Banana puree market is expected to witness a modest CAGR of 4.8% from 2017 to 2027.
Banana that has been pressed, grounded, and blended into a soft, creamy paste or thick liquid, obtained in pulp format, is called banana puree. Banana puree prices have been on an upward trajectory recently with a sharp increase observed in early 2010. Banana puree prices have been largely unaffected by fluctuations in raw banana prices and Future Market Insights has recently prepared a report titled ‘Banana Puree Market: Global Industry Analysis (2012–2016) and Opportunity Assessment (2017–2027)’. The global banana puree market is expected to witness a modest CAGR of 4.8% from 2017 to 2027.
Region – Maximum Potential in the APEJ Banana Puree Market
The APEJ region had a share of over a third in the global banana puree market in 2017 and is poised to gain a massive 375 BPS over the course of the forecast period. Countries in APEJ are the largest producers and consumers of the banana fruit in different forms. The APEJ banana puree market should be worth approx. 167 million in 2017 with significant growth in both volume and value terms for the foreseeable future.
Source – Conventional Sources Have Stranglehold on Banana Puree Market
The conventional sources had a market share of more than 95% of the banana puree market by source type in 2017. Even though the conventional segment is likely to lose BPS share, its dominant position ensures that it remains far ahead of organic source in the banana puree market at the end of the forecast period. An incremental dollar opportunity of over US$ 265 million in the conventional segment from 2017 to 2027 is too lucrative to ignore.
Process – Aseptic Process Far Ahead of Acidified Seedless Process in Banana Puree Market
Aseptic banana puree is produced economically as compared to acidified seedless banana puree, explaining its popularity in the banana puree market. On account of a higher production rate, the aseptic banana puree segment is on track to record a substantial growth in value and volume. A robust CAGR of 5.1% for the decade can be anticipated in the aseptic process segment of the banana puree market with an incremental dollar opportunity of approx. US$ 16 million in 2017 over 2016.
Application – Focus on Infant Food and Beverage Segment in the Banana Puree Market
The infant food segment is the largest in the banana puree market by application. A rising number of women joining the workforce every year naturally demand good, nutritious, and ready-to-eat foodstuffs for their babies. Baby food consists of baby yoghurt, cereals, and oatmeal. Baby yoghurt and cereals are often made of different fruit flavours with banana puree being especially popular. The market attractiveness of infant food is 2.1 in the banana puree market with beverages following closely behind at 1.8.
Competition Dashboard in the Banana Puree Market
Key stakeholders profiled in the banana puree market report are Symrise AG, Döhler GmbH, Kiril Mischeff, Riviana Foods Pty Ltd, Nestlé S.A., The Hain Celestial Group, 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.
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Banana puree is a niche product not readily available across the globe and suppliers should widen their distribution network to overcome this. The demand for puree concentrate has risen, particularly in infant food and beverages and suppliers should optimize their supply chain to ensure a steady supply of raw material. Production capacity must be increased to cater to projected spikes in demand in the banana puree market.