Mung Bean Protein Market Size, Share and Industry Analysis Report by Nature (Organic, Natural), Product (Concentrate, Isolate, Hydrolysed) and Application (Food and beverages {Bakery & Confectionery, Snacks & Cereal, Meat Alternatives, Beverages}, Sports

Mung Bean Protein Market Size, Share and Industry Analysis Report by Nature (Organic, Natural), Product (Concentrate, Isolate, Hydrolysed) and Application (Food and beverages {Bakery & Confectionery, Snacks & Cereal, Meat Alternatives, Beverages}, Sports Nutrition, Dietary Supplements, Pharmaceuticals, Animal Feed), Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2022 - 2028

The mung bean protein market is speculated to exhibit steady expansion by 2028 on account of the booming dietary supplement industry. In addition, increasing consumer preference for organic plant-based diets across the world is projected to bolster industry growth over the forecast period.

Rising popularity of veganism and vegetarian diets have 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.

The mung bean protein market has been segregated based on application, nature, product, and region. With respect to application, the market has further been divided into animal feed, food and beverages, dietary supplements, sports nutrition, and others. Under food and beverages, the market has been categorized into beverages, bakery & confectionery, meat additives, and snacks & cereal.

The bakery & confectionery segment is projected to grow at a sturdy pace through the assessment timeline. Changing consumption patterns driven by busy and fast-paced lifestyles would boost demand for bakery & confectionery products, which is primed to support segmental growth. The snacks & cereal segment is speculated to expand at a notable CAGR over the review period to reach a considerable valuation by the end of 2028. Growing popularity of snacks & cereal fueled by hectic lifestyles and surging consumption of ready-to-eat food are likely to boost product adoption over the following years.

The meat additives segment is foreseen to witness optimistic progress through the study timeframe due to soaring demand for meat flavored products. Moreover, extensive use of mung protein in meat additives owing to its savory flavor is estimated to drive segmental growth in the coming time period. The beverages segment is anticipated to grow at a CAGR of more than 2% between 2022 and 2028.

The animal feed application segment is slated to amass substantial gains by the end of 2028, recording a robust growth rate over the forecast timeline. Burgeoning demand for mung protein from the animal feed sector due to its high nutrients is set to fuel product uptake over 2022-2028. The others application segment held about 10% market share in 2021 and is expected to showcase exponential progress over the forthcoming period. Other applications of mung bean protein include cosmetics and pharmaceuticals.

On the regional front, the Latin America mung bean protein market accounts for approximately 9% of the overall industry and is poised to expand at a significant CAGR between 2022 and 2028. Dynamic shift of consumers toward plant-based and low-calorie food is bolstering the demand for moong products across LATAM, which is projected to impel regional market growth. Meanwhile, the Middle East & Africa mung bean protein market is estimated to gain substantial traction over the stipulated timeframe. Mounting demand for organic food products and the expanding vegan consumer base are set to foster regional market development through 2028.