Faba Beans Global Market Report 2024

The faba bean, a common legume, is cultivated for its edible seeds or beans. Some varieties of faba beans serve as a protein source for livestock, while others are utilized in the production of products such as protein powders and custom blends.

Faba beans are categorized into organic and conventional types. Organic faba beans are grown using natural principles like biodiversity and composting. On the other hand, conventional faba beans are cultivated through high-input modern agriculture methods, incorporating synthetic chemical fertilizers, fungicides, insecticides, and other inputs. The applications of faba beans span across various industries, including food processing, animal feed, nutraceuticals, sports nutrition, and infant nutrition. These beans reach end-users through diverse channels such as supermarkets, hypermarkets, convenience stores, specialty stores, online retailers, and others.

The faba beans market research report is one of a series of new reports that provides faba beans market statistics, including faba beans industry global market size, regional shares, competitors with a faba beans market share, detailed faba beans market segments, market trends and opportunities, and any further data you may need to thrive in the faba beans industry. This faba beans market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The faba beans market size has grown steadily in recent years. It will grow from $3.41 billion in 2023 to $3.51 billion in 2024 at a compound annual growth rate (CAGR) of 2.9%. The growth in the historic period of faba beans can be attributed to factors such as traditional food production practices, a growing understanding of microbiome and gut health, interest in food preservation methods, appreciation for ethnic and cultural foods, and recognition of the nutritional benefits offered by faba beans.

The faba beans market size is expected to see steady growth in the next few years. It will grow to $4.09 billion in 2028 at a compound annual growth rate (CAGR) of 3.9%. The forecasted growth in the faba bean market can be attributed to factors such as an increasing focus on sustainability and eco-friendly production methods, the rise of plant-based fermentation processes, consumer preferences for clean label and natural ingredients, expanding export opportunities, and the continued emphasis on plant-based diets. Major trends in the forecast period include the development of innovative fermented ingredients, a growing focus on personalized nutrition, increased attention to probiotics and gut health, a rise in artisanal and craft fermentation practices, and ongoing technological advancements in the industry.

The growth of the faba beans market saw a significant boost during the historic period due to the increasing shift towards veganism. Veganism, characterized by the avoidance of animal products, particularly in diet, gained traction globally. In April 2021, data compiled by SPINS for The Good Food Institute (GFI) and Plant Based Foods Association (PBFA) revealed a 27% increase in supermarket sales of plant-based foods, reaching $7 billion in the previous year. Plant-based foods outpaced non-plant-based alternatives, with a threefold increase in sales, reflecting a rising consumer preference for vegan options. This surge in veganism led to a heightened demand for plant-based proteins, driving the utilization of faba beans.

The anticipated growth of the faba beans market is further propelled by the increasing consumption of nutritious foods. Nutrient-rich foods, containing essential vitamins and minerals crucial for the body's proper functioning, are becoming increasingly popular. Faba beans, recognized for their high protein, fiber, and mineral content, are integral to nutritious diets, aligning with the rising demand for sustainable, plant-based protein sources. A 2022 survey by the International Food Information Council reported that 52% of Americans adopted specific diets or eating patterns, marking a notable increase from the previous year. This shift towards nutritious eating habits contributes to the expanding market for faba beans.

Key players in the faba beans market are strategically focusing on technological advancements in their products to meet the growing demand for plant-based proteins. Nestle S.A., a Switzerland-based food and beverage company, exemplifies this trend with its March 2023 introduction of a new plant-based beverage that combines oats and fava beans. This innovative milk alternative boasts a mild, nutty taste and smooth texture derived from the fava and oat components, catering to consumer preferences throughout the day – whether consumed on its own, in a smoothie, or with cereal.

Major players in the faba beans market are increasingly embracing strategic partnerships as a key approach in developing and manufacturing their eyewear collections. Strategic partnerships involve collaborative efforts between companies, leveraging their respective strengths and resources to achieve mutually beneficial outcomes. An illustration of this approach is evident in the January 2023 partnership between Tesco PLC, a UK-based retail company, and AB Mauri, a US-based food company. Through this collaboration, the companies intend to triple their overall product production, with Tesco exploring the incorporation of faba beans into a diverse range of products and ingredients.

In a noteworthy move in September 2021, Verso Food, a Finland-based company specializing in faba beans food items, made a strategic acquisition by purchasing Raisio Food Solutions, a Finland-based company with a focus on healthy food. This acquisition serves as a strategic step for Verso Food to fortify its position in the faba beans market, showcasing how companies in this industry are actively seeking partnerships and acquisitions to enhance their market presence and offerings.

Major companies operating in the faba beans market include Prairie Fava Ltd., Unigrain Pty Ltd., Roland Beans, Aviip Group, Alberta Pulse Growers Commission, Stamp Seeds Inc., Pawnee Buttes Seed Inc., Archer Daniels Midland Company, Cargill Incorporated, Bunge Limited, AGT Food and Ingredients Inc., Ingredion Incorporated, SunOpta Inc., The Scoular Company, Roquette Frères, Verdient Foods Inc., Grain Millers Inc., Best Cooking Pulses Inc., The Andersons Inc., Legumex Walker Inc., Bonduelle Group, Dakota Dry Bean Inc., Nordic Foods Inc., Greenleaf Foods SPC, Valley Proteins Inc., JBS USA Holdings Inc., Seaboard Corporation, Alico Inc., Bean Growers Australia, Mercer Foods

Asia-Pacific was the largest region in the faba beans market in 2023. The regions covered in the faba beans market analysis report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The countries covered in the faba beans market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.

The faba beans market consists of sales of organic faba beans and conventional faba beans. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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