Adzuki Beans Market

Global Adzuki Beans Market Outlook (2023 to 2033)

Newly-released Adzuki Beans Market analysis report by Fact.MR reveals that global sales in 2022 were held at US$ 832 Million. With 3.6% projected growth from 2023 to 2033, the market is expected to reach a valuation of US$ 1.2 Billion by the end of the forecast period. Canned packaging type is expected to be the highest revenue-generating type of the Adzuki Beans, projected to grow at a CAGR of over 3.4 % from 2023 to 2033.

Attributes	Details
Global Adzuki Beans Market Size (2022)	US$ 832 million
Global Adzuki Beans Market Size (2033)	US$ 1.2 billion
Global Adzuki Beans Market CAGR (2023 to 2033)	3.6%
U.S. Adzuki Beans Market CAGR (2023 to 2033)	3.4%
Key Companies Covered	ADM DallesandroGourmet NK Hurst Company Goya Foods The Kroger Co. Urban Herbs La Preferida LaFe Bushbeans Fujicco Co., Ltd.

Revenue of Adzuki Beans Market from 2018 to 2022 Compared to Demand Outlook for 2023 to 2033

As per the research of the Adzuki Beans Market by Fact.MR- a market research and competitive intelligence provider, historically, from 2018 to 2022, the market value increased at around 6.2% CAGR. With an absolute dollar opportunity of US$ 368 million, the market is projected to reach a valuation of US$ 1.2 billion by 2033.

What are the Key Drivers Influencing Market Expansion?

Adzuki beans, also known as azuki beans or red beans, are small, oval-shaped legumes that are native to East Asia. They are a popular ingredient in many Asian cuisines, particularly in Japan, China, Korea, and other countries in the region. Adzuki beans are known for their vibrant red color and are commonly used in both savory and sweet dishes. They are considered to be a nutritious ingredient in many plant-based diets and are often used as an alternative to other beans or legumes in recipes.

According to the Food and Agriculture Organization of the United Nations (FAO), the global production of adzuki beans has been increasing steadily in recent years. In 2019, the total world production of adzuki beans was estimated to be around 1.25 million metric tons.

China is the significant producer of adzuki beans, with an estimated production of around 700,000 metric tons in 2019, followed by Japan with around 400,000 metric tons. Adzuki beans are considered to be a healthy and nutritious food source, as they are rich in protein, fiber, and various vitamins and minerals. The increasing consumer awareness about the health benefits of adzuki beans, along with the rising demand for plant-based and protein-rich foods, is driving the market expansion.

In 2019, global plant-based protein sales were valued at around US$ 12 billion and in 2022 the market reached up to US$ 12.2 billion, and is projected to reach about US$ 35 billion by 2026, registering a CAGR of about 15% during the forecast period. Adzuki beans being rich in plant-based protein source, are gaining attraction among consumers for vegetarian diets, which is contributing to the market expansion.

In 2020, the global food flavors market was valued at around US$ 15.2 billion and is projected to reach a value of around US$ 18.9 billion by 2026, registering a CAGR of 3.8% during the forecast period. There is a growing interest among consumers to explore and experiment with ethnic and exotic foods, including adzuki beans. Consumers are looking for new and unique flavors, and adzuki beans are gaining attention in various cuisines, and this influences the market growth in the upcoming years.

Region-Wise Analysis

Which Region is Projected to offer Significant Market Growth?

North America is a prominent shareholder in the market with a market size of US$ 232.9 million in 2022 and is estimated to reach US$ 244.1 million in 2023. It is projected that the region will have a market worth US$ 347.2 million by 2033.

In 2018, the total sales of legumes in Canada reached around US$ 2.6 billion, which increased to reach US$ 2.82 billion in 2020, is expected to grow at a CAGR of 5.3% during the forecast period. This indicates a growing trend in legume consumption in Canada, likely driven by factors such as increasing awareness about plant-based diets, health benefits of legumes, and culinary versatility of legume-based products. The growing demand of legumes in Canada helps the market growth of adzuki beans in the forthcoming years.

Country-Wise Analysis

"United States Adzuki Beans Market Analysis"

The market in the United States is expected to grow to be worth US$ 299.3 million by 2033, with an absolute dollar growth of US$ 84.7 million from 2023 to 2033. The market in the United States has grown at a CAGR of 6% from 2018 to 2022 and is expected to grow at a CAGR of 3.4% from 2023 to 2033.

According to data from the U.S. Department of Agriculture's Economic Research Service, in 2018, the total retail sales of canned beans in the United States was around US$ 2.2 billion which increased to around US$ 2.4 billion in 2019. This includes sales of all types of canned beans, such as kidney beans, black beans, pinto beans, and others. Increasing awareness about plant-based diets, and the health benefits of beans drives the growth of the bean market. The growing trend of healthy vegan protein helps the market growth.

