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The global banana bread market size was valued at USD 1.77 billion in 2020 and is expected to grow to USD 2.22 billion at a compound annual growth rate (CAGR) of 3.9% from 2020 to 2027. Changing consumer preference for healthy and nutritious baked goods with added medicinal properties is expected to be a crucial factor for market growth. Bananas are very beneficial in keeping the heart and digestive system healthy and it also helps in weight management. These medicinal properties are expected to fuel the demand for the products during the forecast period. In recent years, consumers have become more health conscious, which has driven the demand for nutritious and healthy diets to achieve health and wellness. Bread is a staple found in almost every kitchen around the world and widely consumed for breakfast.
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This food product is also used to make several dishes which take less cooking time and provide a belly filling meal. With the addition of banana in the bread, it helps the customer to eat more nutritious and healthy baked goods than simple baked bread. Bananas are a great source of potassium, vitamin B6, vitamin C, carbohydrates, and lots of fiber. All of the above nutrients provide various health benefits, such as the right amount of fiber helps improve the digestive system. Vitamin C helps strengthen the immune system, potassium is essential for heart health, and carbohydrates help with weight management. This nutritious bread is gaining popularity among consumers all over the world which is expected to drive the market growth during the forecast period.
General Mills, Inc .; Banana Bread Co; Mom Ka’z; King Arthur Baking Company, Inc .; Papa Joe’s; Bakery; Large banana bread; Dank Banana Bread; The essential bakery business; Simple mills; Havana banana breads.
Analyst Commentary
The non-flavored segment was the largest product segment with a share of over 65.0% in 2019. This segment is expected to maintain its lead during the forecast period due to the availability of a full range of products. at the World level. Manufacturers are offering a variety of new products, including gluten-free, low-sugar, and vegan banana bread. These product variants attract customers from all over the world.
Flavored variants are expected to register the fastest CAGR of 4.2% from 2020 to 2027. Consumers around the world are increasingly adopting healthy lifestyles without disturbing their taste buds. Manufacturers offer a number of flavors in these breads, such as peanut butter, strawberry, blueberry, peach, pineapple, oats, vanilla, chocolate, cream cheese, and apple. The availability of a number of flavors has improved the taste of these breads and all age groups can easily consume them.
Hypermarkets and supermarkets were the largest distribution channel with a share of over 45.0% in 2019. Bakery products are widely purchased in large supermarkets due to the availability of a wide range of products. Major players such as Walmart, 7Eleven, Aldi, Tesco, Sainsbury’s, Apar and Auchan are market giants with deep pockets that offer a wide range of groceries and a large chain of stores for maximum customer engagement.
The online segment is expected to be the fastest growing distribution channel with a CAGR of 4.4% from 2020 to 2027. This growth is attributed to a high degree of convenience associated with the sales channel. Additionally, growing social distancing and the growing COVID-19 pandemic across the globe are driving the purchase of these baked goods through e-commerce. The major players in the offline market or hypermarkets and supermarkets are entering the e-commerce industry, as customers increasingly embrace e-commerce due to its discounts, home delivery, and the availability of a wide range. product line.
Segmentation
The banana bread market is segmented on the basis of product, distribution channel and region. By distribution channel, the market is divided into hypermarkets and supermarkets, mini markets, online, others. By product the market is divided into Unflavored, flavored.
Regional analysis
North America was the largest regional market for banana bread with a share of over 30.0% in 2019. The United States is one of the largest consumers of all kinds of bread, which offers growth opportunities for this product in the regional market. These products are widely used in the preparation of various dishes, such as cheese bread and sandwiches. Customers are eagerly looking for new products, such as banana-based variants, with improved flavor, taste and nutritional properties.
Asia-Pacific is expected to be the fastest growing regional market with a CAGR of 4.5% from 2020 to 2027. This bread is very popular in Australia due to its improved taste compared to its regular counterparts. Adoption of these products is increasing among consumers as customers increasingly adopt healthy baked goods. In addition, the improvement in the standard of living, the increase in disposable income and the influence of Western food are opening up new avenues for the country’s market. These trends are expected to drive demand for this product during the forecast period.
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