diff --git a/spring-beans/src/main/java/org/springframework/beans/factory/aot/DefaultBeanRegistrationCodeFragments.java b/spring-beans/src/main/java/org/springframework/beans/factory/aot/DefaultBeanRegistrationCodeFragments.java
index 97a3df3fd66..350289ea247 100644
--- a/spring-beans/src/main/java/org/springframework/beans/factory/aot/DefaultBeanRegistrationCodeFragments.java
+++ b/spring-beans/src/main/java/org/springframework/beans/factory/aot/DefaultBeanRegistrationCodeFragments.java
@@ -21,6 +21,7 @@ import java.lang.reflect.Executable;
 import java.util.List;
 import java.util.function.Predicate;
 
+import org.springframework.aot.generate.AccessVisibility;
 import org.springframework.aot.generate.GenerationContext;
 import org.springframework.aot.generate.MethodReference;
 import org.springframework.beans.factory.FactoryBean;
@@ -80,7 +81,9 @@ class DefaultBeanRegistrationCodeFragments extends BeanRegistrationCodeFragments
 
 	private Class<?> extractDeclaringClass(Executable executable) {
 		Class<?> declaringClass = ClassUtils.getUserClass(executable.getDeclaringClass());
-		if (executable instanceof Constructor<?> && FactoryBean.class.isAssignableFrom(declaringClass)) {
+		if (executable instanceof Constructor<?>
+				&& AccessVisibility.forMember(executable) == AccessVisibility.PUBLIC
+				&& FactoryBean.class.isAssignableFrom(declaringClass)) {
 			return ResolvableType.forType(declaringClass).as(FactoryBean.class).getGeneric(0).toClass();
 		}
 		return executable.getDeclaringClass();
diff --git a/spring-beans/src/test/java/org/springframework/beans/factory/aot/DefaultBeanRegistrationCodeFragmentsTests.java b/spring-beans/src/test/java/org/springframework/beans/factory/aot/DefaultBeanRegistrationCodeFragmentsTests.java
index 6ac4dfef376..9f89171d494 100644
--- a/spring-beans/src/test/java/org/springframework/beans/factory/aot/DefaultBeanRegistrationCodeFragmentsTests.java
+++ b/spring-beans/src/test/java/org/springframework/beans/factory/aot/DefaultBeanRegistrationCodeFragmentsTests.java
@@ -51,12 +51,19 @@ class DefaultBeanRegistrationCodeFragmentsTests {
 	}
 
 	@Test
-	void getTargetOnConstructorToFactoryBean() {
+	void getTargetOnConstructorToPublicFactoryBean() {
 		RegisteredBean registeredBean = registerTestBean(TestBean.class);
 		assertThat(createInstance(registeredBean).getTarget(registeredBean,
 				TestBeanFactoryBean.class.getDeclaredConstructors()[0])).isEqualTo(TestBean.class);
 	}
 
+	@Test
+	void getTargetOnConstructorToProtectedFactoryBean() {
+		RegisteredBean registeredBean = registerTestBean(TestBean.class);
+		assertThat(createInstance(registeredBean).getTarget(registeredBean,
+				PrivilegedTestBeanFactoryBean.class.getDeclaredConstructors()[0])).isEqualTo(PrivilegedTestBeanFactoryBean.class);
+	}
+
 	@Test
 	void getTargetOnMethod() {
 		RegisteredBean registeredBean = registerTestBean(TestBean.class);
@@ -135,13 +142,7 @@ class DefaultBeanRegistrationCodeFragmentsTests {
 		return "Test";
 	}
 
-	@SuppressWarnings("unused")
-	static class TestBean {
-
-	}
-
-
-	static class TestBeanFactoryBean implements FactoryBean<TestBean> {
+	static class PrivilegedTestBeanFactoryBean implements FactoryBean<TestBean> {
 
 		@Override
 		public TestBean getObject() throws Exception {
diff --git a/spring-beans/src/testFixtures/java/org/springframework/beans/factory/aot/TestBean.java b/spring-beans/src/testFixtures/java/org/springframework/beans/factory/aot/TestBean.java
new file mode 100644
index 00000000000..f52c20a90f9
--- /dev/null
+++ b/spring-beans/src/testFixtures/java/org/springframework/beans/factory/aot/TestBean.java
@@ -0,0 +1,25 @@
+/*
+ * Copyright 2002-2022 the original author or authors.
+ *
+ * Licensed under the Apache License, Version 2.0 (the "License");
+ * you may not use this file except in compliance with the License.
+ * You may obtain a copy of the License at
+ *
+ *      https://www.apache.org/licenses/LICENSE-2.0
+ *
+ * Unless required by applicable law or agreed to in writing, software
+ * distributed under the License is distributed on an "AS IS" BASIS,
+ * WITHOUT WARRANTIES OR CONDITIONS OF ANY KIND, either express or implied.
+ * See the License for the specific language governing permissions and
+ * limitations under the License.
+ */
+
+package org.springframework.beans.factory.aot;
+
+/**
+ * An empty test bean used by code generation.
+ *
+ * @author Stephane Nicoll
+ */
+public class TestBean {
+}
diff --git a/spring-beans/src/testFixtures/java/org/springframework/beans/factory/aot/TestBeanFactoryBean.java b/spring-beans/src/testFixtures/java/org/springframework/beans/factory/aot/TestBeanFactoryBean.java
new file mode 100644
index 00000000000..a87d8670cf5
--- /dev/null
+++ b/spring-beans/src/testFixtures/java/org/springframework/beans/factory/aot/TestBeanFactoryBean.java
@@ -0,0 +1,38 @@
+/*
+ * Copyright 2002-2022 the original author or authors.
+ *
+ * Licensed under the Apache License, Version 2.0 (the "License");
+ * you may not use this file except in compliance with the License.
+ * You may obtain a copy of the License at
+ *
+ *      https://www.apache.org/licenses/LICENSE-2.0
+ *
+ * Unless required by applicable law or agreed to in writing, software
+ * distributed under the License is distributed on an "AS IS" BASIS,
+ * WITHOUT WARRANTIES OR CONDITIONS OF ANY KIND, either express or implied.
+ * See the License for the specific language governing permissions and
+ * limitations under the License.
+ */
+
+package org.springframework.beans.factory.aot;
+
+import org.springframework.beans.factory.FactoryBean;
+
+/**
+ * A public {@link FactoryBean}.
+ *
+ * @author Stephane Nicoll
+ */
+public class TestBeanFactoryBean implements FactoryBean<TestBean> {
+
+	@Override
+	public TestBean getObject() throws Exception {
+		return new TestBean();
+	}
+
+	@Override
+	public Class<?> getObjectType() {
+		return TestBean.class;
+	}
+
+}