Demand and Trend Analysis of Banana Flour in Korea

Analytical Study of Banana Flour in Korea from (2023 to 2033)

The consumption of banana flour in Korea is estimated to display a healthy CAGR of 7.1% through 2033. Sales of banana flour in Korea are expected to jump from USD 5.58 million in 2023 to USD 11.05 million by 2033.

In Korea, health-conscious consumers are seeking food varieties enriched with banana flour due to its better nutrient index. This flour adds a distinct flavor, aroma, and texture to the recipient dish. Banana flour makes its way into multiple dishes like pancakes, smoothies, and baked goods due to growing popularity of its mild taste among consumers in Korea. Running trend of gluten-free ingredients in the food industry is creating opportunities for leading manufacturers of banana flour. Moreover, shifting focus of Korean consumers, valuing nutrition from natural as well as high-quality food sources, is fueling the appetite for banana flour.

Banana flour additionally finds practical use among fitness-conscious consumers in Korea, especially among those attempting to lose weight. Additionally, significant health benefits of banana flour are contributing to its consumption among people with diseases like high cholesterol or heart disease.

Attributes	Details
Industry size of Banana Flour in Korea in 2023	USD 5.58 million
Expected Industry Size of Banana Flour in Korea by 2033	USD 11.05 million
Forecast CAGR between 2023 to 2033	7.1%

Top Trends Influencing the Sales of Banana Flour in Korea

• The increasing popularity of alternative flour varieties, such as banana flour, is driven by the gluten-free trend. This trend is rising in Korea on account of surging incidence of celiac diseases in the country.
• Consumers in Korea are opting for organic food items, which is contributing to the organic category’s growth. This is expected to fuel sales of banana flour in the country.
• The surging demand for functional food products that offer exceptional storage capacity is fueling the sales of banana flour in Korea. This can be credited to its ability to be stored in the pantry for up to a couple of years. Once the seal is opened on the banana flour packaging, it can be stored in the pantry for a period of 6 to 12 months.
• The soaring utilization of banana flour in condiments, dressings, and sauces is anticipated to propel the sales of banana flour in Korea.
• An increasing number of consumers in Korea are becoming aware of the rich potassium, magnesium, and manganese content of banana flour, as well as its cost-effectiveness. This is predicted to catalyze demand for banana flour in upcoming years.
• The growing popularity of gluten-free noodles is anticipated to have a positive impact on the sales of banana flour. This has led to a large-scale production of gluten-free noodles, which, in turn, is expected to increase the adoption of banana flour by food establishments.

Segment-wise Insights

Conventional Banana Flour Holds Prominent Position in Korea’s Banana Flour Industry

Leading Source	Conventional
Value Share % (2023)	94.70%

The conventional source of banana flour accounts for a value share of 94.70% in 2023. This dominance can be attributed to its widespread availability both online and in physical stores. The sales of the conventional variant of banana flour are driven by critical factors such as its taste, accessibility, cost-effectiveness, and texture. Following factors are contributing to the sales of conventional banana flour:

• Growing demand for mild-tasting banana flour is appealing to consumers in Korea, thus boosting its uptake.
• Conventional banana flour is on the lower end of the spectrum, cost-wise, thus boosting its consumption in different applications.

Food Industry Holds Significant Appetite for Banana Flour

Leading Application	Food Industry
Value Share % (2023)	72.40%

Based on application, the food industry comprises 72.40% value share in the regional industry. Following factors are propelling the appetite for banana flour in the region’s food industry:

• Growing demand for gluten-free alternatives to wheat flour, coupled with increasing cases of celiac disease and gluten intolerance, are propelling the consumption of banana flour by the food industry.
• Surging demand for foods replete with dietary fiber that assists in regulating blood sugar levels, promotes gut health, and improves digestion, is catalyzing the popularity of banana flour.
• The increasing use of this flour in a multitude of dishes like smoothies, pasta, pancakes, and baked goods is contributing to this segment’s growth.

Top Strategies of Key Providers of Banana Flour in Korea

Key players are developing new banana flour products to cater to the shifting demands of consumers. For instance, certain manufacturers are producing banana flour products that specifically cater to people with dietary restrictions like vegan or gluten-free diets. Additionally, companies are making substantial investments in brand-building activities to spread awareness about their product offerings and to establish a strong brand image in the minds of consumers.

Players are partnering with distribution channels such as eCommerce platforms and new retailers to increase the reach of their food products. Moreover, competitors in the industry are employing various pricing strategies to attract and retain customers. For example, certain companies are offering discounts on their banana flour products to build customer loyalty.

Profiling of Leading Players of Banana Flour in Korea

Company Name	Company Details
Olam International	The company holds a leading position in the food and agri-business industry and has a solid presence in Korea. The firm provides a broad range of services and products, including banana flour. The banana flour offered by the company is made from high-quality bananas. The product is used by several food manufacturers in Korea to create new varieties of products like pancakes, baked goods, and more.
CJ CheilJedang	The company holds a prominent position in the food and beverage industry in Korea. The company utilizes state-of-the-art technology for better product output.
Dongwon Food	The company is a leader in the food processing industry in Korea. It offers a wide variety of food products, including banana flour, to be used in various applications such as beverages, pet food, soups, sauces, and more.

Key Players Providing Banana Flour in Korea

• Olam International
• CJ CheilJedang
• Dongwon Food
• SK Food
• Glico Korea

Scope of Korea Banana Flour Industry Report

Attribute	Details
Estimated Industry Size of Banana Flour in Korea (2023)	USD 5.58 million
Projected Industry Size in 2033	USD 11.05 million
Anticipated CAGR between 2023 to 2033	7.1% CAGR
Historical Analysis of Demand for Banana Flour in Korea	2019 to 2023
Demand Forecast for Banana Flour in Korea	2023 to 2033
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)
Report Coverage	Industry Size, Industry Trends, Analysis of Key Factors Influencing Banana Flour Consumption in Korea, Insights on Korea Players and their Industry Strategy in Korea, Ecosystem Analysis of Local and Regional Korea Providers
Key Cities Analyzed	South Gyeongsang, North Jeolla, South Jeolla, Jeju
Key Companies Profiled	Olam International; CJ CheilJedang; Dongwon Food; SK Food; Glico Korea

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

Frequently Asked Questions

At What Rate is the Banana Flour Industry Growing in Korea?

The anticipated CAGR for banana flour in Korea through 2033 is 7.1%.

How Big will the Banana Flour Industry be in Korea?

Demand for banana flour in Korea is expected to be USD 11.05 million by 2033.

What is the Key Strategy that Providers in Korea Adopting?

New innovations in the industry are the go-to strategy of industry players in Korea.

Which Source is Highly Preferred for Banana Flour in Korea?

Conventional source is gaining prominence in the banana flour industry in Korea.

Which Application Takes up Significant Share of the Banana Flour Industry in Korea?

Food industry is a significant consumer of banana flour in Korea.