"United Kingdom Adzuki Beans Market Analysis"

The market in the United Kingdom is expected to grow to be worth US$ 73.5 million by 2033, with an absolute dollar growth of US$ 18.6 million. The market in the country has grown at a CAGR of 4.9% from 2018 to 2022 and is expected to grow at a CAGR of 3 % from 2023 to 2033.

According to data from the UK government's Department for Environment, Food and Rural Affairs (DEFRA), in 2019, the harvested area of beans in the United Kingdom were around 37,000 hectares and in 2020 the beans harvested area was around 40,000 hectares. The growing demand of beans in the United Kingdom, and increasing demand of vegan protein helps for the market growth in the upcoming years.

"China Adzuki Beans Market Analysis"

In China, the market is expected to grow to be worth US$ 45.6 million with an absolute dollar growth of US$ 10.6 million till 2033. The market in China has grown at a CAGR of 5.1% from 2018 to 2022 and is expected to grow at a CAGR of 2.7 % from the year 2023 to 2033.

According to the data from the Food and Agriculture Organization (FAO) of the United Nations, China is one of the significant producers of adzuki beans in the world. In 2019, the harvested area of adzuki beans in China was around 177,000 hectares; with a production volume of around 383,000 metric tons. The growing awareness of the health benefits of adzuki beans, as well as their culinary versatility, has led to an increased demand for adzuki beans in China.

"Japan Adzuki Beans Market Analysis"

In Japan, the market is expected to grow to be worth US$ 126.5 million with an absolute dollar growth of US$ 24.3 million till 2033. The market in Japan has grown at a CAGR of 4.7% from 2018 to 2022 and is expected to grow at a CAGR of 2.2 % from the year 2023 to 2033.

According to the Ministry of Agriculture, Forestry and Fisheries of Japan, the total harvested area of adzuki beans in Japan has increased in recent years. In 2019, the harvested area of adzuki beans in Japan was reported to be around 13,905 hectares and the production of adzuki beans in Japan was around 18,470 metric tons in the same year. Adzuki beans are popular legumes in Japan and are commonly used in traditional Japanese cuisines, especially in sweet dishes such as red bean paste. Increasing Adoption of Plant-Based Diets and the growing demand for adzuki beans in Japanese cuisine drives the market growth.

"South Korea Adzuki Beans Market Analysis"

The market in South Korea is expected to grow to be worth US$ 77.4 million by 2033, with an absolute dollar growth of US$ 12.8 million. The market in South Korea has grown at a CAGR of 4.1% from 2018 to 2022 and is expected to grow at a CAGR of 1.8% from 2023 to 2033.

In 2020, food flavor sales in South Korea were around US$ 470 million and are expected to grow at a CAGR of around 4% during the forecast period. Consumers are increasingly interested in exploring and experimenting with ethnic and foreign cuisine, such as adzuki beans. Consumers are looking for fresh and unique flavors, and adzuki beans are gaining popularity in a variety of cuisines, which will affect the growth of the adzuki bean market in the future.

Category-Wise Insights

In Which Packaging Adzuki Beans is Projected to Witness Significant Demand?

Canned packaging is projected to witness the fastest growth as it has grown at a CAGR of 6% from 2018 to 2022 and is expected to grow at a CAGR of 3.4% from 2023 to 2033.

Canned adzuki beans are pre-cooked and ready to use, which saves time and effort in soaking and cooking dried adzuki beans. Canned adzuki beans are also easy to store and have a longer shelf life compared to dried beans. As more consumers are adopting plant-based diets or looking for plant-based protein sources, adzuki beans, being a rich source of plant-based protein. Canned adzuki beans can be easily incorporated into various plant-based recipes, such as stews, curries, and salads, providing a convenient source of protein for plant-based eaters.

Through Which Application Adzuki Beans is Expected to Register Significant Demand?

Adjuki beans demand through confectioneries is projected to witness significant demand and growth with a CAGR of 5.8% from 2018 to 2022 and is expected to grow at a CAGR of 3.2% from 2023 to 2033.

Adzuki beans are used in traditional Asian sweets and desserts, such as red bean paste, dorayaki, taiyaki, and mochi. These confectionery products are popular in several Asian countries and have a strong cultural significance, which drives the demand for adzuki beans in confectionery applications.

The confectionery industry is known for its innovation in flavors, textures, and ingredients. Adzuki beans can be used in various creative and innovative ways in confectionery applications, such as in fillings, coatings, toppings, and decorations, which can drive the growth of adzuki beans in the confectionery market.

Competitive Analysis

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.

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