Banana puree is gaining traction in the food & beverage industry and modern-day cooking owing to its versatile benefits. The nutritional profile and rich taste of banana puree are major factors contributing toward its growing demand in domestic as well international markets. Change in consumer behavior owing to rise in purchasing power and busy lifestyles, and constant efforts taken by key players to offer ready-to-eat packaged foods, are expected to surge demand for banana puree during the forecast period. Taking these factors into consideration, the global banana puree market is anticipated to witness a significant value CAGR of around 6% through 2030.
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Key Takeaways from Banana Puree Market Study
- Established markets of North America and Europe dominate the global banana puree market, together accounting for a value share of 60% in 2020, owning to increasing sales of ready-to-consume products due to fast-paced life of consumers.
- The bakery & snacks segment is expected to hold the highest market volume share of 38% in 2020, imputable to increased preference for banana puree by high-volume commercial bakers, so as to ensure quality, consistency, and to simplify internal manufacturing processes.
- Owing to the appealing versatility of banana puree in the food & beverage industry, and surge in demand for natural ingredients in cosmetics, the banana puree market is expected to exhibit a market volume CAGR of over 5% during the forecasted period.
- Though the COVID-19 outbreak has put the brakes on the progress of the banana puree market, rising demand for convenience food will provide some amount of thrust to market growth over the long term.
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Global Banana Puree Market: Competitive Landscape
Key players operating in the banana puree market are focusing on offering banana puree that is in accordance with industrial standards to ensure international acceptance of their products. Manufacturers are also working toward better product planning to offer banana puree at affordable rates.
- In 2019, Paradise Ingredients became a part of Essential Costa Rica, the country brand. This certification assured the five values of competitiveness, including sustainability, excellence, Costa Rican origin, social progress, and innovation, and allowed the company to stand out in the international fruit and vegetable processing market.
Apart from this, key players operating in the banana puree industry are also emphasizing on expansion of their business through strategic alliances/partnerships, mergers, and acquisitions, to increase their market presence and product offerings in the global food & beverage market.
- In ;2019, Paradise Ingredients set up a new modern aseptic juice processing plant in Cartago. With its first productive phase, the company extended its business operations by exporting its fruit-based products to the main markets of the U.S.
- In 2018, Döhler acquired Concentra Europe BV and the operational subsidiaries of Passina Group in Germany and the Netherlands. The acquisition enabled the company to strengthen its position in the market for tropical and natural plant-based ingredients for the global food & beverage industry.
- In 2017, Symrise AG completed the acquisition of Cobell Ltd., a producer and supplier of fruit ingredients. This acquisition strengthened the company’s position in the British market for beverages. It also enhanced the company’s product portfolio with added natural flavors.
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Read More Trending “PMR Exclusive Article”
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