The banana flakes market in Europe is expected to grow from US$ 207.73 million in 2019 to US$ 284.52 million by 2027; it is estimated to grow at a CAGR of 4.2% from 2020 to 2027.
The health benefits related with the consumption of banana flakes across the region and increasing health consciousness among the consumers are fueling the growth of the food & beverage industry. Banana flakes are a gluten-free and is mostly preferred by gluten intolerant population. Consumers are highly spending on food products that offer nutritional benefits. As banana flakes contain a high amount of fibers, it helps in preventing colon cancer and improves the digestion. Banana flakes aids in reducing colorectal inflammation, and several studies have revealed that frequent consumption of banana will reduce the risk of colon cancer by 72%. The National Health Service of the UK advised to include two bananas in the daily diet to supply 3,500mg of potassium per day, which is further propelling the growth of the Europe banana flakes market. Increasing use of banana flakes by food & beverage sector is among the other factors expected to positively influence the demand for banana flakes in the European market.
In terms of application, the food & beverage industry segment led the banana flakes market in 2019. Banana flakes are rich in minerals such as iron, calcium, potassium, manganese, and zinc. It is also characterized with low fat and gluten content. Owing to these reasons, banana flakes find its applications in a wide variety of food & beverages industry. Banana flakes smoothies are made using banana flakes along with oats or corn flakes, which makes it an amazing blend with excellent taste. Banana flakes are also used in the making of cake mixes. Many frozen desserts are prepared using frozen banana bites and frozen chocolate banana bites. Banana flakes form a crucial part in the production of breakfast cereals and other fruit-based products. The trend for the consumption of organic food products amongst consumers will favor the demand for organic banana flakes in the food & beverage industry, which ultimately drives the banana flakes market.
With the outbreak of COVID-19, the Europe region is likely to get affected with respect to the economic growth. Although, Germany is the manufacturing hub and leading raw material supplier for various industries, it is one the worst affected countries due to the COVID-19 outbreak followed by Italy, where all business operations are halted due to nationwide lockdown. Other leading manufacturing hubs such as France and UK are also facing significant impact of COVID-19 outbreak. Various initiatives such as travel bans, business shutdowns, and lockdowns were imposed by the governments across Europe, which is anticipated to affect the expected revenue generation and overall growth opportunities in Europe.
The overall Europe banana flakes market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. The process also serves the purpose of obtaining overview and forecast for the Europe banana flakes market with respects to all the segments pertaining to the region. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic. The participants who typically take part in such a process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers along with external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the Europe Banana Flakes market. Bata Food B.V., DIANA Group, Naturkostbar KG. JOHS. THOMS GmbH & Co.KG, Rabeler Fruchtchips Gmbh, and Van Drunen Farms are among the key players in the Europe Banana Flakes market.