by The Global Banana Puree Market growth is Thriving on Healthy & Nutritious Food Trends
The banana puree market has been gaining high traction owing to the growing preference for healthy and nutritious food products among consumers. Banana puree offers high nutritional value as it is a source of potassium, vitamins, fiber and antioxidants. It is used as an alternative to artificial colors, flavors and preservatives in various food applications such as baby food, confectionery, bakery products and beverages.
The Global Banana Puree Market is estimated to be valued at US$ 381.7 Mn in 2024 and is expected to exhibit a CAGR of 9.2% over the forecast period 2023 to 2030.
Key Takeaways
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., and SunOpta Grains and Foods Inc.
The growing demand for healthier and natural food ingredients is fueling the banana puree market. Banana puree offers various health benefits and acts as a substitute for artificial preservatives. This makes it widely used in baby food, confectionery, bakery, and beverage applications.
Banana producing companies are expanding their global footprint to leverage the opportunities in developing markets. Strategic partnerships and collaborations are helping players to strengthen their distribution networks across lucrative regions.
Market Key Trends
The rising demand for organic and non-GMO products provides growth prospects for organic banana puree. Players manufacturing organic and clean-label banana puree are well-positioned to take advantage of this fast growing organic food trend. The increasing preference for plant-based and vegan products also presents opportunities for banana puree manufacturers to offer product solutions for various vegan food applications.
Porter’s Analysis
Threat of new entrants: It is difficult for new players to enter the market due to the well established supply chains and distribution channels of existing players.
Bargaining power of buyers: Buyers have moderate bargaining power due to the availability of substitutes like apple, pumpkin, carrot purees.
Bargaining power of suppliers: Suppliers have low to moderate bargaining power due to availability of multiple banana suppliers globally.
Threat of new substitutes: Substitute products like apple, pumpkin, carrot purees pose moderate threat to the banana puree market.
Competitive rivalry: The market is highly competitive due to presence of many international and regional players.
Geographical Regions
In terms of value, the banana puree market is concentrated in Asia Pacific and Latin America. Within Asia Pacific, India is the largest producer and consumer of bananas globally. In Latin America, Ecuador is the world’s largest producer and exporter of bananas.
The fastest growing region for the banana puree market is North America. Growing health consciousness and shift towards organic and clean label products is driving the demand for banana puree in North America. Increasing applications in baby food, breakfast cereals and yogurt industry are also fueling market growth in the region.
