Banana Products: Banana Flavour, Banana Puree, Banana Based Industries, Banana Processing, Banana Concentrate, Banana Pulp, Banana Wine, Banana Beer, Banana Chips, Wafers, Banana Powder and value added products
Banana is a fruit mostly grown in India, South America, and the Caribbean islands. Some of them also grow in Central America and some parts of Asia. Banana is edible, and many products are made by using banana Puree and banana pulp. An industry has grown based on banana products, and it is an integral part of the global industrial agro-business. Most of the grown bananas are exported out of the growing region, and they are used in making several products that are being sold all over the world.
Products Made by Using Banana
Banana Wine and Beer: Both banana beer and wine are alcoholic beverages. Banana beer is mostly used in East Africa. Fermentation mashed bananas make them. In addition to that, millet and sorghum are added to it. On the other hand, banana wine is a fruit wine made only by using bananas.
Banana Chips and Wafers: Banana Chips are made with finely chopped banana slices. At first, the banana slices are dried, and then they are deep-fried in oil. The flavour is decided before frying. If they are meant to be sweet, the slices are coated with honey and sugar, and if it meant to be salty and spicy, then the coating of salt and spices are given to them. The chips are mostly found in India and Indonesia.
Banana Powder: Banana powder is made by processing edible fruit. The banana powder is mostly used in making milkshakes and foods for children. It is also used as an ingredient to make various types of cakes and cookies.
Market Outlook of Banana Based Industry
India produces and exports the largest amount of bananas. India exports 24.8 million tonnes of banana, which is 25.7% of the total output. As of 2016 net worth of the total exported products are worth 11.8 billion USD. On a global scale, a total amount of 97.5 million tons of banana is produced.
As with every passing day, consumers of these banana-based products are becoming health conscious. The use of ingredients with high nutritional value is one of the positive trends that will help the industry grow in the upcoming future. Among all the banana-based products, the banana powder is the most selling products all around the world. Improved marketing and new product development will be beneficial in the growth of the business.
Segmentation of the Industry
The banana-based products industry is well segmented into various parts. The segmentations are done based on the geographical condition, application of the products.
Market Growth Rate
It is expected that the industry will grow at a CAGR of 1.21% between 2019 and 2024. Asia-Pacific region leads the global market with a consumption rate of 61 percent. And as of 2019, the market has grown another 5 percent compared to the 2018 market analysis.
Why Invest in This Industry and What Are The Trends of The Market?
As an investor, you should invest in this industry because the demand for banana-based products is increasing. The growth rate looks promising, and the market growth will reach new heights by the end of 2024. The market trends that have dominated the banana-based industry are increasing health consciousness among consumers. The Asia-Pacific region has dominated the banana market in the whole world. Nowadays, people are aware that banana is enriched with vitamins, minerals, protein, and dietary fibres. Using bananas, several products can be made that are also a reason for the increase in demand. The farming model and large fields used for producing bananas have made the Asia-Pacific region the largest banana market.
Like any other business, follow all the business trends and invest wisely. As various products are made using bananas, try to match the market's demand by ensuring that the production rate is high. The industry is highly beneficial, so there is a high chance that the investment will not go in vain.
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