Banana is one of the most popular fruit in the world. The industry is growing at a healthy rate for past some decades. Central America is one of the largest banana concentrate markets in the world. There is very less domestic demand hence much of the produced banana is exported in fruit form as well as in concentrate form.
On the contrary, India is the largest producer and consumer of banana and its products globally. Due to high domestic demand, the fruit is not used for production of concentrates.
Due to its nutritive and medicinal characteristics, the banana concentrate market is growing at a rapid pace. Banana concentrate preserves the natural flavor, color, and properties of banana.
Mostly, the concentrate is stored in frozen form, due to which it is easier and cost effective to ship and store for longer duration. They are the economical and convenient alternative to fresh fruits which finds a role in different applications.
Banana concentrates derivatives includes: juices, crush, Ice-Creams, cakes, donuts, fruit bars, milk shakes, yogurts, puddings, baby food,.
Banana Concentrate Market: Dynamics
Due to rapid urbanization along with the changing lifestyle, rising disposable income, and dietary habits people don't have enough time to prepare food at home and thus tend to buy instant baby food products consist of fruit concentrates to fulfill the basic requirements of their infants. This can be a major driver towards the growth of banana concentrate market.
With the increasing awareness about the bad effects of alcoholic beverages, and due to health benefits of fruits, people are resorting to fruits beverages which is influencing the growth of the market.
Especially, the banana concentrate market is mainly driven due to the interest was shown by consumers in ready-made concentrates. Banana concentrate market is expected to witness high growth owing to its high medicinal and nutritional characteristics, high health and wellness functionality and various uses like sweetener in snacks, juices, and others.
Other factors escalating the demand for banana concentrate includes continuous new product developments and improved distribution channel that supports the wide availability of banana concentrates in the market. Although being high in nutrition, these banana concentrates have high sugar content too, which restricts their use for diabetic people, which is one of the restraint factors.
Banana Concentrate Market: Segmentation
The banana concentrate market has been segmented on the basis of type, application, and region. On the basis of type, the banana concentrate market is segmented into fresh, frozen and dried concentrate.
On the basis of application, the banana concentrate market is segmented into Food & Beverage, Confectionery, bakery, dairy, and others. The Food & beverage market can be further sub segmented into juices, squash, soft drinks, frozen products and baby food.
Geographical breakdown of the banana concentrate market includes North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.
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Banana Concentrate Market: Regional Outlook
On the basis of the regional segment, banana concentrate market is segmented into five different regions: Latin America, North America, Europe, Middle East and Africa and Asia Pacific. North America has the largest market share in banana concentrate consumption and growth of this segment is increasing at a steady pace.
In Latin America, the banana concentrate segment is expected to dominate in terms of both volume and value in the forecast period. While in Africa it is expected to dominate the market because of growing consumption of banana wine which is a processed product of banana concentrate.
In Asian-Pacific, the consumers’ preferences are changing their course to healthy and nutritive alternatives. In the European region, it is expected that the consumption of banana concentrate can be increased across a variety of food and beverage products.
Banana Concentrate Market: Key Player:
Some of the major players operating in banana concentrate market include Jadli Foods Pvt. Ltd., Chitale Agro, Shakarganj Food Products Limited., AGRANA group, Dohler Company, SkyPeople Fruit Juice Inc., SVZ International B.V., and The Ciatti Company.
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