Fava Beans Market

Fava Beans Market Value, Share, Size, Growth (2023-2028)

Fava Beans Market size would be expected to reach USD 3.1 billion in 2023 and expand at a CAGR of 1.8% to reach USD 4.3 Billion by 2028

Fava beans are a set of nutritious, rich seeds with dietary ingredients as protein, vitamin K, vitamin B complex, potassium, zinc, copper, selenium, iron, magnesium, and fiber. The increasing popularity of vegan culture in countries such as the United States, Germany, the United Kingdom, and France as a result of growing concerns about adverse effects associated with the rising intake of meat products is likely to increase the value of broad beans in the formulation of functional foods. Product innovations are the key trend that is taking over the fava beans market.

REPORT COVERAGE:

Drivers and Restraints of Fava Beans Market:

Growing populations with rising disposable income are the key factor that drives the fava beans market.Adoption of healthier food habits with increased intake of legumes is expected to drive the fava beans market.Emerging economies like India and China in the Asia-Pacific region, followed by the increased demand in Middle Eastern countries will propel the fava beans market forward.Fava Beans market is a densely crowded market with constant product innovations, to keep up with the constantly changing customer requirements.

Recent Developments:

For example, in 2016, Bi Nutraceuticals, a leading manufacturer of botanical ingredients, introduced two protein powders–Faba Bean Protein Concentrate 80 percent and Faba Bean Protein Concentrate 60 percent.

Fava Beans Market Market Segmentation:

By Application:

•  Human Nutrition

• Animal Feed

Out of these, Human nutrition products dominated the market, accounting for more than 75.0 per cent of global sales in 2018. The increasing popularity of vegetarianism, combined with the trend of healthy eating, is driving demand for broad beans, as they are a rich source of nutrients. In the coming years, increasing the inclusion of these beans in the regular diet is expected to drive demand for fava beans market as the trend of consumption continues to move from processed meat to plant-based proteins.

Fava bean flour is also used for the production of bread and pasta. Medamis, Falafel, Bissara and Nabet soups are among the popular dishes made with Faba beans. The use of fava bean in animal feed was limited due to the presence of anti-nutritional factors. However, the advancement in plant breeding and feed processing technology has lowered its presence. Fava beans are primarily used in poultry and pig diets, but the quantity in animal feed tends to vary based on animal species and age.

By Distribution Channel:

In 2018, the offline distribution channel dominated the market, accounting for more than 90.0%. Most consumers prefer to shop from offline retailers such as hypermarkets, supermarkets and convenience stores as they store a wide range of products available at different price points.

The online channel is predicted to be the fastest-growing segment of the CAGR by more than 3.4% from 2019 to 2024. Over the last few years, the online channel has become very popular among consumers who prefer convenience and on-the-go shopping. A wide variety of fava beans, including whole, unpeeled and cooked beans, are sold through online portals such as Amazon. The trend is gaining traction in the Asia Pacific, where fava beans are enjoyed as snacks.

Fava Beans Market regional analysis

North America

• U.S

• Canada

Europe

• Norway

• Germany

• Sweden

Asia Pacific

• China

• India

• Japan

Latin America and Middle East Africa

• Brazil

• Saudi Arabia

The Asia Pacific region accounted for more than 40.0% of the market in 2017. In countries such as India and China, it is an important ingredient in a variety of traditional dishes. Growing consumption of toasted seeds as a low-fat snack in India and neighboring countries is one of the factors driving demand in the region. China and Australia are among the world's leading fava beans producing countries.

North America is projected to grow by more than 2.0% from 2019 to 2024. The increasing importance of plant-based protein products in the U.S. and Canada due to growing concerns about glutamic disorders and lactose intolerance is expected to have a positive impact on the overall consumption of beans. The high obesity rate in the U.S. is also expected to support the demand for these beans as low-fat protein alternatives.

Fava Beans Market Key Players

1. GrainCorp Limited

2. BI Nutraceuticals

3. Dunns (Long Sutton) Limited

4. Centre State Exports Pty Ltd

5. Sun Impex B.V

6. Nuttee Bean Co

7. Prairie Fava