Global Mung Bean Protein Market - 2023-2030

Market Overview

Mung Bean Protein Market was valued at USD YY million in 2022. It is forecasted to reach USD YY million by 2030, growing at a CAGR of 3.67% during the forecast period (2023-2030).

Mung bean is a plant-based protein derived from the mung bean, a type of legume grown across the globe. Mung bean protein is one of the emerging plant-based proteins widely recognized to improve health and enhance the protein content in the body. Mung bean protein is gluten-free and offers benefits, including easing digestibility and providing a better flavor than soy, pea and other protein alternatives. Moreover, the increasing use of organic food items in the food and beverage industry and the rising preference for conventional goods over synthetic ones are expected to boost the global mung bean protein market share throughout the projected period.

Market Dynamics: Increasing preference towards raw protein food is expected to drive the market growth

Mung bean is high in protein, as 100 g of the bean contains 24 g of protein. As a result, mung protein isolates more than 80% of natural protein content. Mung bean protein is highly utilized for producing plant-based and egg substitutes due to comprising high protein content and different flavors. Moreover, according to the World Vegetable Center, mung bean has much potential to feed future populations because it is relatively tolerant of heat and drought stress, and the grains are a good source of protein and iron for human nutrition. In East and Southeast Asia, it is consumed as nutritious bean sprouts. In South Asia, it is eaten as dahl, while in East Asia, it is also used for making transparent noodles and paste to fill pastries such as mooncakes.

According to 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 and 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, as mung bean is also one of the most widely consumed plant based foods.

However, the availability of a large variety of mung bean protein replacements, such as pea and soy protein, is stifling the expansion of the market.

Market Segmentation: The dietary supplements segment had the largest market share in the global mung bean protein market

Mung bean protein market is expected to grow through usage in protein powders, immune supplements, and weight-gain supplements in dietary supplements. Growing demand for dietary supplements, as well as increased consumer knowledge of digestive and immunological health, are expected to drive category growth in the future years. According to the U.S. Department of Health and Human Services, plant-based diets are a vital way to improve health and reduce the risk of various chronic illnesses. Eating mung beans can be a good way of getting more plant-based food into a person's diet. While mung beans are an excellent source of nutrients, vitamins, and minerals, it is also vital to eat other plant-based foods. Mung beans contain all the nutrition a person needs. Eating various plant-based food is the best way to achieve a healthful diet.

According to the National Health and Nutrition Statistics, among U.S. adults aged 20 and over, 57.6% used any dietary supplement in the year 2020, and use was higher among women (63.8%) than men (50.8%). Dietary supplement use increased with age, overall and in both sexes, and was highest among women aged 60 and over (80.2%). The use of two, three, and four or more dietary supplements increased with age, while the percentage of adults not using any dietary supplement decreased. Thus, with increase in usage of dietary supplements, the market for mung bean protein is expected to grow.

Geographical Penetration: Aisa Pacific is the dominating region during the forecast period

The Asia Pacific mung bean protein market is expected to establish a dominant global mung bean protein market throughout the forecasted period. The region is one of the prime producers of the crop because of its climate. It can also be attributed to the mung bean being a part of many traditional recipes. Therefore, the existing adoption of its protein market is followed by North America, where mung bean protein is used extensively as a food supplement and for sports nutrition. mung bean protein market is also expected to have a strong foothold in the region because of the increased number of turned vegans.

According to World Vegetable Center, the mung bean crop is mostly produced in South, East and Southeast Asia and East Africa. Still, there is potential for expansion in West Africa, Central Asia and South America. The global mungbean area is about 7.3 million ha, and global output is about 5.3 million tons, with India and Myanmar supplying about 30% of this, China 16%, and Indonesia 5%. Mungbean has much potential to feed future populations because it is relatively tolerant of heat and drought stress, and the grains are a good source of protein and iron for human nutrition. In East and Southeast Asia, it is consumed as nutritious bean sprouts. In South Asia, it is eaten as dahl, while in East Asia, it is also used for making transparent noodles and paste to fill pastries such as mooncakes.

According to World Vegetable Center, Mungbean is generally considered a minor crop in most places. Globally, the crop is planted only on about 7.3 million hectares, and global production was about 5.3 tons in 2020. But not so in Myanmar, where mungbean is one of the country's main crops supporting the livelihoods of about 637,000 smallholder farm households. Myanmar accounts for 30% of the 2020 global mungbean production and is the largest export of this green bean. The crop fits well in the country's rice-based cropping systems, and the output is largely sold to India rather than consumed in-country. These factors shows the demand for Asia Pacific region.

Competitive Landscape:

Some key players in the mung bean protein market are Laybionatural, Plantvita, Henry Proeon, Equinom, Organicway Inc., Prinova Group LLC, ET-chem Natural Ingredients, 3B Keto, Bulk Powders, ETprotein, and Laybio are implementing various marketing strategies, such as new product launches, geographical expansion, merger and acquisitions, partnerships and collaboration, to identify potential buyers. For instance, on 19 May 2020, German ingredients company Emsland Group has partnered with US start-up JUST Inc to process mung bean protein for the latter plant-based scrambled egg alternative Just egg. Once JUST has produced the mung bean protein isolate, the powder is transported to downstream partners for manufacturing and distribution into retail and food service.

COVID-19 Impact: Positive impact on the global mung bean protein market

COVID-19 has different effects in different countries, depending on cultural norms, mitigation measures, and health infrastructure. The COVID-19 pandemic has changed global market dynamics in manufacturing, supply chains, and financial markets. The rising popularity of veganism and vegetarian diets has accelerated industry growth over the past few years. Mainstream adoption of dietary supplements and nutraceuticals amidst the COVID-19 pandemic owing to their ability to boost immunity and provide holistic nutrition, has augmented market expansion during the pandemic. Mungbean could be a healthy and nutritive part of the daily human diet. Mungbean can be consumed in various forms, commonly in the form of germinated seeds or sprouts. In particular, mungbean is a highly beneficial recommended diet in the current lockdown situation due to COVID-19 worldwide.

The COVID-19 pandemic led to a wave of health and fitness amongst populations worldwide. Individuals across all age groups actively invest in health and fitness products and supplements. Mung bean protein extract has proven to be an effective and cheap additive to various health proteins and processed foods owing to its high protein percentage and overall nutrition benefits.

The global mung bean protein market report would provide access to approximately 61 market data tables, 53figures and 170 pages.