Market Overview:
The Global Fava Beans Protein Market size is expected to grow from USD 56.85 billion in 2022 to USD 80.85 billion by 2030, at a CAGR of 4.5% during the forecast period (2023-2030).
Fava Beans, also known as Broad Beans, is widely consumed around the world due to their high protein content. They are a seasonal crop, typically cultivated in the northern regions of India during springtime and in mountainous areas during the rainy season. Depending on the region, Fava Beans are classified as either a Kharif or Rabi crop. They can be grown as a sole crop or as part of a mixed crop, offering various combinations. These versatile beans can be enjoyed fresh, cooked, or dried, and can be used in snacks, sauces, sabji, salads, fillings, and more. Fava Beans resemble large green pods similar to chickpeas. Inside the pods, there are flat, big green beans. Before cooking, the pods are removed, leaving clean and green beans. Harvesting and growing Fava Beans require significant effort and labour, making the production cost higher compared to other types of beans.
Top Key Players in Fava Beans Protein Market:
- Alberta Pulse Growers(Canada)
- GrainCorp Limited (Australia)
- BI Nutraceuticals (US)
- Dunns (Long Sutton) Limited (UK)
- Centre State Exports Pty Ltd (Australia)
- Sun Impex B.V (India)
- Nuttee Bean Co (US)
- Prairie Fava. (Canada)
- Puris Proteins LLC. (US)
- Dunns Long Sutton (UK)
- Vestkorn Milling AS (Norway)
- Roquette Frères (France)
- GrainCorp Limited (Australia)
- Centre State Exports Pty Ltd (Australia) and Other Major Players
Market Dynamics and Factors:
The growing demand for healthy food and the adoption of nutritious eating habits are driving the expansion of the fava beans protein market in the foreseeable future. There is a heightened awareness among individuals about their diet, health, and exercise, which is a positive development for everyone. Fava beans, known for their high protein content, offer approximately 39.18 grams of protein per cup. The trend of vegetarianism and veganism is gaining popularity this year, which is expected to contribute to the growth of the vegetable market.
Fava Beans are recognized for their high protein content and are expected to dominate the market for protein-containing beans in the foreseeable future. In addition to being rich in protein, fava beans offer various essential nutrients and can contribute to weight loss, immunity enhancement, and overall health improvement. As the demand for protein continues to rise, individuals who do not consume meat are increasingly focusing on obtaining protein through direct dietary sources, such as fava beans, or alternative options like shakes, protein powders, and supplements.
Fava Beans Protein Market Report Highlight:
- By Application, the Human Nutrition segment is anticipated to dominate the market over the forecast period. Fava beans are a nutritious food choice for humans. They are rich in protein and offer various health benefits. As part of a healthy diet, fava beans are gaining popularity as a source of plant-based protein.
- By Distribution Channel, the Offline segment is anticipated to dominate the market over the forecast period. This holds for fava beans, where offline distribution channels like markets, malls, and retail shops provide a variety of options at different price ranges.
- Asia Pacific region is expected to dominate the market over the forecast period. The Asia Pacific region holds the highest demand for fava beans, with China being the leading producer. With a growing population and increasing awareness of healthy diets, people in countries like India and China are consciously controlling their food consumption. Fava beans have a long-standing tradition in Chinese culture and are used in various traditional dishes. The availability of manpower and cultural significance contribute to the rising demand for fava bean protein in this region.
Key Industry Development:
- In April 2023, The Alberta Pulse Growers Commission (APG) approved a $3 million investment spread over a period of five years. This investment aims to fund research projects focused on mitigating the risk of root rot, which remains a significant concern for pea and lentil farmers in Alberta.
- In May 2023, The small town of Walpeup in Victoria's Mallee region joined the Australian Silo Art Trail, boosting its tourism potential. Renowned artist Julian Clavijo, along with Camilo Delgado, will create a mural honouring Walpeup's Anzac history and the local war veterans, focusing on the story of Harold Thomas Bell.
Fava Beans Protein Market Segmentation:
By Application
- Human Nutrition
- Animal Feed
By Distribution Channel
- Offline
- Online
For this report, Introspective Market Research has segmented the Fava Beans Protein Market based on region:
Regional Outlook (Revenue in USD Million; Volume in Units, 2023-2030)
- North America
- US
- Canada
- Mexico
- Eastern Europe
- Bulgaria
- The Czech Republic
- Hungary
- Poland
- Romania
- Rest of Eastern Europe
- Western Europe
- Germany
- UK
- France
- Netherlands
- Italy
- Russia
- Spain
- Rest of Western Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Malaysia
- Thailand
- Vietnam
- The Philippines
- Australia
- New Zealand
- Rest of APAC
- Middle East & Africa
- Turkey
- Bahrain
- Kuwait
- Saudi Arabia
- Qatar
- UAE
- Israel
- South Africa
- South America
- Brazil
- Argentina
- Rest of SA
