Home > Pressrelease > Mung Bean Protein Market to surpass USD 400 million by 2032

Mung Bean Protein Market to surpass USD 400 million by 2032

  • Published Date: December 7, 2022

Mung Bean Protein Market size is slated to amass over USD 400 million by 2032, as per a recent research report announced by Global Market Insights Inc.

Increasing number of pharmaceutical manufacturers focusing on integrating organic plant protein into their product range will augment the demand for mung bean protein between 2023 and 2032. Conventional processes of manufacturing protein have been facing a significant global capacity shortage for biologics production.

The inability of these methods to produce adequate quantities of therapeutic proteins to fulfill patient population needs has encouraged pharmaceutical companies to transition toward plant-based approaches. Besides, the exceptional health benefits associated with plant-based protein alternatives, in association with their lower carbon footprint, will propel the market share through the next ten years. A recent Arizona State University research has pointed out that consumption of mung bean protein can help improve physical strength without exercise, creating a favorable growth outlook for the mung bean protein market.

Extensive utilization across the F&B sector drives the demand for mung bean protein concentrate

With regard to the product category, concentrate segment is foreseen to garner over USD 150 million by 2032, claims the report. Mung bean protein concentrate has a smooth mouthfeel and neutral taste and depicts high foam stability, foaming capacity, and emulsification properties. These attributes make it suitable to be used in a range of food & beverages, including plant-based butter, cheese, and egg replacement products. Besides, the inflating demand for bakery & confectionery products aggravated by a significant change in consumer buying behavior due to busy and fast-paced lifestyles will drive segment expansion through 2032.

Expanding nutraceutical industry to create optimistic scenarios for organic mung bean protein

Based on nature, mung bean protein market from organic segment size will be worth over USD 85 million by 2032. Organic mung bean protein powder has a rich nutritional composition and exhibits medicinal properties, bolstering its adoption across pharmaceutical and nutraceutical companies. Besides, the accelerating shift toward plant-based derivatives due to increasing awareness about animal cruelty and their positive influence on human health and the environment will drive lucrative gains to the mung bean protein industry.

Rising animal healthcare concerns to propel product demand in animal feed applications

Speaking of the application spectrum, mung bean protein market from animal feed applications is poised to accumulate over USD 15 million by 2032. Mung beans are a rich source of fiber, protein, iron, thiamine, and folate, which makes them an essential ingredient in animal feed products. The significant rise in cattle and poultry farming practices and the emerging necessity to meet animals' nutritional requirements, while creating a minimal environmental impact will substantially contribute to the industry's growth.

Browse key industry insights spread across 300 pages with 216 market data tables and 18 figures & charts from the report “Mung Bean Protein Market Size, Share and Industry Analysis by Nature (Organic, Conventional), Product (Concentrate, Isolate, Hydrolyzed) and Application (Food and Beverages {Bakery & Confectionery, Snacks & Cereal, Meat Alternatives, Beverages}, Sports Nutrition, Dietary Supplements, Animal Feed, Others), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Price Trend, Competitive Market Share & Forecast, 2023– 2032”, in detail along with the table of contents:

Flourishing e-commerce sector to streamline industry expansion across North America

North America mung bean protein market is primed to witness over 3.5% CAGR from 2023 to 2032, attributed to the growing popularity of ready-to-eat, on-the-go, and processed food products and dietary supplements. The regional industry is fueled by the proliferation of e-commerce as a leading sales channel for mung bean products, as online platforms offer a diverse range of products with attractive deals and discounts. Besides, the increasing health consciousness among the youth populace will further support regional expansion.

Strategic investments to augment the competitive landscape

Leading companies operating in the mung bean protein market include  ET-chem Natural Ingredients, Bulk Powders, Laybio, Prinova Group LLC, Henry Broch Foods, Organicway Inc., Proeon, Fuji Europe Africa B.V. ( Fuji Oils), Top Health Ingredients and Alright G.C. (Jinan) Biotechnology Ltd.

Enterprises operating in the business vertical have been focusing on expanding their global footprints to capture a broader customer base and strengthen their position in the market. For instance, in September 2021,  Proeon raised an estimated US$2.4 million in seed funds for scaling its new plant proteins derived from mung bean, amaranth, and Indian chickpea. Through this capital, the company aims to file patent applications, set up a research lab in the Netherlands, scale production, and extend its team.

Authors: Kiran Pulidindi, Kunal Ahuja

Explore More on Related Topics: