Banana Bread Market by Type (Flavored, Unflavored) and Distribution Channel (Supermarkets & Hypermarkets, Convenience Stores, Online Retail, Others): Global Market Size Estimates and Forecast (2022-2030)
The market crossed the US$ 1 billion mark in 2022 and is expected to hit US$ 2 billion by 2030, recording a CAGR of 4.2% during the forecast period.
Shifting consumer preference for healthy and nutritious bakery products
Consumer inclination toward healthy and nutrient-enriched bakery products with added medicinal properties is expected to be a major factor in the banana bread market growth. Banana is very beneficial for keeping the heart and digestive system healthy and it also helps in weight management. Over the past few years, consumers have become more conscious of their health, which has propelled the demand for nutritious and healthy diets to achieve health and wellness. These are the factors expected to drive the banana bread market.
Within the report, the market is segmented into type, distribution channel, and geography. By type, the market is bifurcated into flavored and unflavored. By distribution channel, the market is categorized into supermarkets & hypermarkets, convenience stores, online retail, and others. Geographically, the market is segmented into North America, Europe, Asia Pacific, South & Central America, and Middle East & Africa.
Growing consumption of convenience food
Due to hectic work schedules, people’s dependency on products saving time and effort has increased. The surge in the consumption of high-quality convenience food is one of the biggest trends in the food industry. Convenience food, such as bakery products, snacks, and ready-to-eat products allows consumers to save time and efforts associated with ingredient shopping, meal preparation and cooking, consumption, and post-meal activities. Thus, with the increasing consumption of convenience food, the demand for banana bread is rising and is further expected to propel the market growth in the forecast period.
Growing adoption of e-commerce services
The increasing penetration of smartphones and the internet, easy access to emerging technologies, rising purchasing power, and convenience provided by online retail platforms of shopping from anywhere at any time are among the key factors bolstering e-commerce. Moreover, the emergence of e-commerce has resulted in considerable changes in the way people shop and spend their money. These factors contribute to the growth of the banana bread market by eliminating the dependency on offline retail stores.
Recent strategic developments in the banana bread market
The banana bread market has undergone several significant developments, and a few of these have been mentioned below:
- Founded in 2016, GoNanas is a banana bread brand based in Portland, Oregon, United States, launched vegan, gluten-free and top allergen-free banana bread to its customers. The company offers different flavored banana bread mixes.
The banana bread market is driven by several players by implementing strategic activities such as investments, new launches, mergers & acquisitions, and partnerships. General Mills, Inc., Banana Bread Co, Mama Ka'z, King Arthur Baking Company, Inc., and Papa Joe's Bakehouseare among the prominent players operating in the market.
Target audience for the report:
- Raw material providers
- Banana bread manufacturer
- Bakery related associations, organizations, forums, and alliances
- Government bodies, such as regulating authorities and policymakers
- Venture capitalists, private equity firms, and start-up companies
- Research institutes, organizations, and consulting companies
Scope of the report:
In this report, the market has been segmented on the basis of:
- Distribution Channel
- Supermarkets & Hypermarkets
- Convenience Stores
- Online Retail
- North America
- Asia Pacific (APAC)
- South & Central America
- Middle East & Africa
- Companies profiled
The List of Companies
- General Mills, Inc.
- Banana Bread Co
- Mama Ka\'z
- King Arthur Baking Company, Inc.
- Papa Joe\'s Bakehouse