Banana puree has wide applications as an ingredient in various fruit-based products like baby food, yogurt, ice cream, juices, smoothies, and bakery products. Banana puree offers several nutritional and functional advantages and adds natural sweetness, flavor, and creaminess to processed food products. Banana puree is commercially prepared by homogenizing ripe banana pulp to make a lump-free puree maintaining the nutritional value and freshness of naturally ripened bananas.
The Global Banana Puree Market is estimated to be valued at US$ 381.7 Mn in 2024 and is expected to exhibit a CAGR of 9.2% over the forecast period 2023 to 2030.
Key Takeaways
Key players operating in the Banana Puree market are Symrise AG, Döhler GmbH, Kiril Mischeff, Riviana Foods Pty Ltd, Nestlé S.A., The Hain Celestial Group Inc, The Kraft Heinz Co., Ariza B.V., Newberry International Produce Limited, Grünewald Fruchtsaft GmbH, Tree Top Inc., Hiltfields Ltd., Shimla Hills Offerings Pvt. Ltd., and Antigua Processors S.A., SunOpta Grains and Foods Inc.
The growing demand for fruit-based and organic baby food products is driving the banana puree market. Banana puree is widely used in infant nutrition products such as cereals, puffs, and porridges for its nutritional value and texture. Banana puree manufacturers are focusing on expanding their presence in developing economies experiencing strong birth rates in Asia Pacific and Africa.
Global banana producers and exporters like Ecuador, Philippines, and Costa Rica are investing in advanced processing facilities and cold chain infrastructure to meet the growing demand for banana puree from FMCG giants and food processors worldwide. Key importers of banana puree include North America, Europe, China, and Japan.
Market key trends
The rising popularity of organic and non-GMO products is one of the major trends witnessed in the banana puree market. Consumers are inclined towards clean label and ethically sourced banana puree produced without artificial preservatives, colors, or flavors. Banana puree producers are opting for organic and Rainforest Alliance certification to cater to this demand. Furthermore, the product innovation in banana puree-based offerings like banana smoothies, yogurt, ice cream is another notable trend boosting the industry.
Porter’s Analysis
Threat of new entrants: New companies can easily enter the banana puree market as initial investment required is low. However, established players have strong brand image and distribution network.
Bargaining power of buyers: Buyers have moderate bargaining power in this market due to availability of substitutes. However, banana puree has properties that are difficult to replicate.
Bargaining power of suppliers: A few multinational companies dominate banana production globally. This gives them strong influence over prices in the market.
Threat of new substitutes: Other fruit purees like apple, mango and mixed fruit can be used as alternatives. However, banana has unique nutritional profile.
Competitive rivalry: The market is consolidated with top players occupying major share. Companies compete based on product quality, innovation and pricing.
Geographical Regions
In terms value, Europe accounts for the largest share in Banana Puree market led by countries like Germany, UK, and France. Easy availability of raw materials and growing demand for convenient and healthy food options drives the market.
South America is the fastest growing region for banana puree market due to low production costs and favourable climatic conditions for banana cultivation in countries like Ecuador, Brazil and Colombia. Rising health consciousness and economic growth support market expansion.
