demand for products containing banana puree.

Porter’s Analysis
Threat of new entrants: The banana puree industry requires substantial capital investments to establish processing facilities. This acts as a barrier for new players.

Bargaining power of buyers: The bargaining power of buyers is moderate as banana puree has applications in various end-use industries like infant food, beverages, dairy products, bakery products etc.

Bargaining power of suppliers: Banana production is dominated by a few countries. This gives suppliers moderate bargaining power over processors and manufacturers.

Threat of new substitutes: The threat of substitutes is low as banana puree has distinct flavor profile and nutritional qualities that are difficult to replicate.

Competitive rivalry: Being a commodity market, competition is intense based on pricing among the key established players.

Key Takeaways
The global banana puree market is expected to witness high growth during the forecast period.

Regional analysis: Asia Pacific dominates the market and is expected to continue its lead during the forecast period. India and China account for the major banana production in the region.

Key players: Key players operating in the banana puree market are Symrise AG, Döhler GmbH, Kiril Mischeff, Riviana Foods Pty Ltd, Nestlé S.A., The Hain Celestial Group Inc, The Kraft Heinz Co., Ariza B.V., Newberry International Produce Limited, Grünewald Fruchtsaft GmbH, Tree Top Inc., Hiltfields Ltd., Shimla Hills Offerings Pvt. Ltd., Antigua Processors S.A., SunOpta Grains and Foods Inc. Symrise AG is one of the leading players globally.