Bean Ingredient Market Outlook
Bean is one of the most versatile and commonly consumed food owing to its high content of amino acids that helps in maintaining health. The prominence of beans and associated products also increased with the rise of the vegan population and the food ecosystem around plant-based products. Bean ingredients experienced traction from B2B as well as B2C customer categories since trademark bean ingredient products were introduced to the market by the likes of ADM.
Innovation is making bean ingredient products more appealing than ever before, which raises the demand for bean ingredients globally. Food producers are using new techniques to manufacture bean ingredients for the customer to create a product that is convenient and more appealing. Bean ingredients can give the same profile to the food the taste, appearance, and texture of real meat. The plant-based product market is growing in all regions which are fueling the demand for bean ingredients.
High nutritious profile of the beans is driving the global Bean Ingredient Market
Wide application of bean ingredient replacing the regular flour due to its high nutritional profile is propelling the global bean ingredient market. Rising vegan population around the globe is increasing the demand for healthy food products which in turn give rise to the bean ingredient market. Consumers are becoming more aware of the health benefits of the beans that helps in reducing the chances of cardiovascular disease, risk of cancer, and type-2 diabetes. Regular consuming of bean ingredient based products helps in losing weight which is a major factor for the high demand for bean ingredients.
The rapidly growing food industry is expected to propel the bean ingredient market as many food manufacturers are replacing the regular flour with more nutritious and taste-enhancing bean flour. Health-conscious consumers are opting more healthy diet which includes bean ingredients as beans are low calories profiles. The consumer is preferring clean label and allergen-free products which is driving the global bean ingredient market. Plant-based ingredients are gaining popularity among food manufacturers and foodservice operators which is fueling the growth of the global bean ingredient market.
Bean Ingredient Market – Segmentation
Based on bean type, the global bean ingredient market is segmented as
Based on nature, the global bean ingredient market is segmented as
Based on ingredient type, the global bean ingredient market is segmented as
Based on end-users the global bean ingredient market is segmented as
Based on application, the global bean ingredient market is segmented as
Based on the sales channel, the global ingredient market is segmented as
Based on the region the global bean ingredient Market is segmented as
Bean Ingredient Market – Key Players
Some of the key players of the bean ingredient market are segmented as Archer Daniels Midland Company, Globeways Canada, Inc, BETTER BEAN COMPANY, MARA GLOBAL FOODS and others.
Bean Ingredient Market – Opportunity
The expanding market for plant-based products is creating spaced for the bean ingredient manufacturers to show its presence in the market in most of the regions. Asia is the largest growing market owing to increasing retail channels and increased per capita income of the consumers. North America and Europe have the largest share of the global bean ingredient market owing to the rising population following the vegan and vegetarian diet. Generally, the rise of bean ingredient based products is attributed to a demand for more ethical and sustainable food consumption.
Impact of COVID -19 on global Bean Ingredient Market
The bean ingredient market will have a positive impact post the pandemic. The consumers demanding for more nutritious and plant-based products will bring the bean ingredient market to mainstream from just trend. The manufacturer is focusing on new strategies as the consumer's food preferences have changed towards more healthy food products. The governments, as well as the food manufacturers, are working together to build long term ecosystems beneficial for consumers. The food and beverage sector is witnessing less impact during this pandemic as the food demand is high. The manufacturers are prioritizing the reduction of operating costs of the products.