Rockville, Aug. 01, 2023 (GLOBE NEWSWIRE) -- As per a new industry analysis by Fact.MR, a market research and competitive intelligence provider, the revenue of the Adzuki Beans Market was estimated at US$ 832 million in 2022 and are anticipated to grow at a CAGR of 3.6% from 2023 to 2033, according to a recently published Fact.MR report. By the end of 2033, the market is expected to reach a valuation of US$ 1.2 billion. The market is expected to garner significant demand in North America, with a projected market size of US$ 347.2 Million by 2033.
In 2018, the global legume sales were valued at around US$ 63 Billion, and in 2020, it reached a value of around US$ 75 billion, registering a CAGR of about 4% during the forecast period. The global legume market has been growing steadily in recent years, driven by factors such as increasing consumer demand for plant-based protein, growing awareness of the health benefits of legumes, and expanding culinary applications of legumes in various cuisines around the world.
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Adzuki beans are legumes that are widely used in various culinary applications, including soups, stews, sweets, and desserts, and they are known for their slightly sweet flavor and nutty texture. The growing demand of legume helps for the growth of adzuki beans market in the future.
According to data from the Ministry of Commerce and Industry, Government of India, the total value of adzuki beans imported into India was valued at around US$ 11.92 million in the fiscal year 2020-21. The total value of adzuki beans exported from India during the same period was around US$ 3.75 million. India imports adzuki beans primarily from countries such as China, Myanmar, and Japan. The growing demand of adzuki beans in Asian cuisine helps for the growth of adzuki beans in the upcoming years.
Competitive Analysis:
A few of the recent developments in the Adzuki Beans Market are:
- In May 2021, ADM announced the expansion of its plant-based protein production capabilities with the acquisition of Sojaprotein, a leading European producer of plant-based protein specialties. This acquisition is expected to enhance ADM's ability to meet the growing demand for plant-based proteins in Europe and globally.
- In April 2021, Co-op Foods announced the release of canned vegan-friendly beans and sausages. This canned product contains baked beans that have been combined with spices, tomato sauce, and herbs.
Key Companies Covered
- ADM
- DallesandroGourmet
- NK Hurst Company
- Goya Foods
- The Kroger Co.
- Urban Herbs
- La Preferida
- LaFe
- Bushbeans
- Fujicco Co., Ltd.
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United Kingdom Adzuki Beans Market Analysis
The market in the United Kingdom is set to witness substantial growth, reaching a value of US$ 73.5 million by 2033, with an absolute dollar growth of US$ 18.6 million. Notably, the market experienced a notable Compound Annual Growth Rate (CAGR) of 4.9% from 2018 to 2022, and it is projected to continue growing at a CAGR of 3% from 2023 to 2033.
Data sourced from the UK government's Department for Environment, Food and Rural Affairs (DEFRA) reveals that in 2019, the harvested area of beans in the United Kingdom was approximately 37,000 hectares, which increased to around 40,000 hectares in 2020. This upward trend in harvested bean area is largely attributed to the growing demand for beans and the increasing popularity of vegan protein sources in the country, both of which are contributing factors to the market's robust growth in the upcoming years.
Segmentation of the Adzuki Beans Market
- By Packaging Type:
- Canned
- Plastic Bag
- By Application:
- Confectioneries
- Bakery
- Desserts
- Cosmetics
- By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
More Insights Available
Fact.MR, in its new offering, presents an unbiased analysis of the Adzuki Beans Market, presenting historical market data (2018-2022) and forecast statistics for the period from 2023 to 2033.
The study reveals extensive growth in Adzuki Beans Market by Packaging Type (Canned, Plastic Bag), by Application (Confectioneries, Bakery, Desserts, Cosmetics), by Region (North America, Latin America, Europe, Asia- Pacific, Middle East and Africa) - 2023 to 2033.
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