According to a new research report by Global Market Insights Inc., the Mung bean protein market size is expected to surpass USD 280 million by 2028. Increasing consumption of organic and natural seed-based products owing to their nutritious characteristics will drive market demand.
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According to market analysis, increasing usage of organic food products in the food & beverages industry will drive industry growth. Moreover, the rising popularity of conventional products over synthetic products is supporting business growth. It is widely used in bakeries & confectionary and savory snacks such as soups, sauce, and sausages. Further, the high content of healthy antioxidants along with cinnamic acid and phenolic acid which minimize harmful radicals is booming the product adoption globally thus supporting market growth.
Some major findings of the mung bean protein market report include:
- Increasing demand for non-artificial and natural products from food & beverage industry is driving moong protein market.
- The rising demand of protein-based beverages like protein shakes owing to its low carbs and low calories content is boosting the product demand.
- High consumption of bakery & confectionary items along with savory food to positively impact the growth of the market.
- The Mung bean protein market from sports nutrition is expected to be the prominent product category of the market expecting a market size of over USD 30 million by 2028 and a CAGR of over 3% during the forecasted timeframe owing to its various health benefits.
- The organic market to capture a significant share of over 18% in 2028. Rising health care awareness and changing consumption pattern has propelled organic mung consumption.
- Increasing consumption of concentrated mung protein due to its low cost and high nutrition value will positively influence the growth of the sector.
- Some of the key market 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.
- High production of mung beans in India and other East Asian countries along with growing consumption of mung fortified products owing to their health benefits to drive the market growth in Asia Pacific region.
Europe is the third-largest market for mung bean protein market after Asia Pacific and North America and will surpass USD 25 million revenue by 2028. European countries have witnessed the growth in consumption of fortified food products owing to healthy lifestyle patterns. Key benefits associated with the mung beans such as high content of fibers, minerals, proteins, and vitamins that enhance the nutritional value of food products will provide a strong outlook for business expansion in the Europe region. Rising inclination towards adoption of plat-based food over animal-based products associated with growing awareness about animal cruelty in the region will support the business growth in Europe.
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The mung bean protein market share is moderately fragmented with presence of multinational corporations and growing regional manufacturers such Prinova Group LLC, ET-chem Natural Ingredients, 3B Keto, Bulk Powders, ETprotein, Laybio, FUJI Plant Protein Labs, Henry Broch Foods, Equinom, and Organicway Inc. Key players are anticipated to invest in new product launches, acquisition, and expansion to gain a competitive advantage and enhancement of the consumer base.
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