Mung Bean Protein Industry is expected to register 4.5% CAGR between 2023 and 2032 propelled by accelerating consumer inclination toward natural food products, aided by rising health concerns.
Selbyville, Delaware , Dec. 08, 2022 (GLOBE NEWSWIRE) --
As per the report published by Global Market Insights Inc., the Global Mung Bean Protein Market was estimated at USD 250 million in 2022 and is expected to surpass a valuation of $400 billion by 2032, progressing at a CAGR of 4.5% from 2023 to 2032. The report provides a detailed analysis of top winning strategies, drivers & opportunities, competitive scenario, wavering market trends, market size, statistics & estimations, and major investment pockets.
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.
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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.
Key reasons for mung bean protein market growth:
Increasing focus of pharmaceutical manufacturers toward organic plant-based sources of protein.
Steady growth in the dietary supplement industry.
Growth in plant-based alternatives for nutrition.
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.
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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 market statistics.
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.
Partial chapters of report table of contents (TOC):
Chapter 3 Mung Bean Protein Industry Insights
3.1 Industry Segmentation
3.2 COVID-19 overview of the world economy
3.3 Industry ecosystem analysis
3.4 Technology landscape
3.5 Regulatory Landscape
3.6 Pricing analysis
3.7 Industry impact forces
3.8 Innovation & sustainability
3.9 Growth potential analysis, 2022
3.10 Porter’s analysis
3.11 PESTLE Analysis
3.12 COVID-19 impact on Market, by application
Chapter 4 Competitive Landscape, 2022
4.1.1 Market share analysis, 2022
4.1.2 Competitive analysis of key market players, 2022
4.1.3 Vendor adoption matrix
Chapter 5 By Nature
5.1 Key nature trends
Chapter 6 By Product
6.1 Key product trends
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About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
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