Adzuki Beans Market Share, Size, Trends, Industry Analysis Report, By Packaging Type (Canned and Plastic Bag); By Application; By Region; Segment Forecast, 2023 – 2032
- Published Date:Dec-2023
- Pages: 118
- Format: PDF
- Report ID: PM4108
- Base Year: 2022
- Historical Data: 2019-2021
Report Outlook
The global adzuki beans market was valued at USD 816.64 million in 2022 and is expected to grow at a CAGR of 3.8% during the forecast period.
The growing popularity of adzuki beans across various Asian cuisines, especially in Japan, Korea, China, and India, among others, and their significant use in both savory and sweet dishes types due to their consideration as a nutritious ingredient in several plant-based diets and alternative to other legumes and beans in recipes, are key factors expected to boost global market growth. Apart from this, the rapid development of new adzuki bean products like adzuki bean-based snacks, beverages, and food substitutes by key market companies to expand their product offerings and consolidate their market position is further influencing the growth of the market.
To Understand More About this Research: Request a Free Sample Report
- For instance, in September 2023, Yumbini Foods announced the addition of its new Mild & Creamy Red Beans & Rice to its portfolio of bean & rice dry mixes. It contains mashed beans that provide a creamy texture and new, unique flavor and is mildly seasoned with savory “holy trinity” vegetables.
In addition, as adzuki beans are widely known for their nutritional value, including high protein content, fiber, and various vitamins and minerals, there is an increasing number of consumers demanding healthier food options and looking to incorporate nutritious ingredients into their diets, which in turn, likely to push market growth forward.
Moreover, there has been a significant number of innovations in agricultural practices, such as precision farming and sustainable farming methods, that have led to greater yields and better-quality adzuki beans even while reducing the environmental impact of cultivation, which, in turn, is likely to generate huge growth potential for the market over the coming years.
For Specific Research Requirements: Request for Customized Report
The limited geographic distribution of adzuki beans, as they are traditionally grown in some specific regions and mainly in Asia, and the need for more awareness among people about their uses and nutritional benefits are among the factors hampering the growth of the market.
Industry Dynamics
Growth Drivers
- The growing trend of vegetarian and vegan diets and demand for functional food driving the market growth
With the emerging trend of vegetarian and vegan diets around the world and the increasing number of people adopting vegan lifestyles, the demand and need for adzuki beans as a valuable source of plant-based protein and also as a meat substitute in vegetarian and vegan recipes are primary factors fostering the growth of the adzuki beans market. Additionally, the increasing awareness among consumers about the additional benefits of adzuki beans beyond basic nutrition, including regulating blood sugar levels, aiding digestion, and reducing the risk of several chronic diseases, propelling the demand for the product at a significant pace.
- For instance, according to our findings, the number of vegans across the world in 2022 is approximately 88 million, which makes up 1.1% of the world’s total population. The number of vegans in the UK has quadrupled in the last five years and recorded one million in 2022.
Report Segmentation
The market is primarily segmented based on packaging type, application, and region.
|
By Packaging Type |
By Application |
By Region |
|
|
|
To Understand the Scope of this Report: Speak to Analyst
By Packaging Type Analysis
- Canned segment accounted for the largest market share in 2022
The canned segment accounted for the largest market share, which is mainly attributed to its wide range of benefits over other packaging types, including extended shelf life, higher convenience, versatility, reduced cooking time, and nutrient-rich, among others. Apart from this, the widespread availability of canned adzuki beans through various distribution channels, including supermarkets, specialty stores, and online platforms, also plays a crucial role in making them accessible to consumers around the world.
The plastic bag segment is projected to exhibit a significant growth rate over the next coming years, mainly due to its ability to offer greater convenience to consumers by providing an easy-to-carry, lightweight, and resealable packaging option. Also, it allows for customization in terms of design, branding, and label, which makes them a highly preferred choice for companies to boost their marketing and branding strategies in this competitive market.
