In a health-conscious revolution, the consumption of banana flour in Korea is poised to witness a robust 7.1% CAGR, catapulting the industry from US$ 5.58 million in 2023 to an impressive US$ 11.05 million by 2033.
Market Dynamics:
- Health-Driven Choices: Korean consumers seek nutrient-rich banana flour for its distinct flavor, aroma, and health benefits.
- Gluten-Free Trend: Rising incidence of celiac diseases fuels the gluten-free trend, making banana flour a sought-after alternative.
- Fitness and Wellness: Fitness enthusiasts, aiming for weight loss and health improvements, contribute significantly to banana flour’s popularity.
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Key Trends Shaping the Market:
- Organic Preference: Increasing demand for organic food items amplifies the growth of the organic banana flour category.
- Functional Foods: Surging demand for functional foods with exceptional storage capacity boosts banana flour sales.
- Potassium and Manganese Boost: Awareness of the rich potassium, magnesium, and manganese content in banana flour drives consumer preference.
Comparative Market Analysis:
- Korea: 7.1% CAGR, Industry Size: US$ 11.05 million (2033)
- Japan: 6.0% CAGR, Industry Size: US$ 7.61 million (2033)
- Global: 4% CAGR, Industry Size: US$ 630.84 million (2023)
Industry Insights:
- Conventional Dominance: Conventional banana flour holds a commanding 94.70% market share in 2023, driven by taste, accessibility, and cost-effectiveness.
- Food Industry Appetite: The food industry claims a significant 72.40% value share in 2023, fueled by the demand for gluten-free alternatives and dietary fiber-rich foods.
Top Players and Strategies:
- Olam International: Offers high-quality banana flour used by several food manufacturers for creating diverse products.
- CJ CheilJedang: Prominent in the food and beverage industry, utilizing advanced technology for enhanced product output.
- Dongwon Food: A leader in food processing, providing banana flour for various applications, including beverages, pet food, and more.
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Key Takeaways:
- Banana flour in Korea experiences a stellar 7.1% CAGR, driven by health-conscious choices and a gluten-free trend.
- Conventional banana flour dominates the market, capturing 94.70% share, favored for its taste, accessibility, and cost-effectiveness.
- The food industry, comprising 72.40% of the market, witnesses a surge in demand for banana flour as a gluten-free and fiber-rich alternative.
- Global industry growth is notable, with a 4% CAGR reaching US$ 630.84 million in 2023.
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Industry Segments Covered in Korea Banana Flour Industry Analysis
Process:
- Sun-dried
- Freeze-dried
- Spray-dried
- Others
Application:
- Beverages
- Pet Food and Feed Industry
- Household
- Food Industry
- Bakery and Snacks
- Infant Foods
- Filling and Dressings
- Soups and Sauces
- Others
Source:
- Organic
- Conventional
Sales Channel:
- Direct Sales
- Indirect Sales
- Modern Trade
- Convenience Store
- Specialty Store
- E-retailers
- Other retail formats
By Cities:
- South Gyeongsang
- North Jeolla
- South Jeolla
- Jeju
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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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