Home > Food, Nutrition & Animal Feed > Mung Bean Protein Market
Mung Bean Protein Market size stood at over USD 250 million in 2022 and due to the significant rise in the adoption of plant-based nutritional supplements, the industry is slated to observe a 4.5% CAGR from 2023 to 2032. Plant-based food products have gained tremendous popularity in recent years, owing to the changing dietary preferences and the accelerating consumer shift toward food that aligns with their values.
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Besides, growing awareness about animal cruelty and increased cognition about the ill effects of meat and animal-derived products on environmental sustainability has further accentuated this trend. Based on the recent analysis by The Good Food Institute and the Plant-Based Foods Association, the plant-based food market value in the U.S. reached USD 7.4 billion in 2021, with retail plant-based foods sales in the country recording a growth of 6.2% since 2020. On the other hand, a study by DuPont Nutrition & Health suggested that 52% of the 1000 U.S. customers that took part in the survey were eating more plant-based foods, depicting a positive growth outlook for the mung bean protein industry.
|Market Size in 2022:||250.50 Million (USD)|
|Forecast Period:||2023 to 2032|
|Forecast Period 2023 to 2032 CAGR:||4.5%|
|2032 Value Projection:||400.50 Million (USD)|
|Historical Data for:||2018 to 2022|
|No. of Pages:||300|
|Tables, Charts & Figures:||234|
|Segments covered:||Product, Nature, Application|
|Pitfalls & Challenges:|
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The availability of numerous protein alternatives, such as soy protein, potato protein, egg, and meat protein in the market at relatively lower prices may hinder the market growth over the forthcoming years. However, on the flip side, the increasing number of brands and product manufacturers globally responding to the shift toward plant-based nutritional ingredients is poised to propel mung bean protein sales over the forecast period.
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With regard to the product category, mung bean protein market from isolate segment is expected to garner over USD 220 million by 2032. Mung bean isolate is widely used as a direct protein replacement for vegetable or animal-based protein in a range of conventional food & beverages across multiple categories. The growing popularity of plant protein and the increasing product utilization as a meat additive owing to its high nutritional value and delicious flavor will propel segment revenues during the study timeframe.
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Regarding nature, mung bean protein market conventional segment is predicted to be worth over USD 300 million by 2032. Conventional mung bean protein finds significant usage in functional foods, bakery goods, salty snacks, and confectionery products due to its rich nutritional composition and adaptable character. They contain a variety of Vitamin B variants, such as niacin, pantothenic acid, biotin, thiamin, etc., which help improve body energy levels. The accelerating consumer inclination toward natural food products, aided by rising health concerns, will create favorable growth prospects for the mung bean protein industry.
Based on applications, mung bean protein market size from food & beverage applications is anticipated to be worth over USD 110 million by 2032. The considerable change in consumer dietary patterns has shifted their preference toward conventional food products over synthetic ones. This has resulted in the inclusion of mung bean protein derivatives in a range of food & beverage products, such as sweets, soups, sauces, baked goods, etc. The increasing popularity of organic products due to their positive health impacts will further drive segment revenues over the coming years.
Asia Pacific mung bean protein marker is set to witness over 3.5% CAGR between 2023 and 2032. The increasing technological advancements and the growing adoption of modern farming techniques across countries such as India have significantly improved mung bean cultivation and yields. Governments across the region have been running several assistance programs and subsidy schemes to encourage farming practices, which will greatly contribute to regional market expansion.
Prinova Group LLC, Bulk Powders, Laybio, Henry Broch Foods, ET-chem Natural Ingredients, Organicway Inc., Proeon, Fuji Europe Africa B.V. ( Fuji Oils), Top Health Ingredients and Alright G.C. (Jinan) Biotechnology Ltd. are the major companies operating in the mung bean protein market.
Players in the competitive landscape have been making consistent efforts to develop products that meet the requirements o a widely expanding consumer base and boost their global presence.
Mung bean protein industry was positively influenced by the COVID-19 crisis. The onset of the health calamity enormously impacted people's everyday lives and intensified their search for healthy and clean food products. Several studies pointed out the significance of protein in preventing muscle loss and fighting infection in bedridden or inactive patients, which further boosted product sales. In addition, the increased emphasis on maintaining proper immune health further elevated the uptake of nutritional supplements, which further augmented the mung bean protein industry growth trajectory during the viral outbreak.
The Global Mung Bean Protein Market research report includes in-depth coverage of the industry with estimates & forecast in terms of volume in Kilo Tons and revenue in USD Million from 2018 to 2032 for the following segments:
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The above information is provided on a regional and country basis for the following: