Banana puree is made from bananas ground, pressed and blended to either form creamy and soft paste or thick fluid in pulp format as per consistency required. Banana puree is produced mainly from conventional or organically cultivated bananas. Aseptic and acidified seedless processes are generally used in production of banana puree. A recent case study by Future Market Insights titled ‘Market: Global Banana Puree Industry Analysis 2012–2016 and Opportunity Assessment 2017 – 2027’ briefs about future scenario of the global banana puree market. The global banana puree market is expected to create an incremental dollar opportunity of US$ 85 million by the end of forecast period. The global banana puree market is expected to register a CAGR of 4.8% growth during the forecast period 2017 – 2027.
Banana Puree Market: Market Dynamics
Increasing demand for functional beverages owing consumer preference for health benefits is expected to drive demand for banana puree. Functional beverages such as performance drinks, enhanced fruit drinks and energy drinks are likely to witness robust growth, especially in the North America. Moreover, increasing number of working women has led to surge demand for instant-ready breakfast food items and ready-to-eat baby food globally. However, lack of awareness among consumer on products safety coupled with the false labelling and assurance on health benefits by manufacturers is expected to have negative impact on banana puree market avenues.
Banana Puree Market: Analysis Based on Segmentation
Based on source of banana, consumption of banana puree derived from conventional source is estimated to account for nearly 95% of value share in 2017. Demand for banana puree made from conventional source is likely to remain comparatively higher than that from organic source throughout the forecast period. The conventional source is likely to offer an incremental dollar opportunity of US$ 265 million during the forecast period 2017 – 2027.
Banana puree finds various application as a nutritive ingredient. This includes beverages, ice-cream & yoghurt, infant food, bakery & snacks, dressing and sauce among others. Based on its surging demand, infant food is likely to remain as a largest market for banana puree. At present, rising number of working women has led to increase demand for nutritive diet and ready-to-eat food products for their babies which includes cereals, oatmeal and yoghurt.
Depending upon the process used in the production of banana puree, aseptic process is largely adopted by market players. Aseptic process is observed to be comparatively more economical than acidified process. Thereby, by higher production rate of aseptic banana puree has led to record a substantial growth with an incremental dollar opportunity of US$ 16 million in banana puree market by the end of 2017.
Based on regions, consumption of banana puree is estimated to remain high in the Asia-Pacific excluding Japan (APEJ). The region is poised to attain maximum value share in banana puree market. Emerging economies such as India, China and other ASEAN countries are the major producers and consumers of banana fruit thereby contributed nearly US$ 167 million in 2017 towards market growth of banana puree.
Banana Puree Market: Competition Landscape
Several companies in extruded food products production are focusing to expand their production facilities with the growing demand of global population. Due to this, banana puree producers are likely to expand business in the near future. North American market players such as The Hain Celestial Group, The Kraft Heinz Co, Tree Top Inc., SunOpta Grains and Foods Inc. are expected to expand manufacturing facilities in APEJ. Other companies based in Europe such as Symrise AG, Döhler GmbH, Kiril Mischeff, Nestlé S.A., Ariza B.V., Newberry International Produce Limited, Grünewald Fruchtsaft GmbH, Hiltfields Ltd., and Antigua Processors S.A are expected to establish long term tie ups in food industry for continuous supply of banana puree during the forecast period. Market player in APEJ like Shimla Hills Offerings Pvt. Ltd. and Riviana Foods Pty Ltd are focusing to attract large customer base in the region during the forecast period
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