New York, Feb. 15, 2023 (GLOBE NEWSWIRE) -- The revenues of the Banana Blossom Market were estimated at US$ 162 Million in 2022 and are anticipated to grow at a CAGR of 6.7% from 2023 to 2033, according to a recently published Persistence Market Research report. By the end of 2033, the market is expected to reach a revenue of US$ 333 Million. The canned type of Banana Blossom dominates the Banana Blossom Market with a projected CAGR of 6.6% from 2023 to 2033. 

Banana blossom has a wide variety of uses to use as a plant-based and vegan substitute for fish. They are available in the market in canned and frozen versions with an extended shelf life so they can be easily used and exported.  

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In 2020, global plant-based meat sales reached up to US$ 29 billion and are expected to grow steadily in the future. This increasing preference of consumers towards plant-based meat products can pave the way for the demand for plant-based substitutes for meat. As banana blossom can serve as an ideal substitute for fish it is also expected to gain demand. For instance, a restaurant in London is selling banana blossom-based fish and chips to provide for their vegan customers.  

Consumers' preference towards organic food has also seen significant growth in 2021, as sales of organic food reached nearly US$ 58 Billion in the U.S. accounting for 4% of total food sales. This demand for organic food is likely to fuel demand for organic canned banana blossoms available in the market.  

Along with its usage in cuisine, banana blossoms are also a known superfood for their rich anti-oxidants and vitamins that have health benefits to support menstrual wellness, control diabetes, and help the digestive system. For instance, the International Journal of Health Science & Research published a research paper in 2019 about the development of banana blossom powder to be beneficial for anemia patients. 

The companies producing banana blossoms mention various recipes to popularize its use as a meat substitute and make a wide variety of cuisines from around the world. This strategy can help gain popularity for use of banana blossom in cuisine which can result in its demand. 

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Competitive Analysis: 

Key players in the Banana Blossom Market are Theppadungporn Coconut Co., Ltd., Thai Agri Foods Public Company Ltd., Asco Foods, Ceres Organics, Cooks&Co, Biona Organic, FreshPoint Inc., EcoTokari and Upton's Naturals.  

The companies are promoting the use of banana blossom in various cuisines through their recipes section on their websites, restaurants are using banana blossom as a fish substitute to keep up with the plant-based protein trend.    

Some of the recent developments in Banana Blossom Market are: 

• In April 2021, U.S.-based vegan food brand Upton's Naturals partnered with Dot Foods to increase the customer reach of the brand's 100% vegan meat alternatives through distributors, food services, and restaurants. 
• In March 2019, Sainsbury included banana blossom to their plant-based ready meal series to provide shoppers with vegan alternative.  

More Insights Available 

Persistence Market Research, in its new offering, presents an unbiased analysis of the Banana Blossom Market, presenting historical market data (2018-2022) and forecast statistics for the period from 2023 to 2033. 

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The study reveals extensive growth in Banana Blossom Market

• by Type (Canned and Frozen),
• by Application (Meat Products and Snacks/Dessert Products),
• by Sales Channel (Supermarkets/Hypermarkets, Convenience Stores, Specialty Stores and Online Sales),
• by End User (Retail Sales and HoReCa)
• by Region (North America, Latin America, Europe, Asia Pacific, Middle East and Africa) - 2023 to 2033. 

About Food & Beverage Division at Persistence Market Research 

The Food & Beverage team at Persistence Market Research provides all the necessary insights and consulting analysis to fulfill the unique business intelligence needs of clients worldwide. With a catalog of more than 500 reports pertaining to the latest statistics and analysis from the food & beverage industry, the team is happy to help with every business intelligence research and consulting requirement. 

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