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Global Mung Beans Market Impelled by Demand from Vegan Populace

As per the latest report by IMARC Group, entitled “Mung Beans Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the global mung beans market reached a volume of 2.6 Million Tons in 2018. Mung beans, also known as moong, refer to the seeds of a plant called Vigna Radiata, belonging to the Fabaceae family. They are considered as a powerhouse of nutrients as mung beans are rich in proteins, iron, potassium, starch, manganese, copper, zinc, folate, and Vitamins B1, B2, B3, B5 and B6. They are also a good source of antioxidants, phytonutrients, and amino acids like leucine, isoleucine, phenylalanine valine, lysine and arginine. Mung beans are suitable for every age group as they are relatively easy to digest. Earlier, mung beans were cultivated and consumed only in the Central, Southern and Eastern regions of Asia. However, owing to their nutritional advantages, mung beans have gradually become a part of the everyday diet in Western countries as well.

Market Trends:

Mung beans find diverse applications in the manufacturing of dietary supplements and various ready-to-eat (RTE) food products like dips, hummus, noodles, sandwiches, etc. On account of growing population, inflating disposable incomes and altering food habits of the consumers, the food industry is experiencing positive growth, in turn, driving the demand for mung beans. Moreover, as mung beans help in the prevention of numerous diseases such as diabetes, osteoporosis, heart diseases and anemia, they are extensively used in daily food, particularly in developing regions. Additionally, the vegan and vegetarian consumers rely on pulses such as mung beans for their everyday intake of proteins. On account of these factors, the market is projected to reach a volume of 3.4 Million Tons by 2024, expanding at a CAGR of 4.3% during 2019-2024.

Market Summary:

Region-wise, the market has been segregated into India, China, Myanmar and others. Amongst these, India represents the leading producer of mung beans as it has a large and diversified agricultural sector. The Government of Indian has also undertaken several initiatives for encouraging the adoption of modern agricultural practices like farm management systems in order to increase the overall productivity of the land. Some of the major mung beans producing states include Madhya Pradesh, Rajasthan, Maharashtra, Karnataka and Andhra Pradesh. On analyzing the competitive landscape of the market, it has been found that the market is highly fragmented in nature with the presence of numerous local and global players. The value chain analysis of the market has also been provided, encompassing all the activities such as cultivation, procurement, processing, sales and distribution.

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