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Mung Bean Protein Market size to exceed $280 million by 2028

  • Published Date: March 28, 2022

According to a new research report by Global Market Insights Inc., the Mung Bean Protein Market size is estimated to surpass USD 280 million by 2028.
 

Mung bean, also known as green gram, is a plant species belonging to the legume family and is widely cultivated in warm regions. The increasing aging population across the world and high product demand from end usage including food & beverages, animal feed, and pharmaceuticals are fueling the market growth. It can be consumed either as cooked or sprouted and owing to its easily digestible nature, it is suitable for people of all age groups which contributes to the market growth. Consumption of green gram further protects against weight gain and fat accumulation caused by high-fat diet patterns thus supporting its demand in the global market.
 

These pulses are a good source of vitamins, fibers, proteins, and minerals along with this they are antioxidants and phytoestrogens in nature thus driven by the pharmaceutical industry. Further, they are used in functional foods and dietary supplements owing to their rich content of phenolic acids, flavonoids, and caffeic acid which helps to neutralize harmful radicals in the human body. The market growth is also supported by augmenting demand for plant-based food products and beverages. Increasing consumption of plant-based food products will propel the products demand in turn accelerating the business growth.
 

The rising demand for conventional products from food industry to drive the mung bean protein market

Conventional mung beans are one of the majorly consumed products in the industry anticipated to a market size of over USD 230 million by 2028 along with a CAGR of more than 3 % during the forecasted timeframe. Rising consumer inclination towards the adoption of conventional and functional food products is expected to accelerate product demand. Owing to its high nutrient properties containing different types of vitamin B such as thiamine, niacin, biotin, and pantothenic acid, which is helpful in reducing tiredness and fatigue, positively influence business growth in varied applications.
 

“As per industry forecasts, the conventional mung beans have accounted for a market size of over 3% CAGR during the forecasted timeframe owing to its increasing usage in pharmaceutical sector.”
 

Browse key industry insights spread across 300 pages with 230 market data tables & 19 figures & charts from the report, “Mung Bean Protein Market Size, By Nature (Organic, Conventional), By Product (Concentrate, Isolate, Hydrolyzed), By Application (Food and beverages {Bakery & Confectionery, Snacks & Cereal, Meat Alternatives, Beverages}, Sports Nutrition, Dietary Supplements, Pharmaceuticals, Animal Feed), Regional Outlook, Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2022 – 2028in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/mung-bean-protein-market
 

The rising demand for isolated moong protein to drive the mung bean protein market

According to market insights reports, isolated mung bean products are an important segment of the market with an expected market size to surpass USD 150 million up to 2028. It is a highly concentrated protein with better emulsification and foaming capacity. It also contains various essential amino acids including histidine, leucine, valine, and others that are helpful to maintain health. Further, moongs are free of lactose and widely used as ingredients in dairy-free products such as cheese, butter, and other beverage applications. Shifting consumer focus towards natural seed-based products is fueling the product demand.
 

“As per industry forecasts, mung bean protein isolate is expected to witness a substantial growth of over 3.5% by the end of 2028 owing to its rich nutrition value.”
 

The rapid increase in the consumption of sports nutrition to drive the market growth

According to market insights reports, sports nutrition application segment is set to witness a CAGR of over 2.5% up to 2028. Increase in demand for different types of protein bars, energy drinks, and dietary supplements among bodybuilders will help to drive the market growth. Green grams are widely used in sports nutrition products owing to their high fiber and minerals content which are helpful in weight loss by suppressing hunger. Rising consumer awareness and changing dietary pattern is propelling sports nutrition market which will eventually fuel the business growth.
 

“As per industry forecasts, mung bean protein from sports nutrition application is expected to cross over USD 30 million by 2028 owing to  increasing focus on health and fitness among young and geriatric populace .”
 

Changing dietary preferences along with rising health awareness is propelling the business in North America region.

North America will witness significant growth in the global market with growth above USD 14 million in 2028. North American countries are high consuming of functional food products like breakfast cereals and dietary products by the inclusion of mung beans and driving the market demand. Also, growing popularity of high fiber and protein-rich food products in the region is positively influencing product demand. Incoming government initiatives have introduced different campaigns to promote the utilization of seed-based products.
 

Major industry players include Prinova Group LLC, ET-chem Natural Ingredients, 3B Keto, Bulk Powders, ETprotein, Laybio, FUJI Plant Protein Labs, Henry Broch Foods, Equinom, and Organicway Inc. The key strategies observed among the industry participants include new acquisitions, market penetration, and expansion.
 

Authors: Kunal Ahuja, Tushar Malkani

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