The market for banana milk was worth US$ 29.4 million in 2022, and it is predicted that it would increase to US$ 52.4 million by 2033, with a CAGR of 5.5% from 2023 to 2033. Banana milk is a dairy-free beverage prepared from whole bananas as well as oat milk that is rich in potassium, fiber, and vitamins A, B12, C, and D.
Banana milk is rich in nutrients and devoid of fat, gluten, and genetically modified organisms. It comes in flavors including strawberry, chocolate, and mango. Sales in the market are largely being driven by a surge in consumer demand for natural and healthy food components. The goal of a functional beverage is to give customers certain health advantages. The majority of functional drinks are fortified with vitamins, minerals, and other extremely advantageous components that come from prominent superfoods, fruits, and vegetables.
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Banana milk sales in Germany are expected to grow at a CAGR of 4% throughout the forecast period, owing to growing awareness of the nutritional advantages of banana milk, since it’s naturally cholesterol, salt, and fat-free. Increased use of tropical fruit milk in Germany is a result of parents’ busy lifestyles, which is predicted to drive sales of fast infant food. Factors as these are anticipated to people the demand in the near future.
Key Takeaways from the Market Study
- Sales in the worldwide banana milk market increased significantly between 2018 and 2022, with a CAGR of 2.1%.
- The supermarket industry gained a 32% market share internationally in 2022.
- Global market share for organic banana milk rose to 54.2% in 2022.
- Germany’s banana milk market accounted for more than 19% of the worldwide market in 2022.
- During the assessment period, a CAGR of 3.4% is anticipated with regard to banana milk sales in India
“The rapidly increasing lacrosse-intolerant sect of consumers and the market shit towards dairy-free and plant-based alternatives are anticipated to boost the global market for banana milk from 2023 to 2033,” remarks an FMI analyst.
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Competitive Landscape
Prominent players in the banana milk market are:
- Symrise AG (Cobel Ltd)
- Döhler GmbH.
- Kiril Mischeff
- Superior Foods
- Paradise Ingredients.
- FructaCR S.A.
- ABC fruits
- Ariza B.V.
- Newberry International Produce Limited
- Grünewald Fruchtsaft GmbH
- Lemonconcentrate S.L.U
- Hiltfields Ltd.
- Shimla Hills Offerings Pvt. Ltd.
- Antigua Processors S.A.
- SunOpta Grains and Foods Inc.
Major players in the international banana milk industry are forming long-term commercial alliances in order to solidify their position and build a favorable brand name. They always work to exceed customers’ expectations by offering banana milk in smaller servings that are catered to each customer’s dietary needs.
They are also focusing on the ethical procurement of raw ingredients for the creation of premium banana milk. Most producers and suppliers of banana milk have already taken notice of the organic trend and are making significant investments in organic production as well as certification.
- In 2021, Banana Wave introduced Banana Wave Mango, their newest dairy-free, milk made from plants formula. The mango-flavored drink is gluten-free, free of fat and non-GMO because it’s made using whole bananas along with fiber-rich oat milk. It is free of artificial flavors, sweeteners, or colors and rich in fiber, potassium, and the vital vitamins A, C, B12, and D.
- Banana Wave, a milk alternative developed by Mylk Brands using oats as well as bananas, received further investment from Eat & Beyond Global in 2022. Eat Beyond has announced that it intends to acquire Florida-based oatmeal-based beverage producer Banana Wave in the same year. With the acquisition, Eat Beyond will have a stronger foothold in the market for plant-based foods, and Banana Wave will be able to expand even further.
Key Segments Profiled in the Banana Milk Market
By Nature:
- Organic
- Conventional
By Flavor:
- Sweetened
- Unsweetened
By Sales Channel:
- Direct
- Indirect
By End Use:
- Dairy Products
- Bakery & Confectionary
- Milk & Milk Beverages
- Retail Sales
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- South Asia and Pacific
- East Asia
- Middle East and Africa
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About Future Market Insights (FMI)
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 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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