The new report by Expert Market Research titled, ‘Global Fava Beans Market Size, Share, Trend, Growth, Report and Forecast 2023-2028’, gives an in-depth analysis of the Global Fava Beans, assessing the market based on its segments like applications, distribution channel and major regions like North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2028)
- Historical Market Size (2020 ): USD 3.5 billion
- Forecast CAGR (2021-2026): 1.95%
- Forecast Market Size (2026): USD 4.0 billion
Due to their high nutritional value and ease of availability and accessibility to retail stores, the global fava beans market has been steadily growing during the historical period.
Industry Definition and Major Segments
Fava bean, often known as faba bean, is a flowering plant in the pea and bean family Fabaceae. They have a high protein content, often ranging from 20-40% depending on the variety and climatic circumstances in which they are grown. They are consumed all over the world and contain polyphenols and I-DOPA (I-3-4-dihydroxyphenylalanine). According to NCBI, an antioxidant screening programme conducted in 2016 revealed that fava bean sprouts possessed more antioxidant characteristics than any other sprouts or matured beans. Its market is further divided into segments such as:
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By application, the market can be segregated into:
- Food
- Feed
Based on distribution channel, the market is branched into:
- Supermarkets and Hypermarkets
- Convenience Stores
- Specialty Stores
- Online Retailers
On the basis of regional markets, the industry is divided into:
1 North America
1.1 United States of America
1.2 Canada
2 Europe
2.1 Germany
2.2 United Kingdom
2.3 France
2.4 Italy
2.5 Others
3 Asia Pacific
3.1 China
3.2 Japan
3.3 India
3.4 ASEAN
3.5 Others
4 Latin America
4.1 Brazil
4.2 Argentina
4.3 Mexico
4.4 Others
5 Middle East Africa
5.1 Saudi Arabia
5.2 United Arab Emirates
5.3 Nigeria
5.4 South Africa
5.5 Others
Market Trends
Regionally, China accounted for the highest market share of global fava bean production historically. It is commonly used in Sichuan cuisine and is also known as Sichuan beans in Chinese. It is used as both a vegetable and a spice. One of the elements fueling demand in the region is the growing consumption of roasted seeds as a low-fat snack in India and surrounding countries. Food legume crop area and production in China have dropped due to lower earnings. Simultaneously, increased consumer demand for vegetable food legumes as a nutritious diet has resulted in attractive market prices and substantial rises in domestic output.
Fava beans, also known as vicia faba, contain dihydroxyphenylalanine, and their consumption is expected to enhance dopamine reserves. Furthermore, renal dopamine regulates blood volume via the natriuretic impact while also managing blood pressure. Hence, the excellent nutritional value of fava beans, as well as its increased accessibility and availability through organised retailing, drives the market. Around the world, healthy eating trends encourage the intake of nutrient-dense foods. As a result, demand for fava beans is rising among health-conscious consumers, boosting the global fava bean market in the forecast period.
Key Market Players
The major players in the global market are Oxbo International, Kangle County Jinzhong Agricultural Product Industry Development, Nassar Corporation, Orient Group, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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