Mung Bean Protein Market Size

Mung Bean Protein Market Size

Mung Bean Protein Market size stood at over USD 250 million in 2022 and due to the significant rise in the adoption of plant-based nutritional supplements, the industry is slated to observe a 4.5% CAGR from 2023 to 2032. Plant-based food products have gained tremendous popularity in recent years, owing to the changing dietary preferences and the accelerating consumer shift toward food that aligns with their values.

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Besides, growing awareness about animal cruelty and increased cognition about the ill effects of meat and animal-derived products on environmental sustainability has further accentuated this trend. Based on the recent analysis by 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 & 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.

The availability of numerous protein alternatives, such as soy protein, potato protein, egg, and meat protein in the market at relatively lower prices may hinder the market growth over the forthcoming years. However, on the flip side, the increasing number of brands and product manufacturers globally responding to the shift toward plant-based nutritional ingredients is poised to propel mung bean protein sales over the forecast period.