Mung Beans Market Size To Grow At A CAGR Of 4% In The Forecast Period Of 2023-2028
Mung Beans Market Outlook
According to the report by Expert Market Research (EMR), the global mung beans market price, is projected to grow at a CAGR of 4% between 2023 and 2028. Aided by the surging demand for protein-rich food products and the burgeoning applications of mung beans across numerous sectors, the market is expected to grow significantly by 2028.
Mung beans are tiny, green legumes that are renowned for their great nutritional value and adaptability. They are widely used as a key component in a wide range of cuisines, including soups, salads, desserts, and main courses. They are essential for improving general health, promoting heart health, and assisting with weight loss, all of which contribute to the mung beans market growth. Mung beans are valued in a wide range of industries, including food and beverage, pharmaceuticals, and cosmetics. In addition to their nutritional advantages, mung beans are also known for their functional qualities, such as their thickening, emulsifying, and stabilising characteristics.
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The rising consumer inclination towards protein-rich food products is propelling the global mung beans market growth. As awareness about the health benefits of protein consumption grows, a significant shift towards high-protein diets has been observed, resulting in an increased demand for mung bean-based products. Moreover, the escalating trend of health and fitness has further fuelled the popularity of mung beans, given they are a rich source of plant-based protein often consumed by athletes and fitness enthusiasts.
The wide-ranging applications of mung beans in diverse industries also contribute significantly to the mung beans market development. In the pharmaceutical industry, mung beans are used for their antioxidative properties in the production of dietary supplements and health-boosting products. The cosmetics industry leverages mung beans for their skin-nourishing properties, which are integral to the formulation of various skincare products. Additionally, the adhesive properties of mung beans make them a key component in the production of certain types of adhesives and glues, increasing the mung beans market demand.
Furthermore, the growing demand for plant-based alternatives in the food and beverage industry has amplified the focus on mung beans as a suitable ingredient for vegan and vegetarian products. With the rise of veganism and the growing popularity of plant-based diets, mung beans have emerged as a crucial element in the creation of plant-based meat substitutes, dairy-free products, and other alternatives, thus bolstering the mung beans market expansion.
Mung Beans Market Segmentation
The market can be divided based on region.
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Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the global mung beans companies.
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