Bean Ingredients Market Poised to Flourish with Increasing Demand for Plant-Based Proteins
According to a new report published by MarkWide Research, titled, “Bean Ingredients Market – Growth Trends, Analysis, and Forecast (2023 – 2030)”, the global bean ingredients market is projected to experience substantial growth in the coming years. The report highlights the key factors driving the market’s expansion and provides insights into the trends shaping its trajectory.
The rising preference for plant-based protein sources and the growing awareness of their associated health benefits are anticipated to be the primary drivers of the bean ingredients market growth. With increasing concerns about environmental sustainability and animal welfare, consumers are actively seeking alternatives to traditional animal-derived products. This shift in dietary preferences has propelled the demand for plant-based ingredients, including beans, as a viable source of protein.
The report forecasts that the global bean ingredients market will achieve a remarkable CAGR of 7.5% during the forecast period from 2023 to 2030. This projection is indicative of the market’s potential to reach a substantial valuation by the end of the forecast period.
The report identifies North America as a key region contributing significantly to the growth of the bean ingredients market. The United States, in particular, has witnessed a surge in the adoption of plant-based diets, driven by factors such as health consciousness, ethical considerations, and the availability of innovative plant-based products. As a result, the demand for bean ingredients in various food and beverage applications is on the rise in the region.
Furthermore, the report delves into the various segments of the bean ingredients market based on type, form, application, and region. It provides a comprehensive analysis of each segment’s performance and growth prospects. By type, the market is divided into lentils, chickpeas, black beans, kidney beans, and others. In terms of form, the market includes whole, powdered, and others. The key applications covered in the report include food and beverages, animal feed, and others.
The report also underscores the competitive landscape of the bean ingredients market, highlighting the key players contributing to its growth. These players are actively engaged in strategic initiatives such as mergers and acquisitions, product launches, and partnerships to strengthen their market position and broaden their product offerings.
As the demand for bean ingredients continues to rise, industry participants are focusing on research and development activities to enhance the nutritional profile and functional properties of bean-based products. This is expected to drive innovation and diversification in the market, catering to the evolving preferences of consumers.
In conclusion, the global bean ingredients market is poised for substantial growth in the coming years, driven by the increasing demand for plant-based proteins and the shift towards healthier and more sustainable dietary choices. With a projected CAGR of 7.5% during the forecast period from 2023 to 2030, the market holds promising opportunities for both established players and new entrants.