By Application Analysis
- Confectioneries segment held the significant market share in 2022
The confectioneries segment held a significant market share in terms of revenue in 2022, which is majorly driven by the increasing proliferation of plant-based and vegan diets that have created significant demand for plant-based ingredients, including adzuki beans in confectionery items.
Besides this, some of the leading companies in the confectionery industries are constantly seeking to differentiate themselves by introducing unique and more innovative products since adzuki beans could be a key element in creating distinctive and specialty confectioneries that attract consumers looking for new and exciting flavor experiences, the demand for such ingredients is like to grow substantially.
The bakery segment is also expected to account for a substantial market share over the projected period due to a surge in the number of bakeries seeking innovative ingredients for differentiating their products and cater to continuous change in consumer preferences and regulatory initiatives and standards promoting the use of sustainable and healthy ingredients like adzuki beans.
Regional Insights
- The demand in North America is expected to witness significant growth over the forecast period.
The North America region will grow at a significant pace on account of growing interest in plant-based diets, veganism, and vegetarianism and increasing demand for products as a functional food due to numerous potential health benefits that are mainly linked to blood sugar management, heart health, and enhanced digestion process.
Additionally, the rising proliferation of adzuki beans as naturally gluten-free ingredients that make them suitable for people with celiac disease and those following gluten-free diets is further escalating product demand in the market. Thereby, the continuous surge in the number of people suffering from celiac diseases in the region and the growing diagnosis of gluten-related disorders have directly impacted the market for gluten-free foods, including adzuki beans.
- For instance, according to a recent report published, almost 1 in every 100 people in the United States has celiac disease, and the rate of celiac disease has increased by over 7.5% over the last few decades. Also, approximately 6% of the US total population is expected to be gluten intolerant, and about 23% of US consumers shop for gluten-free products.
The Asia Pacific region dominated the global market, owing to the cultural significance of adzuki beans across various APAC countries such as China, Japan, Vietnam, and Korea, along with the drastic increase in the rate of urbanization that led to busier and hectic lifestyles resulting in increased preference for health and convenient food products or options.
- For instance, according to a report by The Hindu, India’s total population is projected to stand at 675 million in 2035, with an increase from around 483 million people in 2020.
Key Market Players & Competitive Insights
The adzuki beans market is moderately competitive, with the robust presence of various regional and global market players. The key players operating in the market are focusing significantly on various business development strategies, including partnerships, collaborations, acquisitions, mergers, and new product launches, in order to expand their market reach and geographical presence, mainly in emerging nations.
Some of the major players operating in the global market include:
- ADM
- Bushbeans
- D’Allesandro Gourmet Ingredients
- Eden Foods
- Fujicco Co. Ltd.
- Global Nature Crafts Inc.
- Goya Foods
- La Preferida
- LaFe
- Napoleon Co.
- Natural Import Company
- NK Hurst Company
- The Green Labs LLC
- The Kroger Co.
- Tradin Organic
- Urban Herbs
Recent Developments
- In April 2022, ADM announced that they would invest around USD 300 Mn to expand their Illinois alternative protein production. The company will also focus on expanding its alternative protein capacities by inaugurating a new protein innovation center.
- In September 2022, Yishi Foods Products, an emerging Asian-inspired oatmeal startup, announced its plan to expand further with its recent funding. The company will likely expand its market into its existing product portfolio of adzuki beans, black sesame, organic oats, hemp seeds, and flaxseed, among others.
Adzuki Beans Market Report Scope
|
Report Attributes |
Details |
|
Market size value in 2023 |
USD 844.73 million |
|
Revenue forecast in 2032 |
USD 1,185.39 million |
|
CAGR |
3.8% from 2023 – 2032 |
|
Base year |
2022 |
|
Historical data |
2019 – 2021 |
|
Forecast period |
2023 – 2032 |
|
Quantitative units |
Revenue in USD million and CAGR from 2023 to 2032 |
|
Segments covered |
By Packaging Type, By Application, By Region |
|
Regional scope |
North America, Europe, Asia Pacific, Latin America; Middle East & Africa |
|
Customization |
Report customization as per your requirements with respect to countries, region and segmentation. |
