July 24, 2024

Banana Puree Market is Estimated to Witness High Growth Owing to Increasing Consumption of Processed Foods

The global banana puree market is primarily driven by the increasing demand for convenient and ready-to-eat food products across the world. Banana puree is widely used in dairy products, confectionery products, baby food, bakery products and other food applications due to its nutritional value and appealing taste. Banana puree provides many health benefits such as high potassium, vitamin C and fiber content. It is ideal for manufacturing baby food products as it easily digestible and suitable for all age groups. The rising working population and changing consumer lifestyles have resulted in higher demand for processed and packaged food items which is fuelling the growth of the banana puree market.

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 banana puree market offers significant growth opportunities with the rising demand for healthy and organic food products. Leading players are focusing on offering organic and non-GMO certified banana puree to cater to health-conscious consumers.

Technological advancements in processing and packaging has improved the shelf life and consistency of banana puree without compromising on the taste and nutrition. Aseptic packaging and ultra-high-temperature processing are commonly used technologies in the banana puree industry.

Market drivers

The global banana puree market is primarily driven by increasing consumption of processed and packaged food products worldwide. Rising health awareness and changing lifestyle of consumers is a key growth driver. Banana puree finds wide application in baby food, bakery products and confectioneries due to its nutritional profile and taste. Growing working population has increased the demand for convenient and ready-to-eat food items which is propelling the banana puree market.

Challenges in Banana Puree Market
Some of the key challenges faced by the banana puree market are volatile prices of raw materials, short shelf life of banana puree products, and stringent food safety regulations. Banana prices are subject to climatic conditions and availability, which impacts raw material costs for puree manufacturers. Purees made from bananas have a shelf life of only 7-10 days in refrigerated conditions, requiring efficient supply chain and logistics. Additionally, regulations around pesticide residue limits, packaging & labeling requirements add to compliance costs.

SWOT Analysis
Strength: Banana is a popular fruit with high nutritional value. It is easily available raw material.
Weakness: Short shelf life of puree products increases logistical challenges. Quality issues arise due to fungal or bacterial infections during transportation.
Opportunity: Growing health consciousness is boosting demand for fruit-based products. New processing technologies can help extend shelf life.
Threats: Seasonal supply of bananas leads to price fluctuations. Strict environmental and social compliance norms increase regulatory pressures.

Geographical regions of concentration
The Latin American region accounts for the largest share of the global banana puree market both in terms of production as well as consumption. Countries such as Ecuador, Brazil, Peru, and Colombia are some of the major banana producing nations. According to estimates, Latin America contributes over 55% of volume in the global banana puree market.

Fastest growing region
Asia Pacific region is projected to be the fastest growing market for banana puree during the forecast period. This can be attributed to increasing health awareness, rising disposable incomes, and growing population in countries such as China, India and Southeast Asian countries. expanding retail infrastructure and busy lifestyles are also driving the demand for convenience foods in the region.