North America Fava Beans Market

North America Fava Beans Market Size Analysis 2022 - 2027:

North America Fava Beans Market size was at USD 3.9 billion in 2020 and is foreseen to increase to USD 4.66 billion by the end of the assessment period. The market is also estimated to record a compound annual growth rate of 2.1% throughout the outlook period 2022 - 2027.

Fava 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, which supports business growth.

North America Fava Beans Market Recent Developments

1. In November 2018, Puris, a US-based company, launched the PURIS lima bean protein, which can be used widely in a variety of applications in the food industry: bars and dry drink mixes to substitutes of meat of vegetable origin.
2. In November 2019, Vestkorn, the leading European producer of pea and bean ingredients, announces the launch of Textured Pea Protein and Textured Bean Protein, to meet the growing demand for sustainable meat substitutes. Vestkorn produces pea protein, bean protein, pea fiber, and pea starch, which are also available as organic products. The protein processing plant in Tau, Norway, will act as the focal point for this new product portfolio, along with the task of distribution of ingredients.

North America Fava Beans Market Drivers and Restraints:

The increasing attention paid to collaborative research programs is expected to play an imperative role in improving the quality of beans, a factor that is expected to drive the North American market for beans during the evaluation period. Collaborative research programs around the area have played an important role in establishing a strong foundation for the fava bean market. For instance, the continuous efforts of the organizations like the International Center for Agricultural Research in Dry Areas (ICARDA) have promoted the popularity of these beans. The entry of new genotypes, along with exciting prospects on the research front, is expected to boost the North America fava bean market during the foreseen period. Also, ICARDA is increasingly promoting the integration of biotechnological tools in bean breeding, increasing the growth prospects of the fava bean market. As the demand for plant protein continues to grow around the area, the demand for fava bean seeds is on the rise due to its rich nutritional content in a variety of conventional feed and food products. The North American fava bean market is a densely populated market with constant product innovations, to keep up with ever-changing customer demands.

North America Fava Beans Market Segmentation:

The North America Fava Beans Market can be divided based on Application and Distribution Channel.

The application in the field of human nutrition has dominated the market, accounting for more than 75.0% of turnover in 2017. The growing popularity of vegetarianism, together with the trend towards healthy eating, is driving the demand for beans because they are a rich source of nutrients. In the coming years, the increasing inclusion of these beans in the regular diet is expected to boost demand as the consumption pattern continues to shift from processed meat to plant protein. Bean flour is also used in the production of bread and pasta. Soup Medamis, Falafel, Bissara, and Nabet are some of the popular dishes made with fava beans. The application of beans in animal feed has been limited by the presence of antinutritional factors. However, advances in food processing and plant breeding technology have reduced their presence. Fava Beans are used mainly in poultry and pig feed, but the amount in animal feed continues to vary according to animal species and age.

The offline distribution channel dominated the market with more than 90.0% in the review period. Most consumers prefer to buy from offline retailers such as hypermarkets, supermarkets, and convenience stores, as these points of sale have a wide variety of products available at variable prices. The online channel is expected to be the fastest-growing segment with a CAGR of more than 3.0% between 2021 and 2026. In recent years, the online channel has become very popular with consumers who prefer the convenience and buy on the go.

Impact of COVID-19 on North America Fava Beans Market

The outbreak of the new Coronavirus is expected to cause a slight drop in the demand for fava beans, especially in 2020, thus affecting the market. Disruption of the supply chain due to strict closures, closures of non-essential commodities and service sectors, and restrictions on domestic and international transportation are expected to negatively impact demand for fava beans. However, demand is expected to grow gradually in regions where the COVID-19 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.

North America Fava Beans Market Regional Analysis:

The North America Fava Beans Market has been categorized based on geography into the United States, Canada, Mexico, and rest of the locale. North America is expected to grow at a CAGR of more than 2.0% from 2022 - 2027. The rising importance of plant-based protein products in the United States and Canada due to concern about glutamic disorders and intolerance to lactose should have a positive impact on the consumption of fava beans. Additionally, the high rate of obesity in the United States is expected to support the demand for these beans as low-fat protein substitutes.

Leading Company:

GrainCorp Limited had the largest share of the North America Fava Beans Market in terms of sales and revenue in 2020.

North America Fava Beans Market Key Players:

Some of the prominent players in the North America Fava Beans Market include Prairie Fava, GrainCorp Limited, Nuttee Bean Co., Sun Impex B.V., Centre State Exports Pty Ltd, Dunns (Long Sutton) Limited, and BI Nutraceuticals.