Faba Beans Market

Faba Beans Market Size, Share, Growth (2023-2028)

Faba Beans Market was at USD 3.29 Billion in 2023 and is anticipated to develop to an extent of USD 3.94 billion by 2028, registering a CAGR of 3.66% throughout the conjecture period (2023-2028).

Beans are consumed worldwide and consist of polyphenols and I-DOPA (I-3-4-dihydroxyphenylalanine). According to the NCBI, the Antioxidant Screening Program that it ran in 2016 demonstrated that bean sprouts had superior antioxidant properties than other sprouts or mature beans. Also, beans include compounds like convicin and vicin. Additionally, these chemicals are metabolized into divicin and isouramil, which are powerful oxidizing agents. Also, isouramil and divicine have almost the same metabolic effects.

Recent Developments in Global Faba Beans Market

1. Bi Nutraceuticals, a leading manufacturer of botanical ingredients, has introduced two protein powders: Faba Bean 80 percent protein concentrate and Faba Bean 60 percent protein concentrate.

Faba Beans Market Drivers:

The increasing attention paid to collaborative research programs is estimated to play an imperative role in improving the quality of beans, a factor that is supposed to drive the global faba bean market during the evaluation period.

Collaborative research programs around the world have played an important role in establishing a strong foundation for the global market. For example, the constant efforts of the International Center for Agricultural Research in Dry Areas (ICARDA) and the European Union through collaborative projects have gradually improved the popularity of beans in Europe. Also, ICARDA is increasingly promoting the integration of biotechnological tools in bean breeding, increasing the growth prospects of the worldwide faba bean market. As the demand for plant-based protein continues to grow around the world, the demand for these bean seeds is increasing due to the richness of its nutritional content in a variety of conventional feed and food products.

Faba Beans Market Restraints:

Despite their loss of popularity over the past century, field beans are gradually making a comeback. The growing awareness of the benefits of consuming beans, the growing demand for natural and plant proteins, the change in consumer behavior and the growing demand for these beans in the nutraceutical sector are foreseen to promote the expansion in the international faba bean market during the envisioned period. The shift from traditional manual farming practices to the adoption of modern automated farming equipment and techniques has resulted in higher yield value, improved bean quality and several other benefits, which are likely to enhance the expansion of the global market for broad beans during the projection period. In the current scenario, consumers are increasingly turning to veganism or a vegetarian diet in various parts of the world, which has caused the demand for plant-based proteins to skyrocket and will be driving the demand for during the foreseen period. In addition, increased access to marketing, better agronomic practices around the world, and greater adoption of an integrated approach to crop improvement are some of the other key factors that are estimated to drive the growth of the global fab bean market over the next decade. Furthermore, beans are a unique performance legume and are high in nutritional value such as starch and protein. Additionally, it is a unique source of protein, lecithin, complex carbohydrates, choline, minerals, and phenol. This will generate greater demand for the product in the coming years.

REPORT COVERAGE:

Faba Beans Market Segmentation:

By application, human nutrition products dominated the market and accounted for more than 75% of global sales in 2018. The growing popularity of vegetarianism, combined with the trend towards healthy eating, is driving demand for beans, as they are a rich source of nutrients. In the coming years, the increased inclusion of these beans in the normal diet is supposed to boost market demand for beans as the consumption trend continues to shift from processed meat to plant protein.  Medamis, Falafel, Bissara and Nabet soups are some of the popular Faba bean dishes.

 In 2018, the offline distribution channel dominated the market, representing more than 90.0%. Most consumers prefer to buy from offline retailers such as hypermarkets, supermarkets, and convenience stores because they have a wide range of products available at different prices. The online channel is expected to be the fastest-growing segment with a CAGR of more than 3.4% from 2022 - 2027. In recent years, the online channel has become very popular with consumers who prefer the convenience and are on the way to shopping.

Impact of COVID-19 on Global Faba Beans Market

The outbreak of the new coronavirus pandemic is expected to cause a slight drop in the demand for beans, especially in 2020, affecting the faba bean market. Disruption of the supply chain due to strict closures, closures of non-essential commodities and services sectors, and restrictions on domestic and international transportation are estimated to negatively impact demand over the COVID-19 period. However, demand is expected to grow gradually in regions where the coronavirus situation is under control. Online sales are likely to increase in 2021 as consumers are not likely to visit retail stores, supermarkets and physical stores as a precaution. Faba beans offer several health benefits as they contain antioxidants that enhance the body's immune response. They also prevent cell damage and aging and inhibit immune cells against oxidative stress and membrane damage, promoting business demand.

Faba Beans Market Regional Analysis:

• North America

• Asia Pacific

• Europe

• Latin America

• Middle East and Africa

The Asia-Pacific region accounted for more than 40.0% of the market in 2017. In countries like India and China, it is an important ingredient in a variety of traditional dishes. The increasing consumption of roasted seeds as a low-fat snack in India and neighboring countries is one of the factors driving demand in the area. China and Australia are among the top bean-producing countries in the world. In China, bean production was 2.17 million metric tons in 2019. China accounted for 40% of global bean production in 2019. It is expected to grow at a CAGR of 6% for the estimated period of 2022 - 2027. With declining earnings from food legume crops, their acreage and production have decreased in China.

North America is expected to grow by more than 2.0% from 2022 - 2027. The increasing importance of plant-based protein products in the United States and Canada due to growing concern about glutamic disorders and lactose intolerance should have a positive impact on total bean intake. The high rate of obesity in the United States is also expected to support the demand for these beans as low-fat protein substitutes.

Faba Beans Market Key Players 

• Prairie Fava

• GrainCorp Limited

• BI Nutraceuticals

• Sun Impex B.V.

• Nuttee Bean Co.

• Dunns (Long Sutton) Limited.