Banana puree is a thick paste made from ripe bananas which has a smooth and creamy texture. It is used as a flavoring ingredient in food products such as baby food, ice cream, yogurt, and bakery items. Banana puree offers numerous nutritional and health benefits such as being a good source of potassium, Vitamin C and fibers. It also helps in improving digestion and maintaining a healthy heart. The growing awareness about these benefits has been driving the demand for banana puree from the food processing industry. The global banana puree market is estimated to be valued at US$ 381.07 Mn in 2024 and is expected to exhibit a CAGR of 9.2% over the forecast period 2024-2031, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
The rising demand for convenience food products represents a major market opportunity for banana puree. Consumers today lead a fast-paced lifestyle with little time for elaborate meal preparations at home. This has significantly boosted the demand for ready-to-eat and on-the-go food options. Banana puree is widely used as a key ingredient in various convenience foods such as baby food, ice cream, yogurt and other snack bars due to its nutritional profile and ability to impart unique flavor. Its long shelf life also allows food manufacturers to easily incorporate it into packaged food products without compromising on taste and texture. The market players are expected to leverage this growing demand for convenience foods by launching more such products containing banana puree.
Porter's Analysis
Threat of new entrants: Low barrier for new players to enter the market, however established brands have access to wider distribution channels and economies of scale.
Bargaining power of buyers: Large buyers such as supermarkets have significant power to negotiate lower prices from suppliers.
Bargaining power of suppliers: A few multinational companies dominate banana production limiting supplier power.
Threat of new substitutes: Substitutes exist such as other fruit purees but banana puree has established demand for its taste and nutrition.
Competitive rivalry: Intense competition among key global players to capitalize on high growth prospects.
SWOT Analysis
Strengths: High demand for banana puree in various food and beverage products. Emerging economies offer vast untapped potential.
Weaknesses: Seasonal supply of raw bananas leads to price volatility. Banana crops susceptible to diseases necessitating costly production practices.
Opportunities: Innovative product launches catering to on-the-go lifestyles and health trends. Rising incomes in developing nations to boost consumption.
Threats: Strict food quality and safety regulations increase compliance costs. Climate change impacts on banana yields.
Key Takeaways
The global banana puree market is expected to witness high growth over the forecast period driven by burgeoning demand across major emerging economies.
Regional analysis for Asia Pacific comprises over 60% market share led by India, China and Southeast Asian countries where bananas are a staple food. Rising health consciousness and shift to convenience foods are driving banana puree demand. Further economic growth and urbanization are expected to continue propelling the Asia Pacific banana puree market over the forecast period.
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. These players are focusing on new product innovations, manufacturing capacity expansion and strategic collaborations to gain a competitive edge.
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