Adzuki Beans Market to Cross US$ 1.2 billion at a CAGR of 3.6% by 2033

The Adzuki Beans Market within the United States is poised for substantial growth, with a projected value of US$ 299.3 million by 2033. This represents an absolute dollar growth of US$ 84.7 million from 2023 to 2033. Notably, the U.S. market exhibited a commendable Compound Annual Growth Rate (CAGR) of 6% from 2018 to 2022, and it is expected to continue growing at a CAGR of 3.4% from 2023 to 2033.

A recent analysis report from Fact.MR unveils that the global sales in the Adzuki Beans Market reached US$ 832 million in 2022. Forecasts suggest a promising growth of 3.6% from 2023 to 2033, ultimately resulting in a market valuation of US$ 1.2 billion at the conclusion of the forecast period. Within the Adzuki Beans market, canned packaging is anticipated to be the most lucrative segment, exhibiting a strong CAGR of over 3.4% from 2023 to 2033.

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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 landscape:

Key players in the market are ADM, D’Allesandro Gourmet Ingredients, NK Hurst Company, Goya Foods, the Kroger Co., Urban Herbs, La Preferida, LaFe, Bushbeans, and Fujicco Co., Ltd.

A few of the recent developments in the market are :

  • In May 2022, On the International Day of Plant Health, the CGIAR Plant Health Initiative was founded. The Plant Health Initiative addresses a wide range of agricultural pests and diseases, including Adzuki beans.
  • In July 2021, ADM announced the launch of a new line of textured vegetable protein (TVP) made from soybeans. The new product line, called ProFam, is aimed at meeting the growing demand for plant-based protein ingredients in a variety of food applications, including meat alternatives, snacks, and convenience foods.

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

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Questionnaire answered in the Market outlook Report of Adzuki Beans include:

  • What is the key strategy deployed by large players to maximize Adzuki Beans Market growth?
  • What are the main challenges faced by players in the Adzuki Beans market Demand?
  • With the advent of technological advancement, how will the Adzuki Beans market landscape change over the forecast period?
  • What does player bring to the table which is unique as a strategy, and is easy to emulate for new investors in the Adzuki Beans market size?

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