PUBLISHER: Global Insight Services | PRODUCT CODE: 1634024
PUBLISHER: Global Insight Services | PRODUCT CODE: 1634024
The mung bean protein market is anticipated to expand from $1.8 billion in 2023 to $4.5 billion by 2033, reflecting a CAGR of approximately 9.5%.
The mung bean protein market encompasses the sector dedicated to the extraction, production, and distribution of protein derived from mung beans, primarily utilized as a plant-based alternative in food and beverage industries. This market includes protein isolates, concentrates, and flours, catering to the rising demand for sustainable, allergen-free, and high-protein ingredients in vegan and vegetarian diets, driven by consumer health consciousness and environmental sustainability trends.
The market is experiencing growth driven by the rising demand for plant-based proteins and sustainable food sources. In the product segment, protein isolates lead the market due to their high protein content and versatile applications in food and beverage products. Protein concentrates follow closely as the second-highest performing sub-segment, benefiting from their cost-effectiveness and nutritional benefits. The food and beverage segment dominates the end-user landscape, with significant uptake in plant-based dairy and meat alternatives. Geographically, North America emerges as the leading region, propelled by a strong consumer base for vegan and vegetarian products and advanced food processing technologies. Asia-Pacific ranks as the second-highest performing region, supported by increasing health consciousness and the burgeoning food and beverage industry. Key countries driving growth include the United States and China, where consumer trends and innovation in food technology continue to expand the market's potential.
In 2023, the Mung Bean Protein Market exhibited a robust performance with a significant market volume of 320 million metric tons, projected to escalate to 550 million metric tons by 2033. The food and beverage segment commands a dominant market share of 45%, driven by the burgeoning demand for plant-based proteins. The nutraceuticals segment follows closely with 30%, reflecting growing consumer health consciousness. Meanwhile, the animal feed sector accounts for 25%, underpinned by increasing applications in livestock nutrition. This segmentation underscores the diverse applicability of mung bean protein across various industries, each contributing uniquely to market growth.
The competitive landscape is characterized by key players such as Ingredion Incorporated, AGT Food and Ingredients, and Beyond Meat, each leveraging innovation to expand their market presence. Regulatory influences, including FDA approvals and EU food safety standards, significantly impact market dynamics, particularly concerning product labeling and health claims. Forecasts suggest a 15% rise in R&D investment by 2033, emphasizing the industry's commitment to innovation and sustainability. The market outlook remains optimistic, with potential growth opportunities in emerging economies and expanding applications in vegan and vegetarian products. Challenges such as fluctuating raw material prices and stringent regulatory frameworks persist, yet advancements in extraction technologies promise to mitigate these hurdles.
The Asia Pacific region dominates the mung bean protein market, primarily due to the high consumption of plant-based foods in countries like China and India. These nations are witnessing a shift towards healthier diets, spurred by increasing health consciousness and lifestyle changes. The region's abundant raw material availability and cost-effective production processes further strengthen its position. Moreover, the growing vegan population in these countries is driving demand for mung bean protein as a reliable alternative to animal-based proteins.
North America emerges as a significant player in the mung bean protein market, with the United States leading the charge. The rising trend of plant-based diets, coupled with increasing consumer awareness about the health benefits of mung bean protein, fuels market growth. The region's robust food and beverage industry, alongside substantial investments in research and development, accelerates innovation in product formulations. This focus on healthier, sustainable food options aligns with the evolving consumer preferences in North America.
Europe also presents a lucrative opportunity for the mung bean protein market, driven by the region's strong inclination towards organic and sustainable food sources. Countries like Germany and the United Kingdom are at the forefront, with consumers increasingly opting for plant-based protein alternatives. The European Union's stringent regulations on food quality and safety further enhance the appeal of mung bean protein, which is perceived as a clean and sustainable protein source. The region's emphasis on reducing the carbon footprint of food production supports the market's expansion.
Ingredion Incorporated, Burcon Nutra Science Corporation, AGT Food and Ingredients, Vestkorn Milling, Batory Foods, Axiom Foods, ET Chem, AGT Foods, Shandong Jianyuan Foods, Bioway Organic Ingredients, Vestkorn Milling AS, Cargill Health Technologies, Cosucra Groupe Warcoing, Parabel USA, ET Protein, The Scoular Company, Nutraonly, Green Labs LLC, Sun Opta, A& B Ingredients
U.S. Department of Agriculture - Economic Research Service, European Commission - Directorate-General for Agriculture and Rural Development, Food and Agriculture Organization of the United Nations, United Nations Conference on Trade and Development, International Food Policy Research Institute, World Health Organization - Nutrition and Food Safety, Global Pulse Confederation, International Crops Research Institute for the Semi-Arid Tropics, Institute of Food Technologists, U.S. Food and Drug Administration - Center for Food Safety and Applied Nutrition, The Plant Based Foods Association, The Good Food Institute, The Protein Society, The World Vegetable Center, International Conference on Legume Genetics and Genomics, International Year of Pulses (FAO Initiative), International Food and Agribusiness Management Association, International Union of Food Science and Technology, American Society for Nutrition, The International Food Information Council Foundation
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