The North America Banana Flour Market would witness market growth of 6.0% CAGR during the forecast period (2022-2028).
A significant number of consumers are also familiar with the idea of replacing dairy-based fats like egg yolks and butter with mashed bananas. It turns out that when the fruit is ground into flour, it does an excellent job of imitating common binding agents and thickeners like wheat and white flour. To simulate the spongy and sticky properties of gluten, green banana flour recipes may require the inclusion of substances like guar gum, xanthan gum, and psyllium husk, as with most alternative flour recipes. However, most green banana flour can be used to replace wheat on its own. Green banana flour can also be used in lower quantities than regular wheat flour due to its high starch content.
Moreover, most of the starch in bananas is converted to sugar after they mature. This gluten-free flour is manufactured from dried green bananas, unlike several other gluten-free flours produced from cereals. Because it has a large amount of starch, it can also be used as a bulking or thickening agent and for cooking and baking. Furthermore, banana flour is also easily accessible as it is available in various natural food stores all over the world as well as on the internet. Due to various health attributes of banana flour, its demand is constantly rising all over the world. As a result, the growth of the banana flour market is being majorly propelled owing to this factor.
The regional Food sector is one of the largest food industries across the world. According to the United States Department of Agriculture, the agriculture industry in the United States encompasses a variety of farm-related sectors in addition to farming. Foodservice and food manufacturing are the two largest sectors of the industry. Food costs account for about 12% of average household budgets in the United States. Nutrition assistance outspends all other programs in the federal government's agriculture and food programs.
In 2020, food and associated businesses provided $1.055 trillion to the US GDP, accounting for a 5.0 percent share. Farm output in the United States provided $134.7 billion to this total or about 0.6 percent of GDP. Agriculture's overall contribution to GDP is higher than 0.6 percent because agriculture-related industries rely on agricultural inputs to bring value to the economy. Food and beverage manufacturing, food and beverage retailers, food service and eating and drinking establishments, textiles, clothes, and leather items, and forestry and fisheries are all tied to agriculture. With the rising agriculture as well as food industry of the region, the production and distribution of banana flour is estimated to surge in the coming years. This factor is majorly contributing to the growth of the banana flour market in the region.
The US market dominated the North America Banana Flour Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $218.1 million by 2028. The Canada market is anticipated to grow at a CAGR of 8.4% during (2022 - 2028). Additionally, The Mexico market would showcase a CAGR of 7.5% during (2022 - 2028).
Based on Nature, the market is segmented into Conventional and Organic. Based on Processing, the market is segmented into Spray/Drum Dried, Sun Dried, Freeze Dried, and Others. Based on Form, the market is segmented into Unripen and Ripen. Based on Distribution Channel, the market is segmented into Direct Sales and Indirect Sales. Based on End-use, the market is segmented into Food Industry, Beverages, Retail/Household, and Others. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: The Global Banana Flour Market is Estimated to reach $1.1 Billion by 2028, at a CAGR of 6.5%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Symrise AG (Diana Foods), Woodland Foods Limited, Saipro Biotech Private Limited, LiveKuna, Pereg Natural Foods Inc., Seawind International, LLC, NuNaturals Ltd., Miski Organics (Miski Group), and Synergy Food Industries.
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