Edible Beans Market

Global Edible Beans Market (2023 to 2028)

The global edible beans market is expected to reach USD 19.82 billion by 2028 from USD 17.18 billion in 2023, growing at a compound annual growth rate (CAGR) of 2.9 % during the forecast period (2023 to 2028).

MARKET DRIVERS:

An increase in the importance of beans and legumes in the regular diet drives the demand for edible bean products and increases the demand for the global edible bean market to move at a faster rate. The consumption demand proportionately increases the supply-demand. There will be a 3% increase in dry edible bean production from 2022, along with an increase in cultivation, which will account for a total of 1.20 million acres. The higher production rate can boost the market growth. The highly nutritious source from the plant includes the protein, fiber, and various essential nutrients available in the beans, making the consumers adopt them at a higher rate. Beans also have several health benefits, such as maintaining digestive health, reducing cholesterol levels, and managing individuals' weight. Such amazing nutritional and health benefits from consuming the beans will help increase the growth of the edible bean market.

The rise in consumer preferences towards healthy, nutritious food and organic products has shown a positive impact on the edible bean market. Individuals have started to focus more on healthy and organic food, mainly plant-based products. As the edible beans can suffice the nutritional requirements of every individual for day-to-day activities, mainly for gym-goers and athletes, they are boosting the market growth. The increase in interest in leading a healthy life and growing awareness led to the wide incorporation of edible beans into several processed food products. An increase in the support of global vegan trends, along with the increase in the consumption of plant-based protein food products, supports the market growth.

With the increase in innovation in packaging technology, there is a shift in the consumer towards packaged foods. In developed countries such as the U.S., Germany, and the U.K., there is a health issue of protein deficiency, and they are majorly demanding edible edible beans to combat the issue. The steady growth in the food processing and agriculture industry will generate a significant opportunity for the market players to invest in the edible beans market.

MARKET RESTRAINTS:

The major restraint for the edible beans market is the production and procurement on dependency seasons that impact the supply and demand of the market. Seasonal dependency affects the price of the commodity, acting as one of the restraints for market growth. Harvesting and procurement will affect the availability of edible beans in the market, creating inconsistency and impacting consumer requirements. The COVID-19 pandemic has largely impacted the edible market as the beans depend on the season's non-availability of labor and inputs, resulting in a fall in crop productivity.

Impact of COVID-19 on the edible beans market:

The fast-paced spread of the COVID-19 pandemic across the world has caused great destruction for the entire economy by interrupting the operational activities of individuals and companies across various sectors. The edible beans market is one such industry that has seen a significant impact due to the pandemic occurrence across the nations. The shutdown of the various industrial operational plants and manufacturing industries made an immense impact on the global supply chains by interrupting the delivery schedules, supply & demand in the global market. Few companies have announced delays in product deliveries due to the non-availability of transportation facilities to supply various markets in different regions of the world. The sector has also seen a downfall in sales. Post-pandemic has shown a restoration in the demand for edible beans as people started consuming nutritious and healthy food and included such food in their diet. Health awareness and a healthy lifestyle are the major changes that happened post-pandemic, favoring the increase in demand and growth for nutritious food products across the world.

REPORT COVERAGE:

This market research report on the global edible beans market is segmented and sub-segmented into the following categories.

Global Edible Beans Market – By Product Type:

• Pinto Beans
• Navy Beans
• Great Northern Beans
• Red Kidney Beans
• Black Beans
• Yellow Beans
• Others

The largest market share is accounted for by the Pinto Benas and is expected to grow at a CAGR of 2.39% during the forecast timeline in the Edible Beans market. The pinto bean is one of the types of common bean found in America. It can also be said to be the Americans' gift to the world. In Peru and Mexico, beans have been domesticated for a long period. Their flavor, low cost, easy to cook, and high nutritional content make beans still popular in America. Pinto beans have high fiber, like other beans. The high fiber content helps in keeping the sugar and cholesterol levels in control.

Global Edible Beans Market - By Distribution Channel:

• Supermarket/Hypermarket
• Online Stores
• Specialty Stores
• Other

The supermarket is anticipated to grow at a high CAGR of 2.98% during the forecast period. The availability of a wide range of food and household products and organized shelves, along with the self-service offering, is promoting growth. Supermarkets are larger and have a wider selection range than regular grocery stores, making individual shopping more attractive to them. Higher availability of beans in the supermarket/hypermarket with wide range availability, along with other factors, favor the segment growth.

Global Edible Beans Market - By Application:

• Household
• Restaurants
• Others

The household segment accounts for a larger share of the edible beans market owing to the high consumption of the nutritional diet. The distinct qualities and flexible components in the edible beans make them suitable for every home application, like cooking. Beans can be utilized in various traditional cuisines and can be cooked in various ways, such as boiling, frying, and baking. The low-cost source of complex carbohydrates and proteins, along with different nutrients such as iron, zinc, magnesium, and potassium, is a good source of fiber.

Global Edible Beans Market - By Region:

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East and Africa

Asia-Pacific region is anticipated to have a significant growth in the edible beans market due to the increase in the consumption rate of edible beans in their diet. Countries like India, China, and Japan have started consuming beans as their main food, and the countries in this region are the most populated nations with a large consumer base. The continuous growth in trading, agricultural developments, and exports of agricultural products can also act as a positive growth factor. Furthermore, there is an increase in the adoption of international eating habits, a rise in income, and growing awareness about the health benefits of plant-based protein among the people in this region.

North America is expected to witness significant growth in the edible beans market owing to the rise in the consumer demand for healthy and organic products. There is a rise in vegan foods in the U.S., leading to an increase in the demand for plant-based protein such as edible beans. Furthermore, in the world, the U.S. is the largest producer of kidney beans. The edible beans are becoming one of the components in the Ready-to-eat and Ready-to-cook foods, and their consumption is also observed to be moving at a fast pace with the change in lifestyles. This could fuel the market growth in the North American region.

KEY MARKET PLAYERS:

Archer-Daniels-Midland Company (ADM); Kirsten Company LLC; Chippewa Valley Bean Co; Utz Quality Foods; Phalada Pure & Sure; Star of the West Milling Company; Michigan Bean Commission; Bonita Bean Company; Northarvest Bean; Central Valley Bean Coop; Mountain High Organics; Midwest Shippers Association (MSA); Pulse Canada; Treasure Valley Seed Company; Ceres Organics.

RECENT HAPPENINGS IN THE MARKET:

• In 2023, a pre-solicitation announcement for the Commodity Credit Corporation (CCC) purchase of canned and dry edible beans was made by the U.S. Department of Agriculture (USDA).
• In 2021, ADM announced its acquisition of Sojaprotein, which is a leading European provider of non-GMO soy ingredients. This acquisition significantly expands the ADM into global alternative protein and meets the growing demand for plant-based food and beverages.