Overview and Scope
The faba bean is a common legume cultivated for its edible seeds or beans. Some varieties of faba beans are used as a source of protein for livestock. Faba beans are also widely used in the production of products such as protein powders and custom blends.
Sizing and Forecast
The faba beans market size has grown steadily in recent years. It will grow from <b>$3.41 billion in 2023 to $3.51 billion in 2024 at a compound annual growth rate (CAGR) of 2.9%. </b> The growth in the historic period can be attributed to traditional food production, microbiome and gut health, food preservation, ethnic and cultural foods, nutritional benefits.
The faba beans market size is expected to see steady growth in the next few years. It will grow to <b>$4.09 billion in 2028 at a compound annual growth rate (CAGR) of 3.9%. </b> The growth in the forecast period can be attributed to sustainability and eco-friendly production, plant-based fermentation, clean label and natural ingredients, export opportunities, plant-based fermentation. Major trends in the forecast period include innovative fermented ingredients, personalized nutrition, probiotic and gut health focus, artisanal and craft fermentation, technological advancement .
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Segmentation & Regional Insights
The faba beans market covered in this report is segmented –
1) By Nature: Organic, Conventional
2) By End Use: Food Processing, Animal Feed, Nutraceuticals, Sports Nutrition, Infant Nutrition
3) By Distribution Channel: Supermarkets/Hypermarkets, Convenience Stores, Specialty Stores, Online Retailers, Other Distribution Channels
<b>Asia-Pacific</b> was the largest region in the faba beans market in 2023. The regions covered in the faba beans market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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Major Driver Impacting Market Growth
The increasing shift towards veganism boosted the growth of the faba beans market during the historic period. Veganism involves abstaining from animal products, particularly in an individual’s diet. According to data compiled by SPINS on behalf of advocacy nonprofit The Good Food Institute (GFI) and trade group Plant Based Foods Association (PBFA) released in April 2021, supermarket sales of plant-based foods that directly replace animal products increased by 27% to $7 billion in previous year. Moreover, sales of plant-based foods increased three times more quickly than those of non-plant-based meals as compared to previous years in the year 2021 in the US. Consumers are rapidly moving toward veganism in many parts of the world, resulting in a significant increase in demand for plant-based proteins, which drove the need for faba beans over the historic period.
Key Industry Players
Major companies operating in the faba beans market include <b> 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 </b>
The faba beans market report table of contents includes:
1. Executive Summary
2.Faba Beans Market Characteristics
3.Faba Beans Market Trends And Strategies
4.Faba Beans Market analysis
5.Faba Beans Market Size And Growth
6.Faba Beans Segmentation
7.Faba Beans Regional And Country Analysis
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27.Faba Beans Competitive Landscape And Company Profiles
28.Faba Beans Key Mergers And Acquisitions
29.Faba Beans Future Outlook and Potential Analysis
TOP MAJOR PLAYERS:
- Prairie Fava Ltd.
- Unigrain Pty Ltd
- Roland Beans
- Aviip Group
- Alberta Pulse Growers Commission
- Stamp Seeds Inc.
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