Selbyville, Delaware, March 30, 2022 (GLOBE NEWSWIRE) -- As per the latest research report by Global Market Insights Inc., the Mung Bean Protein Market was estimated at USD 220 million in 2021 and is expected to reach a valuation of around USD 280 million by 2028, progressing at a CAGR of 3% from 2022 to 2028. The report provides a detailed analysis of drivers & opportunities, top winning strategies, market size & estimations, competitive scenario, wavering market trends, and major investment pockets.
Mung bean protein finds extensive usage in savory snacks like sauce, soups, and sausages as well as confectionary and bakery products. It has high contents of healthy antioxidants, cinnamic acid, and phenolic acid, which help reduce harmful radicals, thereby boosting product uptake. Rising usage of organic food products in the food & beverage sector, coupled with soaring popularity of conventional products over synthetic products, is slated to augment the mung bean protein market share through the forecast timeline.
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Hydrolyzed mung bean protein is an organic product containing high amounts of micronutrients, amino acids, and minerals. It is widely used for improving the flavor of processed foods, such as seasoning, savory snacks, and others. It is easy-to-digest and has several health benefits like controlling and preventing health issues, which is bolstering product demand. Increasing consumption of highly nutritious and healthy food is anticipated to support product adoption in varied industries. Driven by these factors, the hydrolyzed product segment is primed to reach a valuation of above USD 20 million by 2028.
Meanwhile, the mung bean protein market share from the organic nature segment is projected to garner a substantial share of about 18% in the market by 2028. Mounting health care awareness and changing consumption pattern are likely to facilitate segmental growth over the study timeframe.
Key reasons for mung bean protein market growth:
- Growing usage in processed foods.
- High uptake in dietary supplements.
- Prevalent application in bakery products.
- Rising adoption in plant-based food products.
2028 forecasts show ‘dietary supplements’ segment retaining its dominance:
In terms of application, the dietary supplements segment holds the largest share in the market and is primed to exceed USD 20 million in revenue by 2028. In dietary supplements, green grams are used in protein powders, immunity supplements, and weight-gaining supplements. Growing demand for dietary supplements, along with rising awareness regarding digestive and immune health among consumers, is foreseen to promote segmental progress in the upcoming period.
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Europe to maintain top status in terms of revenue:
On the regional spectrum, the Europe mung bean protein industry is the third largest market after APAC and North America and is speculated to attain a valuation of USD 25 million by the end of 2028. Growing prominence of healthy lifestyle patterns has enhanced the consumption of fortified food products in the region. Major benefits of mung beans, including high content of proteins, minerals, fibers, and vitamins, which improve the nutritional value of food products are expected to foster market outlook in Europe. Surging adoption of plant-based food over animal-based products on account of growing awareness about animal cruelty in Europe is set to impel regional market growth.
Impact of COVID-19 pandemic on mung bean protein market:
The coronavirus pandemic changed consumption patterns of alternative proteins owing to supply chain disruptions across the globe as well as rising health consciousness and awareness pertaining to vegetarian or vegan diets among consumers. Growing demand for plant-based proteins due to their notable health benefits also prompted companies to increase production of these proteins. Burgeoning consumer interest in plant-based proteins has played a vital role in boosting market growth during the pandemic.
Leading market players:
Key firms operating in the global mung bean protein industry include ETprotein, ET-chem Natural Ingredients, Equinom, Prinova Group LLC, 3B Keto, Laybio, Bulk Powders, Henry Broch Foods, FUJI Plant Protein Labs, and Organicway Inc., among others.
About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider. Offering syndicated and custom research reports, growth consulting and business intelligence services, Global Market Insights Inc. aims to help clients with penetrative insights and actionable market data that aid in strategic decision making.
