Market overview:
Banana Powder Market has been valued $ 936.7billion in the year 2019 and it is estimated to reach $ 1003.72 billion by the year 2026, with a CAGR of 5.1 % from 2021 to 2026. Banana Powder is most commonly in the form of a powder made from processed bananas. It is used as a component for production of milk shakes and baby foods. It is also used in the manufacture of various types of cakes and biscuits. These Banana Powder is also used in the cosmetic industries because banana powder is lighter in colour and generally used in specific areas of the face, you can use this to set your makeup and highlight your under eyes, your nose, forehead, chin area, these are the main factors that have considerably increased the demand for the Banana Powder.
Market Drivers and Restrains:
The main factors that have considerably increased the demand for the Banana Powder is due to the increasing the shelf life and utilization of bananas and reduces post-harvesting losses, Owing to the increasing awareness regarding the health benefits of banana powder, Banana Powder has more calories & carbohydrates and is rich in antioxidants, vitamin C and magnesium. rising the research & development activities by food technologists and companies, continuous new product developments and improved distribution channel, consumers have been preferring more of natural food ingredients to support a healthy life style it helps to increase the growth of the Banana Powder, these are the main factors that have considerably increased the demand for the Banana Powder, thereby driving the growth of the Banana Powder market in the upcoming years.
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Report is segmented as:
Banana Powder Market is segmented on the basis of by source, on the basis of by End-user, on the basis of by distribution channel:
* Banana Powder Market is segmented on the basis of by source into Organic and Conventional
* Banana Powder Market is segmented on the basis of by process into Freeze Dried, Spray Dried, Sun-Dried, Others
* Banana Powder Market is segmented on the basis of by End-user into Food, Cosmetics, Pharmaceuticals, Animal Feed, Others
* Banana Powder Market is segmented on the basis of by distribution channel into Direct Sales, Indirect Sales
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Geographical Segmentation:
Banana Powder Market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa and rest of world. Asia Pacific has the dominant share in the Banana Powder is due to the rapid urbanization and the changing lifestyle coupled with dietary habits these factors helped to increase the demand for Banana Powder, followed by Europe, Latin America and Middle East & Africa will register a slower increase in the Banana Powder Market
Impact of COVID-19 on Market
Covid-19 pandemic has impacted the growth of the Banana Powder market, The COVID-19 has started in the end of 2019 in Wuhan china; this has affected many industries from different sectors in various countries and also affected Banana Powder market. Covid-19 pandemic has impacted huge on the sales revenue of Banana Powder market. Due to the government restrictions like lockdown in many countries has stopped the production of products by the manufacturing companies. In recent days relaxation in restrictions by the government and people are getting vaccinated to stop the spread of corona virus.