February 25, 2024

The Global Banana Puree Market is Poised to Grow at a CAGR of 9.2% by 2030

Banana puree is a thick, creamy paste obtained from blending ripe bananas into a smooth and lump-free consistency. Banana puree provides a sweet and tropical taste, along with nutritional benefits like vitamins, minerals, fiber and antioxidants. It is used extensively in baby food products, beverages, bakery items, desserts and more. The puree is produced using high pressure processing to retain nutrients and maintain its vivid yellow color without using any artificial colors or preservatives.

The global banana puree market is estimated to be valued at US$ 381.7 million in 2024 and is expected to exhibit a CAGR of 9.2% over the forecast period 2023 to 2030.

Banana puree production has increased significantly over the years due to its wide range of applications and growing consumer preference for natural ingredients. The market is driven by rising health awareness, increasing popularity of plant-based and gluten-free food products and high demand from emerging economies.

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 banana puree from the food processing industry is fueling market growth. Banana puree is widely utilized in infant food, dairy products, beverages, baked goods and more due to its unique sweetness and health benefits. Rapid urbanization and changing dietary habits in emerging nations are also boosting banana puree consumption.

Key players are expanding their global reach through strategic partnerships, acquisitions and new product launches. Symrise AG acquired Archer Daniels Midland Company’s (ADM) global nutrition business to strengthen its position in the market. Döhler GmbH opened new processing facilities in Egypt and Costa Rica to cater to the growing demand in Middle Eastern and Latin American regions.

Market Key Trends

One of the key trends gaining momentum in the banana puree market is the rising demand for organic and non-GMO products. Consumers are increasingly preferring organic banana puree due to concerns regarding pesticide residue and genetic modification. Banana puree manufacturers are responding to this demand by sourcing ingredients from certified organic farms and introducing non-GMO varieties.

Additionally, innovations in processing technologies allow manufacturers to develop new product forms of banana puree like freeze-dried banana powder. This powdered variant gains importance due to its long shelf life and versatility for usages like beverage mixes and snack bars. Advancements in processing help banana puree producers cater to changing consumer preferences and explore expanded applications.

Porter’s Analysis

Threat of new entrants: Entry barriers are moderate as the banana puree market requires processing plants and distribution networks.

Bargaining power of buyers: Buyers have moderate bargaining power as they can choose from several suppliers and substitute products exist.

Bargaining power of suppliers: Suppliers have moderate bargaining power as a few companies dominate global banana production.

Threat of new substitutes: Substitute products like fruit purees provide alternatives but banana puree is unique in taste and nutrition.

Competitive rivalry: Competition is high as the market is consolidated among top players.

Geographical Regions
Asia Pacific accounts for the largest share of the global banana puree market in terms of value owing to high banana production and consumption in India, China, Indonesia and the Philippines.

Europe is the fastest growing regional market due to increasing usage of banana puree in baby food, dairy and bakery products. Countries like Germany, UK, France and Italy drive high demand.

Geographical Regions
Asia Pacific accounts for the largest share of the global banana puree market in terms of value owing to high banana production and consumption in India, China, Indonesia and the Philippines.

Europe is the fastest growing regional market due to increasing usage of banana puree in baby food, dairy and bakery products. Countries like Germany, UK, France and Italy drive high demand.